Different NFT collections can gain popularity. When major brands and franchises get involved, exciting things are sure to happen. Unfortunately for the NBA Top Shot, sales seem to stop quickly, even if the number of unique customers and the total number of transactions grows.
NBA Top Shot Sales Taper Off
There was a lot of excitement when the NBA Top Shot collection was launched in NFT scene. The NBA is one of the most popular sports franchises globally and continues to grow its customer base over time. Moreover, the attractiveness of this top basketball league surpasses the sport itself, because it generates huge sales of goods.
It was expected to enter the NFT card-oriented access space. The irreplaceable token industry has attracted tremendous attention and created new opportunities for companies and brands. Significantly, the NBA is exploring new options in the world of NFT, and the NBA’s Top Shot collection noticed significant traction on the first day.
Although the collection peaked in February and March 2021, it has not recovered since. Crypto markets became quite bearish at the time, and people expected this NFT collection to recover. Instead, it saw its own monthly sales volume fell from over $ 200 million to $ 80 million, then to $ 40 million, and even to $ 20.2 million. The momentum is not increasing either, because the ups and downs continue to occur.
Last month, the NBA Top Shot recorded $ 25.236 million in monthly sales, with 64,650 unique customers. Although this second number is in line with the figures from October, its volume is much smaller than the sales of 40.86 million dollars. One contributing factor is the average selling price, which fell from $ 36.24 to $ 19.63. There was a sharp drop from the average selling price of $ 181.81 in February 2021.
Will the Momentum continue?
Since there is no shortage of different collection kits NBA Top Shot, it would be expected that the overall interest in the sets will increase again. Unfortunately, this may not happen right away, and it has little to do with current cryptocurrency prices. Instead, a discharge-based approach to this project does not seem to be enough to keep people more engaged. That would be unfortunate, given the support of such a large sports franchise, but it shows the demand for innovation in the NFT space.
It is intriguing to see how this will affect the wider NFT industry as it progresses. When even large sports collections start to lose interest, it does not bode well for other collections. A similar trend is affecting CryptoPunks, which continues to lose effect every month. So, there may be some degree of fatigue from NFT, although it may be too early to draw any conclusions in this regard.
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