Retro NBA Top Shot NFT lives up to its hype
Following the launch of the retro Run It Back 2005-06 packs on Friday, Oct. 15, the trade volume for NBA Top Shot’s non-fungible tokens became a big hit over the weekend.
Over $4 million worth of tokens were traded. According to Crypto Slam, the daily volume on Top Shot’s marketplace increased by more than 440%, from $829,520 on Oct. 14 to more than $4.5 million the next day. Oct. 16.
Top Shot’s NFTs contain a video highlight reel displaying key moments from professional basketball history, with the latest packs celebrating the stars of the 2005 - 2006 season.
NBA Top Shot tweeted on Oct. 17 that about 10,000 Run It Back packs had been sold within 24 hours at a rate of seven purchases per minute.
The packs consist of three tiers of rarity ranging from “common” to “legendary.” The packs, which started at $169 each, got collectors scrambling to capture moments depicting basketball legends like LeBron James and Shaquille O'Neal.
Datafrom Crypto Slam revealed that the NBA Top Shot marketplace has hosted a mammoth $744 million in secondary sales since July 2020, with its trade activity peaking during the first quarter of 2021 as it witnessed $45.7 million worth of trades occurring within 24 hours on Feb. 22.
Despite the fact that over $200 million worth of Top Shot NFTs were traded during the months of February and March, its monthly volume has retraced drastically with approximately $20 million of trades taking place during September and October.
However, Top Shot currently stands as the third-largest NFT project by daily secondary volume after its weekend surge, with over $2.5 million in tokens trading hands in the last 24 hours according to Crypto Slam.
Axie Infinity is ranked first with $18.6 million worth of trades for the past day, while CryptoPunks comes second with a 24-hour volume of $6.2 million.