What's Next For NBA Top Shot? The First Mint Podcast Hosts On Growth Of NFTs, Strategies And More
One of the hottest trends in the cryptocurrency market has been the subject of non-fungible tokens, or NFTs.
NBA Top Shot has been one of the most followed stories in the NFT market and Benzinga was recently joined by Luc Doucet of The First Mint, an NBA Top Shot-themed podcast and special guest PlungeFather.
What is an NFT: One of the topics discussed was the rise of NFTs and what the overall market could look like in the future.
“NFT is a very ugly term, stands for non-fungible-token,” Doucet said noting that cryptocurrencies have weird technical names not created for the consumer crowd.
Most NFTs are on Ethereum blockchain, but in the case of NBA Top Shot, it uses Flow from parent company Dapper Labs.
NBA Top Shot and other NFTs are assets that you own that no one can take away from you, Doucet said: “The NFT business is quite large.”
Doucet said NFTs could grow even more in the future when a company like the Walt Disney Co (NYSE:DIS) gets involved and releases items with its key properties like Star Wars and Marvel.
“Top Shot will inspire a whole new wave of people to get into the space," he said.
Related Link: NBA Top Shot Seeing Record Sales Demand During NFT Boom
NBA Top Shot: One of the biggest questions asked for the NBA Top Shot market is why buy a Top Shot highlight when you can watch the video on the internet.
“You can invest in these moments,” Doucet said.
Top Shot is adding a layer of fandom that you didn’t know you needed, according to the podcaster. NBA Top Shot has created a 24/7/365 marketplace for the markets.
Crypto Slam reports that $7.4 million in transactions were done on the NBA Top Shot platform in the last 24 hours. Over the last seven days, NBA Top Shot saw $46 million in transactions.
There was a time when NBA Top Shot struggled to sell its packs that now have hundreds of thousands of people waiting in line for.
“I was able to buy five base packs on that drop,” PlungeFather said of a January weekend pack drop. He told Benzinga that was the last of the good times being able to buy packs in mass.
An urban legend is that a pack drop from the Conference Finals of the last NBA season struggled to sell all the packs created.
“They couldn’t even sell them.”
Watch the full interview with Luc Doucet and PlungeFather in the video below:
Launching a Podcast: The First Mint podcast is considered one of the top in the NBA Top Shot market. The podcast is also a fast riser in the basketball topic area.
Doucet comes from the content marketing world and decided to get into podcasts to inform and educate people. Top Shot was the only NFT product fully licensed by a major brand, which pulled Doucet to that market.
“I was looking to do more in the space,” Doucet told Benzinga on launching a podcast, seeing a lack of reactive media content out there covering the growth of NBA Top Shots.
Doucet posted statistics of NBA Top Shot on Twitter and got slammed with questions, which led to knowing there was an opportunity for the podcast.
Investing in Top Shots: Both Docucet and PlungeFather shared some comparisons between NBA Top Shot and the stock market.
If you have a player that comes off the bench that could be a star it could be similar to finding the next big stock.
“This will be the next Amazon, this will be the next Tesla,” Doucet said. “That’s how you can look at this from an investment market.”
While many investors and collectors focus on players that are All-Stars similar to blue-chip stocks, PlungeFather highlights a couple of Top Shot strategies.
- One is to look for players that could be retiring after the season, meaning they might not get more NBA Top Shot moments and will have an even more limited supply.
- Another strategy is to look for players that are coming back from injury. A player returning after a layoff could see boosted demand for their moments from collectors and investors.
What’s Next: There could soon be more utility for NBA Top Shots, PlungeFather told Benzinga. NBA Top Shot is building a mobile game that could be similar to a daily fantasy site that will put Moments to work.
The record sale for an NBA Top Shot is over $200,000 currently, but that could be broken later this year according to Doucet and PlungeFather.
“It really depends on adoption,” Doucet said.
The podcaster noted NBA Top Shot has some Moments that will be 1/1s, meaning only one will ever be made. The release of these at auction could lead to the first $1 million moment.
NBA Top Shot has a deal with the NBA that will lead to historic moments being released in the future. This could include Michael Jordan moments.
New Moments in a “Run it Back” series will include Shaquille O’Neal, Allen Iverson and Tracy McGrady, Doucet said. He said that NBA Top Shot will likely save Jordan moments for last.
In terms of NBA Top Shot being a fad or the next Beanie Babies, Doucet leaves us with this note: “The NBA doesn’t invest in projects that are only going to last a year.”
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