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Retro NBA Top Shot NFT lives up to its hype
Crypto News

Retro NBA Top Shot NFT lives up to its hype

Saudu Clement
Saudu Clement

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.