A series of new NBA Top Shot packs celebrating some of the best basketballing moments of the mid-2000s has sold out in just 24-hours. ‘Run it Back 2005-2006’ went on sale Friday 15th October, and all editions were gone by the end of the following day.
As a result, daily trading volume on NBA Top Shot’s marketplace skyrocketed. Growing by 440%, overall value jumped from $829,520 on Thursday to $4.5million on Friday. Saturday also saw high trading volumes, with figures hitting $4million that day.
How Many NBA Top Shot Packs Were Sold In One Day?
According to NBA Top Shot’s own metrics, seven ‘Run It Back’ packs were sold every minute while stocks held out. By the early hours of Sunday morning, 9,921 packs had been sold from a total of 10,000. Each was priced at $169 each, with ‘moments’ depicting the likes of LeBron James and Shaquille O’Neal seeing particularly stiff competition among buyers.
Since July, NBA Top Shot marketplace has hosted $744million in secondary sales. From that, $45.7million was spent during just 24 hours, on 22nd February 2021. The first quarter of the year saw the peak of activity. In February and March, there was almost $200million in trade on the platform. Trading volumes have seen a significant downturn since. Putting it into context, in September there was just $20million in transactions.
NBA Top Shot Packs Secure Drive Largest NFT Project
Thanks to the new NBA Top Shot packs, the platform is currently the third-largest NFT project on the planet by secondary sales volume. Axie Infinity ranks as number one, with CryptoPunks coming in second place overall.
All investment/financial opinions expressed by NFTevening.com are not recommendations.
This article is educational material.
As always, make your own research prior to making any kind of investment.
