NBA Top Shot Launching Live NFTs At NBA Summer Games: What Investors Should Know

One of the most popular non-fungible token companies is launching a new initiative to create NFTs at live NBA games.

What Happened: NBA Top Shot announced it is offering new live NFTs at the NBA Summer League games in Las Vegas on Aug. 8, 9 and 10.

Fans who attend the Summer League at the Thomas B Mack Center will be able to buy live NFTs, or moments, from the game.

One great play from each game will be featured as a moment in the Summer of ’21 set from NBA Top Shot and as the first moments of a new “Fandom” tier from the company.

An NBA Top Shot kiosk will be located in Section 111 at the Thomas B Mack Center to purchase the NFTs.

At least 1,000 of each live Summer League moment will be minted with the total based on the amount of in-game purchases. Each purchase will be a random serial number and will be sent to users' accounts as early as the same day. Fans will be limited to purchasing 10 moments per day.

NBA Top Shot will also offer limited-edition merchandise at NBA Summer League games.

Related Link: NBA Top Shot Seeing Record Sales, Demand During NFT Boom

Why It’s Important: NBA Top Shot was one of the most popular NFTs earlier this year but has pulled back in popularity and valuation of moments.

NBA Top Shot is the second-highest NFT by dollars on CryptoSlam, trailing only Axie Infinity. NBA Top Shot has $668.2 million in transaction volume all-time from over 8.48 million transactions.

NBA Top Shot has had a volume of $21.34 million, which is down 52% from the previous 30 days; its seven-day volume of $4.75 million, is up 22% from the previous week. 

The new NBA Top Shot launch at Summer League games could extend the NBA season and pack drops for the company, which could create some new interest in the company.

Photo: Courtesy of NBA Top Shots