Thinking about sporting collectibles, it’s near impossible to snatch up a little piece of sporting history. You could get your mittens on an autographed Luka Doncic NBA rookie card which will set you back around $4.6 million. Or be picked out from the crowd and handed some basketball shoes or a jersey worn by a sporting idol. But in 2019, the game completely changed. Welcome to the new wave of online blockchain-based digital collectibles, thanks to NFT’s (a non-fungible token).
So what has this got to do with the NBA, you might be asking yourself. To give you an example, in February, a highlight clip known as a “moment” showing a LeBron James dunk sold for more than $200,000 via NBA Top Shot. An NBA partnered website that allows users to buy and sell NBA video clips. These clips have also generated over $230 million in sales for the NBA. The crazy thing here is that the clip can still be watched, for free, by anyone on Twitter or YouTube as an example.
👑ALL HAIL THE KING👑@YoDough scooped up this Legendary LeBron James Moment from our Cosmic Series 1 set for $208,000‼️ This Moment is from our first Legendary set ever minted 💯— NBA Top Shot (@nba_topshot) February 22, 2021
The top acquisition for any NBA Top Shot Moment … so far.
Congrats on the nice pickup! 👑 pic.twitter.com/rFLMzbwXN7
To explain this a little further, because digital artwork or clips that live on the internet are not material things, NFT’s were created as a digital certificate or barcode, which certifies that a person owns that specific video clip. Digital trading cards have been around for several years, but the recent boom of blockchain technology changed everything by allowing platforms to track digital asset ownership.
It’s also not just rare expensive slam dunk clips that you can scoop up. Caty Tedman, one of the creators of NBA Top Shot, stated that half a million transactions have already been made in the $9 range.
The endless possibilities to collect anything associated with the NBA are at our fingertips. And having the bragging rights to a clip of your favorite player is right there for the taking.
Catch you Monday.