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- The publicly listed crypto exchange Coinbase and the NBA have announced a multiyear cooperation
- NBA Top Shot said on Sunday that approximately 10,000 packets had been sold in only 24 hours, at a pace of seven per minute
- According to Crypto Slam statistics, the NBA Top Shot marketplace has hosted $744 million in secondary sales since July 2020
The publicly listed crypto exchange Coinbase and the National Basketball Association have announced multi-year cooperation. The Women’s National Basketball Association, NBA-G League, NBA 2K League, and USA Basketball are all part of the contract. In a statement, Coinbase Chief Marketing Officer Kate Rouch stated that as a part of the relationship, we will offer interactive experiences to engage with the NBA and WNBA’s tremendous community and athletes worldwide.
Daily traffic on NBA Top Shot’s marketplace increased by more than 440 percent from $829,520 on Thursday to more than $4.5 million the next day, according to Crypto Slam. On Saturday, more than $4 million in tokens changed hands.
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The NBA Top Shot NFTs showcase video highlights from major events in professional basketball history, with the most recent packs honoring the players of the 2005–2006 season. NBA Top Shot said on Sunday that approximately 10,000 packets had been sold in only 24 hours, at a pace of seven per minute. Collectors competed for moments representing basketball luminaries like LeBron James and Shaquille O’Neal, with packs starting at $169 apiece. The packs in NBA Top Shot are divided into three levels of rarity, 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. During the first quarter of 2021, NBA Top Shot trade activity peaked, with $45.7 million in deals taking place in less than 24 hours on February 22.
While more than $200 million in NBA Top Shot NFTs were traded in February and March, the monthly volume has subsequently dropped drastically, with just around $20 million in exchanges taking place in September and October. According to Crypto Slam, NBA Top Shot is the third-largest NFT project by daily secondary activity after its weekend spike, with more than $2.5 million in tokens moving hands in the previous 24 hours.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
