Whoa. The highs and lows of NBA Top Shot, eh?
The Rookie Badges dropped and had very little positive impact on my Moments. In all honesty, the RJ Barrett moment I bought was the wrong one, and his badges were linked to another moment.
A mistake on my part, but all part of the learning curve and hopefully something you can avoid as further badges are released.
Monday (March 29th) – Launch of Pre-Order Packs
On Monday, the Top Shot team announced the launch of Base Set (Series 2, Release 24). what made this interesting is that it was a 48-hour signup window, meaning that users could sign up at any time over the next two days.
Presumably, this was to avoid the server issues that had befallen previous drops, but I was still too paranoid to not log on at the launch time: along with over 150,000 others.
My place in the queue was in the low 100,000s, meaning after three hours I was still 60,000 people away from my slot. Although the drop was almost guaranteed for everyone, and cost just $9, I did my best to stay online but ultimately succumbed to sleep and awoke to see that my place in the queue had expired.
Tuesday (March 30th) – 21 People in the queue
Waking to the news that I had missed my spot left me with that gut-wrenching frustration related to any missed drop, however the 48-hour window offered me a lot of hope.
I quickly logged onto the site and to my amazement, there were now just 21 (!) people in the queue ahead of me. Sixty seconds later, I had purchased my pack and was on my merry way again. Was this set to be the future of drops?
I liked this new process from the NBA Top Shot Team, but also part of me worried that with so many packs flooding the market that some of my other cards may depreciate in value. This, combined with the continued market slide, meant that the usual excitement associated with acquiring a pack just never materialised.
Expected delivery of the pre-order pack is some time within the next two weeks: a lifetime in the current declining Top Shot marketplace.
Top Shot Getting That Paper
In other news, Dapper Labs (the team behind NBA Top Shot) announced a massive funding round of $305 million that included investors such as Kevin Durant and some retired guy called Michael Jordan. Apparently he’s the second-best player of all time.
The funding round is interesting for a number of reasons:
– It includes a a whole roster of celebrities, further enhancing the relationship between the triumvirate of NBA-tech-culture.
– 2Chainz and Will Smith being named on the press release along with KD and MJ. These ‘influencer’ types will no doubt form part of ‘smart money’, i.e. investors that can add more than just finances. Each high-profile investor is its own marketing tool, with its own audience that they can leverage to further enhance NBA Top Shot’s popularity.
– This funding will no doubt be focused on two things: scalability and expansion. Dapper Labs has endured countless tech issues with NBA Top Shot drops and this is something they’ve clearly been trying to rectify with some of its latest stress tests and pre-order drops. Expect massive engineering and development hires. Additionally, Flow (Dapper Labs’ blockchain) will need to be able to scale if, as expected, a date for expansion to the UFC is announced in the next couple of months. Proof of concept in the NBA and UFC opens up Dapper Labs for the global markets of football and of course, the NFL.
All of the above, one would like to believe, can only be good news for Top Shot users.
Wednesday (March 31st) -Profit Jumps Off A Cliff
While the great news about Dapper Labs’ funding round continued to swirl amongst the Top Shot Community, my profit numbers went down the drain.
The value of my Markieff Morris 3-Pointer (Series 1 – Rare) plummeted to an all-time estimated value low of $400, despite me paying $645 for it just two weeks ago. Additionally, my James Harden Handles (Seeing Stars – Series 2) went with Morris off the same cliff, dropping to less than $100.
Fortunately, I’m not in need of the profit instantly so I can afford to let the Morris one sit. I see value in it for three reasons:
– Series 1: As more series are released, this moment should appreciate in value.
– Rarity: It’s a rare card, one of just 750 limited edition.
– That LBJ assist: It’s a clip from the 2020 Finals with LeBron dishing a tasty dime.
The Harden moment, however, I’m less attached to. The plan is to let it sit for another two weeks and then make a decision about whether to cut my losses and list it at the lowest asking price.
Regardless, I’m still of the believe that a bull market is just around the corner so my dream of turning $1500 into $15,000 on Top Shot just isn’t over yet.
Status After Day 16: -$113