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NBA Top Shot On Fire – Sales Up by 146% in a Week

NFT Non-fungible tokens

Last updated: October 23, 2023 09:30 EDT

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Ruholamin Haqshanas

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Ruholamin Haqshanas

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Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...

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Last updated:

October 23, 2023 09:30 EDT

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NBA Top Shot, an NFT marketplace for trading NBA moments, is witnessing feverish sales volumes after the platform dropped a new series of digital collectibles.

The new booster pack collection, dubbed “Run it Back 05-06,” was released on Friday and features the 2005-2006 NBA season, a pivotal season in NBA history when Miami Heat defeated the Dallas Mavericks in the finals.

The most recent NBA Top Shot drop features Dwyane Wade, as well as five other NBA Hall of Famers, including Shaquille O’Neal, Allen Iverson, Ben Wallace, and Tracy McGrady.

Yesterday, on October 17, NBA Top Shot revealed that the boosters are getting hoovered up at a rate of “7 purchases a minute for the last 24 hours.”

7️⃣ purchases a minute. For the last 24 hours. ⏰

Over the past day, we’ve seen 9,921 purchases of Run It Back 2005-06 Moment™️ Collectibles alone. 🔥

Find RIB Moments ➡️ https://t.co/fuCnRDcRJA pic.twitter.com/LcxNHsiwuE
— NBA Top Shot (@NBATopShot) October 17, 2021

Courtesy of the “Run it Back 05-06” drop, there has been a spike in NBA Top Shot sales. Per CryptoSlam, an NFT market data aggregator, sales of the NBA Top Shot project is up by more than 146% over the past 7 days.

However, almost all of the top 20 NFT projects by sales in the past week are recording worse results. Among them, the CrypToadz NFT project, which features small amphibious creatures, dropped by over 72% over the last week.

MekaVerse, an Ethereum-based NFT project that generated over USD 60m worth of sales in less than 24 hours last week, has also dropped by more than 20% over fraud allegations.

Meanwhile, daily trading volume on OpenSea, the leading NFT marketplace, is once again in decline after a resurgence in early October, as new major competitors are entering the NFT business.