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Nonfungible Tokens (NFT’s)


DonkeyCigars
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I figured NFT’s could use it’s own thread since nobody on the NBA threads seem to know about Top Shots and there is a distinction between cryptocurrency and NFT’s, even if both are blockchain based methodologies.

My OP:

Quote

Not sure if this is the right place for this, so I'll cross post it a few places, but does anyone do anything with non-fungible tokens, specifically NBA TOP SHOT? From what I understand it's like cryptocurrency (powered by blockchain) but for basketball trading cards. I bought the cheapest Luka Doncic (assist) and a Joel Embiid on a whim just now after reading about it twice today, after never having heard of it.

https://en.wikipedia.org/wiki/Non-fungible_token

https://www.nbatopshot.com/

Then I had a buddy tell me he was part of an NFT launch yesterday: The artist made $1.8M in 7 minutes on the Nifty gateway.

I saw Mark Cuban was all over the news clamoring NFT’s are the future and then this, this AM:

Quote

Beeple is an artist. He makes digital art—pixels on screens depicting bizarre, hilarious, disturbing, and sometimes grotesque images. He smashes together pop culture, technology, and postapocalyptic terror into blistering commentaries on the way we live. A recent frame depicted Donald Trump wearing a leather mask and stripper’s pasties, taking a whip to the coronavirus bug (title: “Trump Dominating Covid”). On the day Jeff Bezos announced he was kicking himself upstairs, Beeple imagined the Amazon founder as a massive, threatening octopus emerging from the ocean as military helicopters circled above (“Release the Bezos”).


Beeple has 1.8 million Instagram followers. His work has been shown at two Super Bowl halftime shows and at least one Justin Bieber concert, but he has no gallery representation or foothold in the traditional art world.

And yet in December the first extensive auction of his art grossed $3.5 million in a single weekend…


What, pray tell, are these collectors even buying? Why would someone pay $777,777 for an MP4? Couldn’t you watch that on Instagram for free?


Theoretically, yes, but the crypto art scene uses blockchain technology to authenticate and identify a single, unique piece of digital art. To understand how that piece of art sells for the price of a one-bedroom apartment in Brooklyn, one needs a brief primer on something called nonfungible tokens, or NFTs—digital goods that are bought and sold on emerging websites like Nifty Gateway, which hosted the Beeple auction.

Is anyone bullish on this stuff? Seems to be a decently early entry point if it’s going to be a real thing.

Edited by DonkeyCigars
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I have read a little about this and I'm interested but I'm struggling to see the "value" in this.  Cryptocurrencies are exchangeable for other things while these seem to be an attempt at a novel way to create something of value.  I am but a simple man and as a result I will most likely miss out on the untold fortunes to be made in owning a glorified .gif

 

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26 minutes ago, orange dream said:

I have read a little about this and I'm interested but I'm struggling to see the "value" in this.  Cryptocurrencies are exchangeable for other things while these seem to be an attempt at a novel way to create something of value.  I am but a simple man and as a result I will most likely miss out on the untold fortunes to be made in owning a glorified .gif

 

This is pretty much me. I could see people making a lot of money on them, but I’m failing to “get it” to the point that I’m going to learn which ones are valuable or put money into them. If someone here wants to school us, that would be great. 

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Same; it seems like the entry point is very early, so that even if it is a bubble or fad, you'd likely be able to make some money. If it's real, you can make a lot.

Anyways from an expert that I'll quote to your questions about what's the value and what we are missing-- it sounds like jury is still out, but as the world trends to a more digital one and digital assets and IP is more important, I think it's a reasonable bet:

Quote

Smart contracts are code that is stored on a blockchain, which contain the various conditions entailed in the contract; in the case of an NFT, a smart contract would contain the unique token ID of the piece of digital art and the conditions under which it can be transferred (NFTs can represent anything, including physical assets, but I’m going to assume digital art for now for simplicity sake).

