Retro NFT packets spark a frenzy of Top Shot speculation

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NBA Top Shot collectors have flocked to NFTs commemorating important basketball events from the mid-2000s.

Following the release of their throwback Run It Back 2005-06 packs on Friday, October 15, trade activity for NBA Top Shot’s nonfungible tokens surged over the weekend.

Daily volume on Top Shot’s marketplace increased by more than 440 percent from $829,520 on October 14 to more than $4.5 million the next day, according to Crypto Slam. On October 16, more than $4 million in tokens changed hands.

Top Shot’s NFTs contains video highlights from significant occasions in professional basketball history, with the most recent packs honoring the 2005-2006 season’s heroes.

NBA Top Shot tweeted on October 17 that almost 10,000 Run It Back packs had been sold in less than 24 hours, at a pace of seven per minute.

Collectors competed for moments featuring basketball luminaries like LeBron James and Shaquille O’Neal, with packs starting at $169 apiece. The rarity of Top Shot’s packs is divided into three categories, ranging from “common” to “legendary.”

According to Crypto Slam statistics, the NBA Top Shot marketplace has hosted $744 million in secondary sales since July 2020. Additionally, top Shot trading volume peaked in the first quarter of 2021, with $45.7 million in deals taking place in under 24 hours on February 22.

While more than $200 million worth of Top Shot NFTs changed hands in February and March, monthly turnover has subsequently dropped dramatically, with only around $20 million worth of transactions occurring in September and October.

Top Shot is now the third-largest NFT project by daily secondary volume, according to Crypto Slam, with more than $2.5 million in tokens moving hands in the previous 24 hours.

Axie Infinity is in the first position with $18.6 million in trading volume for the day, while CryptoPunks is second with $6.2 million in 24-hour volume.

Dapper Labs, the company behind Top Shot, revealed intentions to expand beyond hoops in late September, partnering with the National Football League to develop an NFT platform and marketplace (NFL). By the end of 2021, Dapper Labs hopes to have accomplished its first NFL drop.

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