Retro NFT packs drive massive Top Shot trades

Retro NFT packs are driving an amazing increase in trade volume for NBA Top Shot’s nonfungible tokens. And following the launch of the retro Run It Back 2005-06 packs on Friday, October 15, the Top Shot NFTs trade volume skyrocketed all through the weekend.

Going by data reports by Crypto Slam, the daily volume on Top Shot’s marketplace leaped by over 440% from the $829,520 it was on Thursday, to more than $4.5 million the very next day. Saturday October 16, also witnessed well over $4 million worth of tokens exchanging hands in trade.

As we know, Top Shot’s NFTs feature video picks out depicting memorable moments from the history of professional basketball, these latest packs are actually celebrating the stars of the 2005 – 2006 season.

Meanwhile, also confirming the sales On Oct. 17, NBA Top Shot tweeted that approximately 10,000 Run It Back packs have been sold in just 24 hours. That’s at an amazing rate of seven purchases per minute.

At the beginning of the sales, packs were being sold at $169 each, with collectors squaring up to snag moments depicting legends of basketball game like Shaquille O’Neal and LeBron James. Packs of Top Shot come in three tiers of rarity, ranging from “common” to “legendary”.

Although the months of February and March 2021 saw more than $200 million worth of Top Shot NFTs changing hands, monthly volume has however retraced sharply since. That’s with nearly $20 million of trades taking place during September and October.

After last weekend’s surge though, Top Shot is now ranked as the third-largest NFT project by daily secondary volume. And that’s with having more than $2.5 million in tokens trading hands within the last 24 hours according to Crypto Slam.

Axie Infinity presently ranks first with $18.6 million worth of trades in the last one day, while CryptoPunks comes second with a 24-hour volume of $6.2 million.