April 16, 2021 Amy Chung
Hopefully you’ve read my last blog post about the NFT NBA Top Shot. If not, click here to read the blog so you catch up to what I’m talking about on this blog! You better sit tight because this blog is going to be LOADED with information if you decide to sign up for this blockchain. Lets first talk about Nike’s NFT sneakers that are going to come out.
I’m not too surprised that Nike’s thinking about doing NFT sneakers. I mean, this whole thing is based off of basketball history moments. It was said that Nike Inc. was granted a patent in 2019 that is potentially a huge value in the NFT space. They could have an advantage here since it would not only increase sales with certain shoes, but launch exclusives that come with the NFT versions as well. There are many companies that are doing contests and sweepstakes for NFT, but imagine the way Nike will do it. I bet it’s going to be out of this world. But let’s get started about how to get started.
So getting started is really easy – all you have to do is create an account through Dapper, select your favourite team, and sign up for email notifications about future package drops. There is an option for joining an NBA Top Shot Discord channel (Which in my opinion, this is a great way to meet new people online if you’re a shy person, AND talk about your favourite sport). At that point you can choose which team to support and have a randomly generated username. Of course, if you don’t like the username xd83nf3m4, you can change it. Now, before buying any moments, you have to have funds added into your Dapper account.
The marketplace can be a bit intimidating, because there are hundreds and thousands of Top Shot cards. Since they’re essentially like digital trading cards, there’s multiple ways to use them. You can give them to a close friend or companion, watch moments that you have bought, or even sell them. There are moments in the basketball history that would be considered rare, and you can find them in different packages. How do you know if it’s rare? Well, the NBA Top Shot creates a set of specific numbers within that one highlight moment, so if you manage to get one, consider yourself very lucky (Personally I would want to make the big bucks so I would sell it ASAP).
WHAT TO LOOK OUT FOR
Of course, there will always be a scam involved, but not when it comes to the NBA Top Shot. Because they were created by Dappers Labs, they’re kept in a customized flow blockchain. Which means they’re more intricate to get a hold of. Not only that, you may be spending thousands of dollars just to get a moment where it could only be worth ten dollars, so keep that in mind. There is another catch to this whole thing. When you join the NFT NBA Top Shot, you’re going to need street credit. To even buy certain packs, you need to already own cards from different series to be eligible. Like in the real world, you’ll have to wait in line like the rest of us to buy certain packages (since there is only a limited that come out), and even then, I wish you goodluck. The NFT NBA Top Shot released a $999 package that was released on April 12, and even then it’s already sold out.
You’re probably thinking – this girl doesn’t even use this NFT, why is she giving me advice? Well, in my case, it seems easy enough to understand what to do and what not to do, but I’m going to give you advice anyways.
My first advice is to always assess your expectations. Are you really doing this because you love basketball and its history, or are you doing it just to make the quick bucks? Because keep in mind that this platform is created if you’re more of a collector, not to make the greens fast (well multi-colour bills if you’re Canadian). It’s already hard enough to find rare moments in this blockchain, but if you somehow hold the magic power of being lucky all the time, then you go ahead my friend and do what you gotta do.
My next advice is to try not to put cash more than you’re willing to lose. Are you willing to lose $8,000 over a moment that you might get that might be worth $10? Because, let me tell you, if I spent that much and got that much back, not only is my wallet going to be empty, but I’m going to go through an emotional hardship over this decision I made. So make sure to dictate your risk tolerance and have that outlook on how much you can afford to lose.
My final advice is, purchase the moments you’re willing to pay for and for the moments you like. In the event that you purchase them, you have that valuable moment saved in your collection forever and can be appreciated for your own satisfaction.
This whole blog was full of information, and we hope that it was helpful for you! Feel free to let us know if we missed out on anything you might know about this topic.
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Amy Chung, Oakville ON, April 2021