What is so interesting about this concept is that you can actually say with certainty who owns that particular piece of digital art, despite the fact that said art, by virtue of being digital, can be replicated endlessly and costlessly. There is still only one specific manifestation of that file that is on the blockchain, and the blockchain publicly tracks every transaction associated with that file, so you not only know who owns it now, but anyone who ever owned it.

Now to be fair, I get why this sounds silly: there is no actual difference, particularly to the naked eye, between the NFT-secured piece of digital art and the one you might rip off of Google Images. But then again, what is the actual difference between an original piece of art and a perfectly executed replica? The knowledge of authenticity is itself a huge part of the value, which is to say that Christie’s assurance that the piece you bought at auction is the real deal is a huge part of the price; in this case the assurance of legitimacy is the blockchain itself.

On the flipside, an NFT-secured piece of digital art is still digital! That means you can not only transfer it anywhere in the blink of an eye, you can also display it anywhere — multiple locations at once, even. It’s as if every replica in the world were in fact the property of whoever owned the original. This has its downsides: that a piece of art is everywhere decreases the specialness and status that comes from owning a single physical object; on the other hand, the fact that ownership is public means that whatever status comes from owning a piece of digital art is transmitted as easily as the art itself.

NFTs are, to be clear, different than Bitcoin or other cryptocurrencies; the point of a “currency” is that it is fungible: my Bitcoin is worth the same as your Bitcoin, much as my dollar is the worth the same as your dollar (or as my barrel of oil is worth the same as your barrel of oil). That is why Bitcoin’s value is much more about collective belief. Both, though, rely on the concept of digital scarcity, and it is digital scarcity that has always been the most exciting implication of the blockchain; NFTs just happen to be a very good example of what digital scarcity means in practice.

 

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Admittedly I'm a bit ignorant of this tech and value prop.  Is the following an example of the function?

An org creates official digital trading card/art for sports, gaming, music, etc. Ex. Create 100 LeBron trading cards.  Have a primary sale or auction for the equivalent of $1 each.  The 100 owners then have an exclusive digital ownership and can resell at any level that the market allows?

Could an NFT also be time-sensitive and expire at a certain point? Like a ticket to a concert?

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1 hour ago, ZB'Tejas said:

I was going to start a thread on this just the other day... super interesting concept.

I was trying to buy some TopShot packs the other day and also started looking into the HashMasks

I actually thought of you; then I realized there is a guy in the NBA thread named ZTejas and it wasn't you, but that would be a perfect alignment of interests if you were into NBA!

I ended up buying a Joel Embiid dunk, because like a lot of folks, I think he's a dark horse candidate for MVP and it was cheap(ish) and I bought a Luka Doncic assist that is already worth $100 more than when I bought it yesterday.

I truly feel that once NFT becomes a kitchen table acronym that people are familiar with, much like crypto or bitcoin, even if few really understand it, the market will explode...again like crypto/bitcoin.

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1 hour ago, RDCanecutter said:

I am interested in seeing artists make money, so good for the Beeple guy. 

BUT

How is selling a blockchain unique electronic art widget different from selling a one-of-a-kind analog statue or painting?

Maybe you can see the analogy in trading cards (analog) and highlight moments (digital asset):

NBA Top Shot is officially licensed by the NBA and the National Basketball Players Association; it is interesting to note that in this case the blockchain exclusivity is rooted in real-world copyright. The real world analogy is an easy one: trading cards. The difference is that instead of having to rely on independent graders of physical quality, and marketplaces like Ebay, everything is digital. That also means that Top Shot has way more inventory to work with: instead of there being 47 different versions of a rookie card, there are 400 plays from a rookie season.

I’m not going to sit here and convince you that blockchain-based highlights are intrinsically valuable; nor, for that matter, am I going to sit here and convince you that cardboard-based pictures are intrinsically valuable either. Which makes my point! More broadly, the fact that a play in a basketball game can be made unique means that anything can be made unique. That does not, to be sure, mean that said thing is valuable, but it creates the conditions for value to arise.

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2 hours ago, DonkeyCigars said:

I actually thought of you; then I realized there is a guy in the NBA thread named ZTejas and it wasn't you, but that would be a perfect alignment of interests if you were into NBA!

