Can you make money from NBA Top Shot? All you need to know
The official NBA Top Shot platform has shot up in popularity in recent months, with millions of worth of transactions taking place on a daily basis. The Top Shot platform allows users to buy, sell and trade video highlights called “Moments” with specific allotted non-fungible tokens.
The blockchain-based platform has only seen an increase in overall value since it went live in October 2020, which raises the important question. Can normal people, like you and I, make big money from NBA Top Shot?
The short answer to the question is, a resounding yes. The internet is full of hundreds of stories of individuals and corporations that made big money off the whole cryptocurrency and the Bitcoin phenomena of the past decade.
The NBA Top Shot is still at an early stage, and there is a good possibility of people making money on the platform. However, there are quite a few things that you should know before you decide to log on and spend big.
Is NBA Top Shot a sustainable way of making money?
There are quite a few things that must be kept in mind before you go on and invest money on NBA Top Shot Moments. While non-fungible tokens are not exactly a cryptocurrency, the platform works on the same principle, with little external factors at play. At the end of the day, it is theoretically and practically possible to make money on the platform until the value of these non-fungible tokens keep on increasing.
The scarcity of Bitcoins was one of the major reasons behind its early success. The NBA Top Shot platform has also tried until now to have only a finite number of assets out in the market. The scarce asset in question should theoretically have value until it is in heavy demand. This is something that the NBA Top Shot might have revolutionized with respect to the overall cryptocurrency market itself.
Basketball is one of the most popular sports in the world, and the ownership of these “moments” in question should be considered valuable until people like the sport. The NBA Top Shot has official backing, and there is a sense of authenticity associated with these video highlights that are otherwise easily accessible on the internet.
That authenticity can of course be diluted in the future due to a number of reasons. For now there is no competition for the platform, and it will certainly be a long time before such an officially backed product comes up in the market.
Secondly, the NBA Top Shot platform still has novelty. It has managed to combine traditional card trading with the possibility of making real money. This has resulted in people all over the world wanting to get in on the act as soon as they can.
Of course, they have until now ignored the fact that they don't actually own the "moments." They are as accessible to them as anybody with an internet connection. At the end of the day, people are only buying a product the NBA and Dapper Labs have smartly dished out for them.
Regardless, the value of these assets should continue increasing until the demand keeps on going up, and there appears to be still some time before the market hits its threshold. Hence, while it is possible to make money off NBA Top Shot, there are a number of things to be kept in mind, least of which is the unpredictability of the entire platform.