The world around us is constantly changing, and the marketplace we live in keeps growing. From in-person shopping to baseball cards to even buying into the stock market, everyone everywhere is interested in buying goods that fit to their liking. That is no different for those buying from the NBA Top Shot.
The NBA Top Shot is a website where NBA fans can purchase moments in basketball history that are groundbreaking. All of these moments are considered collector’s items for all those who are interested in it. You could purchase a video of Anthony Davis making a sick 3-point shot and it could go in your online collection beside your baseball cards and other fun things. A plus? Well, it’s all online and we all know that the world nowadays operates solely online. You might be thinking “What makes this different from a physical baseball card?” And the answer is simple. You are buying an NFT.
An NFT is a non-fungible token. In simple terms, it is a special type of digital certificate, or digital barcode, that shows you own this one video. But here is where it gets complicated. Because it is the internet, and it is so easy to find anything on the internet, the video you just purchased is probably on YouTube for free. There can be multiple digital clips of the same thing, so even though you own it… someone else might as well. That’s where the collector mentality comes into play.
Even though everything is public, you still have a piece of the NBA and a piece of the game with you. You get to keep it, it is yours. And unless you sell it, it stays that way. These moments can be any price. You can buy a moment for $20, or you can buy a moment for $200,000 – which someone did do. The reason why the prices vary is because there are moments that are rare and extremely special and moments that are common, but super cool. Alongside that, you can buy moments in packs, literally making it something like a baseball card but digitized. You get a random set of videos for a certain price, and you make do with what videos you get.
The NFT market is thriving right now and because of COVID-19, it is easier than ever to buy things online. Would you spend your money on a public video just so you can say it is yours? Let us know down in the comments.
This article originally published on GREY Journal.