I ended up buying a Joel Embiid dunk, because like a lot of folks, I think he's a dark horse candidate for MVP and it was cheap(ish) and I bought a Luka Doncic assist that is already worth $100 more than when I bought it yesterday.

I truly feel that once NFT becomes a kitchen table acronym that people are familiar with, much like crypto or bitcoin, even if few really understand it, the market will explode...again like crypto/bitcoin.

Different, although I do follow the NBA just rarely post there.

I started following Top Shot about a month or two ago... I've lined up for a few legendary and other packs but have yet to make it far enough in line to snag one. I have a buddy that has been buying these packs over the last few months. Seems like if you can get a few packs and sell the popular ones early in the hype cycle you could fund a collection. Basketball cards is red hot right now so I'm not sure I would be buying many on the marketplace thinking they will continue to increase.

However, it's a really cool concept and something that I'm going to keep following closely.

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This is potentially a massive trend. It is a lot like trading cards or other physical collectibles, so it carries value just like physical collectibles have value. To be able to say you have an authenticated digital asset is just as valuable as a physical asset. 

But this has a second element not in physical assets that makes it even more interesting. The original owner earning every time it is sold. That is huge in terms of creating a demand by owners to create digital content. 

side note - I tried to start a company ten years ago doing this but couldn’t figure out an elegant implementation  model. 

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I've long struggled to understand how blockchain could demonstrate ownership of a physical good. I understand there can be an ID or tag on the physical item that is recorded on the blockchain but how would you prevent someone from just creating 2 identical tags and place them on 2 identical physical items.

As far as Top Shot, is the NBA claiming that they will create a digital asset for a particular play from NBA history and then you (& other owners) would own that highlight, at least in terms of Top Shot? If so, interesting concept. Besides wanting to own Michael Jordan hitting the winning shot in Game 7, people might want to buy an exclusive memory from a particular game that might not be of significance of others.

But I could also see this market going out control and someone being left holding the bag.

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2 minutes ago, Nice Guy Eddie said:

I've long struggled to understand how blockchain could demonstrate ownership of a physical good. I understand there can be an ID or tag on the physical item that is recorded on the blockchain but how would you prevent someone from just creating 2 identical tags and place them on 2 identical physical items.

As far as Top Shot, is the NBA claiming that they will create a digital asset for a particular play from NBA history and then you (& other owners) would own that highlight, at least in terms of Top Shot? If so, interesting concept. Besides wanting to own Michael Jordan hitting the winning shot in Game 7, people might want to buy an exclusive memory from a particular game that might not be of significance of others.

But I could also see this market going out control and someone being left holding the bag.

Check out the bleacherreport link https://bleacherreport.com/articles/2930587-inside-nba-top-shot-the-digital-highlights-marketplace-worth-millions. There is a LeBron dunk, done in homage to Kobe two weeks after his death, that someone bought for $47k. He hopes to sell it to LeBron for $1mm.

The most telling comment of where we are in the hype cycle I thought was in the quote (bolded) below:

The bigger question is why regular fans without the deep pockets of these power users should spend their money on a Top Shot moment instead of a jersey or physical card, something they will have in their possession even if the crypto bubble collapses in a few years.

"I think a lot of people are looking for alternative ways to play with their money," says Doucet. "If you're 25 and you want to invest some money, you could learn the stock market, but it's gamed against you. Unless I come with $10 million and a hedge fund, it's going to be hard to compete. But I already love the NBA, so I might as well just use my own knowledge to make some money and connect with a whole community."

As for Settleman's Kobe tribute dunk, his ultimate goal is to sell it to James himself for $1 million.

"I know that Maverick Carter [James' business partner] is aware of the purchase," he says. "He doesn't necessarily understand it. But that's the end goal."         

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I think I know how this ends....

I was born one mornin' when the sun didn't shine
I picked up my shovel and I walked to the mine
I loaded 16 tons of number nine coal
And the straw boss said, "Well, a-bless my soul"
 
You load 16 tons, what do you get?
Another day older and deeper in debt
St. Peter don't you call me, 'cause I can't go
I owe my soul to the company store.....
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I've been looked around the NBA Top Shot website. I guess it's the speculative nature but I can't believe that many fans are actually buying these NFTs. Can the market really support no-name players going for $25 minimum?

