Retro NFT packs drive frenzied Top Shot speculation
NFTs celebrating significant basketball moments from the mid-2000s have proved to be a big hit among NBA Top Shot collectors.
Trade volume for NBA Top Shot’s nonfungible tokens has skyrocketed over the weekend following the launch of their retro Run It Back 2005-06 packs on Friday, Oct. 15.
According to Crypto Slam, daily volume on Top Shot’s marketplace jumped by more than 440% from $829,520 on Oct. 14 to more than $4.5 million the next day. Oct. 16 also saw more than $4 million worth of tokens trade hands.
Top Shot’s NFTs feature video highlights depicting key moments from the history of professional basketball, with the latest packs celebrating the stars of the 2005 – 2006 season.
On Oct. 17, NBA Top Shot tweeted that nearly 10,000 Run It Back packs had been sold in 24 hours at a rate of seven purchases per minute.
The packs started at $169 each, with collectors competing to snag moments depicting basketball legends such as LeBron James and Shaquille O’Neal. Top Shot’s packs feature three tiers of rarity ranging from “common” to “legendary.”
Crypto Slam data shows that the NBA Top Shot marketplace has hosted a whopping $744 million worth of secondary sales since July 2020. Top Shot trade activity peaked during the first quarter of 2021, with $45.7 million worth of trades occurring within 24 hours on Feb. 22.
While more than $200 million worth of Top Shot NFTs changed hands during the months of February and March, monthly volume has since retraced sharply with approximately $20 million of trades taking place during September and October.
Related: Top Shot to sell exclusive NFT moments at live basketball games
After its weekend surge, Top Shot is ranked as the third-largest NFT project by daily secondary volume, with more than $2.5 million in tokens trading hands in the last 24 hours according to Crypto Slam.
Axie Infinity ranks in first place with $18.6 million worth of trades for the past day, while CryptoPunks is second with a 24-hour volume of $6.2 million.
In late September, Dapper Labs, the team behind Top Shot, announced plans to branch out beyond basketball and launch an NFT platform and marketplace in partnership with the National Football League (NFL). Dapper Labs is currently targeting to have completed its first NFL drop by the end of 2021.