Steemit Crypto Academy Season 2: An Introduction to Non-Fungible Tokens (NFTs) - Homework for @levycore

Hello Steemian.
I read the lecture carefully of Professor @levycore and was done with my homework by exploring NBA.

Describe one popular project that uses Non-Fungible Tokens (NFT)

There is one formidable project that uses the Non-Fungible Tokens. That is called NBA Top Shot. Those who are associated with or play sports would definitely know about the world of the NBA. NBA stands for National Basketball Association that takes place in North America. It is a league that comprises 30 teams.

With regards to that, they have created a project called the NBA Top Shot. It is a blockchain application in association with the Dapper Labs. It is built as part of the blockchain module.

If we talk about the term ‘Top Shot’, it talks about the non-fungible tokens that have a limited supply and application. Therefore, its authenticity is also very limited. Every collectible item associated with the NBA is termed as the NBA Top Shot in this application. It is available in the form of NFT (Non-Fungible Tokens).

Every one of these tokens has a small insight in the form of a video or a clip of an exclusive NBA match. The video can be a match-winning basket, a desperate block, a tackle, etc. The clip is customized as per the customer’s demands. It will have specified information attached to it.

The specified information includes the moment, the teams playing, the player stats, the authenticity of the token. There are times in which the recent sales history is also part of the information. These moments, collected in the form of video clips, are dispatched in limited packs every seven days. They get characterized in tiers, based on their rarity or authenticity.

Imagine having a blockchain application through which you can cover all the memorable moments of the NBA championships on the weekly basis. It would be fun, wouldn’t it? The NBA Top Shot guarantees that for the customers who purchase these packs every week.

The rarity of the packages are termed as follows:

• Common
• Rare
• Legendary

All of the moments mentioned above can be taken from the recommended NBA platform. The price of that platform is determined by its tier, featured roster, and serial number.

When the NBA Top Shot platform comes out into the app market in a beta version, which is referred to as the ultra-fourth tier of the marketplace, Ultimate will have a role to play. This level will come into play that integrates face-to-face Genesis moments as well as the Platinum nice moments. However, the NBA suggested that these moments will be delivered in an auction instead of the random packs.

NBA Top Shot is very popular among the fans in North America and is on many of the mobile phones based in that continent. Based on its popularity and usage, it registered the highest package sales in the NFT sphere.

In the month of February this year, NBA icon, Lebron James was also given a tribute by this platform by auctioning the NBA moment by his name..e Legendary Lebron James moment. The NBA icon spoke heavily about the platform and was thankful to the entire organization for this gesture.

Based on his popularity, this external collectible item was bought for approximately $200,000 in the Cosmic Series 1. This was the highest amount that any NBA Top Shot pack had been sold to this date. It just goes to show that if you have a big poster boy associated with a collectible item that you are willing to sell, the selling value increases by itself.

Alongside the Legendary Lebron James moments, the NBA Top Shot platform has further gained approximately $417 million in product sales. The collectible items of this platform are now owned by more than 300,000 people across the board. The NBA Top Shot customers are only expected to increase based on their selling value.
Many customers have drawn comparisons of the collectible items before and after the Legendary Lebron James moment. There is truly no comparison between the selling values of items before that item and afterward. However, a collectible item can be sold as much as people want.

If you have top poster boys alongside your item, it may have a selling value of almost $1000 to $1500. However, there can also be some common items that can be sold for just $10. The higher the selling value, the more recognizable your item will be. However, it is important to not take these selling values for granted.

The prices of these items are finalized by the NFT collectors. They take advantage of the technology to create an estimation as to how much the customers will be willing to pay for a particular item. Therefore, if you are paying $20 for a Legendary Lebron James moment and selling it 100 times more, you will look like a fool and there is a huge chance that your price sale will not be massive.

The most important aspect of the paying and selling aspect of these items is transparency. If there is no transparency, you will experience negligence within your product market values. Most importantly, the blockchain feature will catch your incompetence and will be unable to get you buyers who will purchase the item for the same amount that you bought.

One massive drawback within this NBA Top Shot platform is that not all the NBA moments are available. There are a small number of moments that a small group of people owns and sell for a skyrocketing amount. This is where the feature of sporting cards comes to the rescue for the NFT. Sporting cards allow the NFT to create value for themselves.

If we talk about the more common moments, they are also owned by a group of people. Most importantly, they have a low value.

If you want to learn more about this blockchain app, head over to nbatopshot.com and get to know the insights about this sporting project. This website will allow you to get to know the ways of its usage and importance in the NBA and sports industry. We can expect to see innovative NBA features and games from this platform. Stay tuned!

Thanks for Reading

Professor @levycore