Steph Curry's lowest NFT is $318 on the marketplace. I can understand wanting to create demand but it can also create interest by allowing everyone to own a basic Steph Curry "card" for $1. And I understand that the $318 is the secondary market that should be based on market pressures. But Top Shot could also create a large supply of basic NFTs so any fan can get started for next to nothing.

 

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21 minutes ago, Nice Guy Eddie said:

I've been looked around the NBA Top Shot website. I guess it's the speculative nature but I can't believe that many fans are actually buying these NFTs. Can the market really support no-name players going for $25 minimum?

Steph Curry's lowest NFT is $318 on the marketplace. I can understand wanting to create demand but it can also create interest by allowing everyone to own a basic Steph Curry "card" for $1. And I understand that the $318 is the secondary market that should be based on market pressures. But Top Shot could also create a large supply of basic NFTs so any fan can get started for next to nothing.

 

Good questions, like you, I'm new to this stuff (should note: CNBC had BEEPLE on this AM).

That said I heard there were big issues with bots snatching up packs when they drop and sure enough, today's drop was postponed due to bot/automation concerns.

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Top Shot is selling a pack to any account today who wants one. You don’t actually get the pack for a few weeks. It does sound like the buying process today may take a while to process all of the payments. Obviously they have no idea of the volume but it looked like it took them a hour or two to process 10,000 purchases yesterday and had 200,000 accounts wanting to buy.

the marketplace is nuts. Some cards (is this the right name?) had previously sold for a high earlier in the week of $10k, and already have jumped to 25 or 30.  Maybe I’m FOMOing but I’m tempted to gamble some crypto profits here. If you buy some of these relatively early packs and Top Shot continues to be a thing, early packs could explode in future years. 

Discovered a YouTube channel today where the host does a great job with all things crypto including NFTs: https://youtube.com/c/CoinBureau  here’s a breakdown on how he would  invest in nfts (from oct.)  I’m going to explore methods to be exposure to nfts even if I don’t buy 

 

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I got that email too. I’m out of my depth here with Top Shot as anything more than a speculative play, but everything I’ve seen drop recently, especially in crypto art, is jumping in value like an IPO pop in a matter of hours and days. I wonder if it’s sustainable because personally I don’t like the art and find it hard to see value in the digital art of cans and smiley faces or whatever that link I posted above was selling for $2k....which a day later is being sold at 7-8k.

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3 minutes ago, DonkeyCigars said:

I got that email too. I’m out of my depth here with Top Shot as anything more than a speculative play, but everything I’ve seen drop recently, especially in crypto art, is jumping in value like an IPO pop in a matter of hours and days. I wonder if it’s sustainable because personally I don’t like the art and find it hard to see value in the digital art of cans and smiley faces or whatever that link I posted above was selling for $2k....which a day later is being sold at 7-8k.

It’s doubtful that it’s sustainable because you have to assume that many of the buyers are not hodlers but want a quick flip.  But that doesn’t mean that you can’t find big profits. Will a “Greater Fool” come after you to buy for double what you paid yesterday.

But on the flip side, by their nature NFTs could drop by 90% immediately unlike crypto. Buy $5000 in bitcoin, and sure you could lose 25% in a week but you can easily get out. The loss sucks but not the end of world.  Buy a $5000 top shot and what if no one wants to buy it for more than $500 or $100?  The NFT market can make crypto look like buying CDs in terms of relative risk.  Not too mention that top shot appears to have scaling issues.

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On 2/26/2021 at 2:09 PM, ZB'Tejas said:

Correct. Did not get any top players but these are still selling.

Right now TS is not letting anyone new create accounts. Will be interesting to see if that will drive demand.

Did you sell your moments? If not, how much do you estimate they are worth?

@ZB'Tejas

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13 hours ago, Irieguy said:

Did you sell your moments? If not, how much do you estimate they are worth?

