Various NFT collections can gain mainstream traction. When major brands and franchises get on board, exciting things are bound to happen. Unfortunately for NBA Top Shot, it seems the sales volume is drying up quickly, even if the number of unique buyers and total transactions rises.
NBA Top Shot Sales Taper Off
There was a lot of excitement when the NBA Top Shot collection launched in the NFT scene. The NBA is one of the most popular sports franchises globally and continues to grow its user base over time. Moreover, the appeal of this top basketball league goes beyond the sport itself, as it generates tremendous merchandise sales.
A venture into the NFT space for a trading card game-oriented approach was expected. The non-fungible token industry has attracted tremendous attention and created new opportunities for companies and brands. Having the NBA explore new options in the world of NFTs is significant, and the NBA Top Shot collection noted significant traction on day one.
While the collection hit peak volumes in February and March 2021, it has not recovered since. Crypto markets turned rather bearish at the time, and people expected this NFT collection to rebound. Instead, it has seen its monthly sales volume drop from over $200 million to $80 million, then $40 million, and even $20.2 million. Momentum isn’t picking up either, as the highs and lows keep occurring.
Last month, NBA Top Shot noted $25.236 million in monthly sales, with 64,650 unique buyers. While that latter number is on par with October’s figures, its volume is much lower than the $40.86 million in sales. One contributing factor is the average sale price, which dropped from $36.24 to $19.63. There was a sharp dip from the average sale price of $181.81 in February 2021.
Will The Momentum Resume?
Considering there is no shortage of different sets to collect in NBA Top Shot, one would expect overall interest in the sets to pick up again. Unfortunately, that may not happen right away, and it has little to do with the current crypto prices. Instead, it appears the drop-based approach by this project isn’t sufficient to keep people engaged anymore. That would be unfortunate, considering the backing of such a major sports franchise, but it shows the demand for innovation in the NFT space.
It is intriguing to see how this will impact the broader NFT industry moving forward. When even major sports collections begin to lose interest, it doesn’t bode well for other collections in the slightest. A similar trend affects CryptoPunks, which continues to lose traction every month. So perhaps there is a degree of NFT fatigue kicking in, although it may be too early to draw any conclusions in that regard.
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