NBA Top Shot, a blockchain-based platform allowing fans to buy and sell collective highlights called “Moments,” has seen a surge in volume over the past month amidst the general surge in interest for crypto-assets.
According to a report by Forbes published on February 20, Top Shot generated $53.9 million in sales last week, giving an indication of the market desire for digital collectibles.
Forbes said the platform had attracted 33,000 new users over the last seven days, completing roughly 475,000 transactions. The site had also managed to rack up $106.3 million in sales over the past 30 days, representing an increase of 1,129 percent compared to the preceding month.
Larry Cermak, director of research at The Block, documented a similar boost in trading volume for the collectibles platform. According to Cermak, trading volume reached an all-time high of $30 million on Monday (February 22), showing “absolutely crazy traction.”
NBA Top Shot volume now at an all-time high of nearly $30 million. Absolutely crazy traction and what's impressive is that the volume is not concentrated around a few large purchases but spread out pic.twitter.com/pM3q3VcV5A
— Larry Cermak (@lawmaster) February 22, 2021
Cermak said he started buying Top Shot cards last summer after the platform’s launch, citing his interest as an “NBA junkie.” He went on to say his collection of digital highlights was “printing money” and had become his “best investment ever.”
Yea my collection is printing money and I have no intention to sell anytime soon.
— Larry Cermak (@lawmaster) February 22, 2021