@ZB'Tejas

Did not sell. Shows about $2500 right now. My top card has dropped in estimated value from about $1600 when I first got it to $1000 this morning. Seems like several cards are dropping but I'd still like to see what happens over the next few months.

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Bought my first NFT this weekend with NBA Topshot. Bought their pre-order pack and a Jaxson Hayes' card to understand the experience. I did attempt to buy a cheap LaMarcus Aldridge. The transaction started but had to be reversed because someone else beat me to it. They immediately gave me a credit card refund but that was a fail in my eyes that 2 people were buying the same token. But they made right by me.

The experience created a few questions that I haven't spend any time researching yet:

  • What blockchain is it on? I thought it was ethereum but when I view the transaction, they mention the flow blockchain. Is it somehow on both?
  • Where does the card info (video and other info) live? Basically I guess I own a token but the attributes are controlled by the NBA.
  • Also, is it a closed blockchain or could another service allow buy and sells with existing Top Shot cards? 
  • Is the Marketplace for-sale offers on the blockchain, or managed only on the website? It would be interesting if offers could somehow be on the blockchain. Once it again, it would decentralize marketplace offers and transactions.

I'm not asking anyone here to answer these. I just didn't fully understand how it worked but I was curious.

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I see some promise in the art space, but I also see a market that is already caught up in a non sustainable euphoria. Articles like this one are giving me a strong beanie baby vibe. People just buying shit because everybody else is

Quote

Grimes auctioned off a collection of digital artwork for millions of dollars.

The singer launched her digital collection, "WarNymph," on Sunday and plans to sell the crypto art for 48 hours.

Over the past few weeks, sales of non-fungible tokens, or NFTs, have taken off. NFTs, which operate as a unique type of digital asset or token, have in some instances sold for millions of dollars apiece, contributing to a crypto-art market that's valued at over $100 million.

Grimes' 10 NFTs brought in over $5.8 million in under 20 minutes. The singer had announced the auction on Twitter.

One piece, an image that depicts a baby guarding Mars, has garnered significant attention, trading at over $300,000 in under 10 minutes. The "Newborn 2" NFT has already been relisted at $2.5 million.

I'll continue to hold my stash of crypto, but the concept of people paying for digital image files of a dunk that happened sometime in the past just screams like people trying to cash in at the peak of an asset bubble. It all works great until it doesn't. 

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On 3/1/2021 at 12:29 PM, Nice Guy Eddie said:

Bought my first NFT this weekend with NBA Topshot. Bought their pre-order pack and a Jaxson Hayes' card to understand the experience. I did attempt to buy a cheap LaMarcus Aldridge. The transaction started but had to be reversed because someone else beat me to it. They immediately gave me a credit card refund but that was a fail in my eyes that 2 people were buying the same token. But they made right by me.

The experience created a few questions that I haven't spend any time researching yet:

  • What blockchain is it on? I thought it was ethereum but when I view the transaction, they mention the flow blockchain. Is it somehow on both?
  • Where does the card info (video and other info) live? Basically I guess I own a token but the attributes are controlled by the NBA.
  • Also, is it a closed blockchain or could another service allow buy and sells with existing Top Shot cards? 
  • Is the Marketplace for-sale offers on the blockchain, or managed only on the website? It would be interesting if offers could somehow be on the blockchain. Once it again, it would decentralize marketplace offers and transactions.

I'm not asking anyone here to answer these. I just didn't fully understand how it worked but I was curious.

The CryptoKitties (same guys) originally built on Eth but I think created Flow as an alternative blockchain to build this project on.

As to the other questions, I'm still figuring that out myself. I've been following TopShot for a few months but did not start buying until early Feb. I had lined up for the Legendary pack drop early in 2021 buy barely missed out which now looks like a HUGE missed opportunity.

It's hard to think about how fast this has grown but it's still in it's infancy. I'm starting to look for good priced S1 "rookie" cards as I think those will hold tons more upside. 

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44 minutes ago, ZB'Tejas said:

The CryptoKitties (same guys) originally built on Eth but I think created Flow as an alternative blockchain to build this project on.

