Top Shot marketplace’s daily volume has jumped up at 440 per cent
The total trade volume for NBA Top Shot’s non-fungible tokens (NFTs) has shot up rapidly over the weekend soon after the launch of their retro Run It Back 2005-06 packs on October 15.
As per data from Crypto Slam, Top Shot marketplace’s daily volume has jumped up at 440 per cent from $829,520 on October 14 to more than $4.5 million on October 15. The very next day, more than $4 million worth of tokens were seen trading hands.
The featured video of Top Shot NFTs highlights the key moments in the history of professional basketball, and the latest packs depict the celebration of the star players of the 2005-2006 season.
On October 17, NBA Top Shot had tweeted that about 10,000 Run It Back packs were sold in only 24 hours at a rate of approximately seven purchases every one minute.
The packs had started at $169 each, as collectors competed to snag moments depicting basketball legends Shaquille O’Neal and LeBron James.
Top Shot’s packs host three tiers of rarity with ranges between “common” to “legendary.”
According to data obtained from Crypto Slam, the NBA Top Shot marketplace has been reportedly hosting a whopping $744 million worth of secondary sales starting from July 2020. Top Shot trade activity had also peaked in the first quarter of 2021, with $45.7 million worth of trades occurring within just 24 hours on February 22.
More than $200 million worth of Top Shot NFTs had changed hands in between the months of February and March. The monthly volume has since then retraced sharply, with roughly $20 million of trades occurring during September and October.
After the weekend surge, Top Shot has now achieved the third-largest rank in NFT projects by daily secondary volume, having more than $2.5 million in tokens trading hands in the previous 24 hours, according to Crypto Slam.
The first ranked is Axie Infinity with $18.6 million worth of trades for the last day, while CryptoPunks is in the second position with a 24-hour volume of $6.2 million.
In the last weeks of September, the team behind Top Shot, Dapper Labs, had announced plans for expansion beyond basketball and launch an NFT platform as well as a marketplace in collaboration with the National Football League (NFL).
Reportedly., Dapper Labs is currently targeting to complete its first NFL drop by the end of 2021.
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