NBA Top Shots Records 152% Growth in Weekly Sales Volume as Fueled by New Collection Release

The NBA Top Shot marketplace has recorded a 152 growth in its sales volume a massive boost fueled by the launch of Run it Back 05 06
The NBA Top Shot marketplace has recorded a 152 growth in its sales volume a massive boost fueled by the launch of Run it Back 05 06. Source: nbatopshot.com

Non-Fungible Token (NFT) marketplace, the NBA Top Shot has printed a massive run in its weekly sales volume, a trend that was fueled by the launch of a new collection. The collection, dubbed “Run it Back 05-06,” was released on October 15, features the 2005-2006 NBA season, a pivotal season in NBA history when Miami Heat defeated Mark Cuban’s Dallas Mavericks in the finals.

As a platform that gained prominence for the sales of video clips of the best moments in the NBA, the marketplace has recorded a total sales of $746.7 million, atop a total of 10.54 million transactions per data from NFT analytics provider, CryptoSlam. In the past week, NBA Top Shots has inked an increase of 152.68% across its sales volume, coming off as the highest-grossing NFT protocol in the top 30 projects profiled by the analytics provider.

According to a tweet shared by the marketplace, it was evident that the new collection was responsible for the massive sales volume. NBA Top Shot confirmed on Sunday that the Run it Back collection has witnessed as many as 7 purchases per minute for 24 hours.

New NBA Top Shot Collection, Why So Much Buzz?

The popularity of NFT projects is growing by the day, and so are collectors’ interests. Arguably, the NBA is one of the top sports leagues in the United States, and gaining ownership of a part of the collections the marketplace offers is a good way to not only own a part of history but also in merchandising the collectible as most grows over in valuation over time.

The latest 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. These figures are prominent players, most of which are now inking partnerships with blockchain-based firms. 

One of such partnerships was reported by TheCoinRise last week in which Dapper Labs enters into a 2-year agreement with Kevin Durant’s boardroom. Through the use of NFTs and DeFi, many emerging protocols are beginning to find a way to integrate mainstream platforms into the world of blockchain and crypto, a trend that is fueling increased adoption of the nascent ecosystem.

Seeing the success of existing marketplaces, Coinbase and FTX has also announced the launch of their own NFT marketplaces.