As to the other questions, I'm still figuring that out myself. I've been following TopShot for a few months but did not start buying until early Feb. I had lined up for the Legendary pack drop early in 2021 buy barely missed out which now looks like a HUGE missed opportunity.

It's hard to think about how fast this has grown but it's still in it's infancy. I'm starting to look for good priced S1 "rookie" cards as I think those will hold tons more upside. 

I'm a dummy, especially compared to you, so I just wet my finger and put it in the air and thought "what is the cheapest TopShot I can buy that could potentially win the MVP this year" and landed on a Joel Embiid and Luka highlight. If I double my money I'll be happy.

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17 hours ago, DonkeyCigars said:

I'm a dummy, especially compared to you, so I just wet my finger and put it in the air and thought "what is the cheapest TopShot I can buy that could potentially win the MVP this year" and landed on a Joel Embiid and Luka highlight. If I double my money I'll be happy.

Guys that go deep in the playoffs and win awards will do well IMO... Series 2 has fell off significantly in some cases but LE cards will probably still do ok once they release all the new CCs next week. I'm still bullish on S1 MGs to out perform their base counterparts so I might put some money there. Market may still be coming down so I'm not in a rush to do this immediately.

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This is not nothing:

The Kings of Leon will unfurl their new album on Friday with a unique release strategy. Yes, "When You See Yourself", the Nashville rock band's album, will land on streaming sites and in stores. But it will also be the first major release to arrive as a non-fungible token (NFT), a type of cryptocurrency. NFTs operate on a blockchain, but unlike Bitcoin, they do not hold money. This release will hold three types of crypto tokens, including original art, fan perks and exclusive music.

https://www.rollingstone.com/pro/news/kings-of-leon-when-you-see-yourself-album-nft-crypto-1135192/

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11 hours ago, next2naus said:

it's a user controlled DRM / watermarking. meh 

Alright, try this one on for size:

Quote

 

So we know Dorsey and Jay-Z need to revitalize Tidal’s fortunes, and we know they’re aware its streaming tech isn’t the needed game-changer. Instead, it’s evident they’ll try to resusicate Tidal by working on getting the artists on its platform paid more and paid differently.

If only there was a way to do that using a sophisticated financial technology, precisely the type Dorsey and Jay-Z might find particularly interesting...

And this is how the world could end up with Jay-Z NFTs.

 

https://www.forbes.com/sites/abrambrown/2021/03/04/maybe-the-square-tidal-deal-is-all-about-creating-jay-z-nfts/?sh=3bc42cff1d8d

Every day, another NFT story, bringing the concept of an NFT to the kitchen table of mainstream America. Once someone like @hayden_horn hears about NFT's and sufficiently understands the concept you'll know that NFT's have been normalized (and there isn't much easy money to be made anymore) but for now there is still a lot of nose-cone, early entry type ways to make money I think, if you smart and connected enough...EVEN if this is all a bubble and beanie babies fad.

And Hayden I only use your name specifically because I remember noticing you and how you came into the $GME stuff all late and out of breath, but wanted to know what was going on and how to participate, and it was cute because it was less about the money, but about the social and communal aspects it seemed.

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I’m messing around with the KOL album stuff but unfortunately I haven’t even setup and bought ethereum or any crypto before. Trying to learn it at once is exhausting. Plus I can’t figure out how to fund the meta mask wallet. I’m sure as hell not using my bank account debit card. 

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13 hours ago, DonkeyCigars said:

Alright, try this one on for size:

https://www.forbes.com/sites/abrambrown/2021/03/04/maybe-the-square-tidal-deal-is-all-about-creating-jay-z-nfts/?sh=3bc42cff1d8d

Every day, another NFT story, bringing the concept of an NFT to the kitchen table of mainstream America. Once someone like @hayden_horn hears about NFT's and sufficiently understands the concept you'll know that NFT's have been normalized (and there isn't much easy money to be made anymore) but for now there is still a lot of nose-cone, early entry type ways to make money I think, if you smart and connected enough...EVEN if this is all a bubble and beanie babies fad.

And Hayden I only use your name specifically because I remember noticing you and how you came into the $GME stuff all late and out of breath, but wanted to know what was going on and how to participate, and it was cute because it was less about the money, but about the social and communal aspects it seemed.

I get it. this will help mainstream BlockChain based technologies for consumer applications. All of this is a long way from being pervasive. 

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35 minutes ago, Nice Guy Eddie said:

I was lucky enough to get one of the nba all star packs a few minutes ago. I can choose to leave the pack unopened and top shot says they will eventually allow unopened packs to be resold on the marketplace.  Should I leave it unopened?  

Nice! I just got a common pack with three moments...had two of the same card. -.-

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i got my first pack today, and cannot decide if this is the dumbest thing ever or if i'm obsessed with it.

baseball/sports cards are the closest comparison, and i think apt for what top shot is.  other nft seem more in line with actual artwork or at the very least watermarked prints or photos.

all i know is that the pack was $14 and if i got ~lowest value on the marketplace, that would fetch me back around $400, so this can't be real, right?

also when is the next pack drop?

Chappelle GIF by memecandy

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8 hours ago, henrygandorf said:

i got my first pack today, and cannot decide if this is the dumbest thing ever or if i'm obsessed with it.

baseball/sports cards are the closest comparison, and i think apt for what top shot is.  other nft seem more in line with actual artwork or at the very least watermarked prints or photos.

all i know is that the pack was $14 and if i got ~lowest value on the marketplace, that would fetch me back around $400, so this can't be real, right?

also when is the next pack drop?

Chappelle GIF by memecandy

Top shot is an interesting market to follow. There really isn’t much sense of people buying a pack for $15 and immediately being able to sell for 400+. I’m sure a lot of money is flowing into top shot right now but I don’t see how it’s sustainable.

There’s really no risk of buying a $15 pack unless someone is 10 and spent their entire allowance on it. But buying moments for $1000s? The market could drop out from under people very quickly. Of course, flash crashes could lead to buying opportunities.

3 immediate changes needed for top shot:

  • allow new accounts. They’re missed out by not allowing new customers. I’m sure this temp halt on new accounts is to prevent multiple accounts, which is good but they will need new money.
  • stop with the constant maintenance down times.
  • charge to list a sale offer. There are too many offers that are absolute crap and just create unnecessary noise in the marketplace. Slows down the marketplace as well. There is no current downside to list your moment for sale even at ridiculous prices.
  • Hook 'Em 1
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It’s like going to the craps table with some throw away money, if nothing else, you at least have some fun, and best case you can make outsized gains.

I think this is another example of NBA being the most innovative and interesting of all sports leagues. Their willingness to take risks and do cool stuff. As a league/business they are fun to follow, compared to other big ones (except as they have conflict drama like with a possible upcoming MLB strike in next few years).

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On 3/5/2021 at 11:15 AM, Nice Guy Eddie said:

I was lucky enough to get one of the nba all star packs a few minutes ago. I can choose to leave the pack unopened and top shot says they will eventually allow unopened packs to be resold on the marketplace.  Should I leave it unopened?  

I got a pack today and opened it. I don’t want to wait and have the value drop. I got pretty much as bad a pack as possible. My best card was Julius Randle seeing star. I posted it for $125 and it instantly sold(like 2 seconds instant). I sold my 2 commons for $10 each. 5% sales fee hurts and the website says I need to wait 30 days to withdraw my money. But this seems as close to free money as I’ve seen in awhile. 

Edited by Irieguy
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2 hours ago, Irieguy said:

I got a pack today and opened it. I don’t want to wait and have the value drop. I got pretty much as bad a pack as possible. My best card was Julius Randle seeing star. I posted it for $125 and it instantly sold(like 2 seconds instant). I sold my 2 commons for $10 each. 5% sales fee hurts and the website says I need to wait 30 days to withdraw my money. But this seems as close to free money as I’ve seen in awhile. 

i still have never seen the marketplace available to list.  does it come and go?

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