As my interest in NBA Top Shot continues to rise, the chasm between my investment and the holy grail of $15,000 grows ever wider. Maybe Top Shot isn’t as easy I first thought and the timing of a bear market has not been kind to me.
As a result, I decided to commit to the analytical aspect of the market to see if I could gain a deeper understanding of the the market. Markets are cyclical and this isn’t the first time NBA Top Shot has seen a drop.
After some initial research, I decided to start using the following tools:
Friday (March 19th) – Analysis Mode
After analysing the Market Moves on Evaluate Market, I settled on a Josh Okogie assist for $13. According to Evaluate Market, his value was trending upwards at a ferocious pace, hitting +44% in the twenty-four hour period.
That acquisition brought my total spend from $989 to $1002.
Bradley Beal, a player that I always enjoyed watching purely for his aggression and stubbornness, experienced a boost of +53% in value over the same twenty-four hour period so I bought him at $16, bringing my total to $1018.
As can be seen above, his price quickly dropped to $13, meaning a $3 loss.
My total Moments at this point was 6, but I was feeling good about my collection, despite my rare Markieff Morris continuing his slide.
Saturday (March 20th) – Podcast Overload
On Saturday morning, I went for a walk accompanied by the usual NBA Top Shot podcasts:
– The First Mint
– NBA Top Shot Insider
– Beyond The Arc
The Top Shot Insider listen was of most benefit this week, not just because his pods are bite-size pieces at six minutes each, but because he outlined three mistakes people are making and how to avoid them. They certainly resonated with my own strategy. Here they are for your benefit:
3. Do not buy for the fear of missing out (FOMO). If you miss out on a pack, do not just buy a moment immediately.NBA Top Shot Insider Podcast
2. Stick to buying top tier players. Do not buy a random moment that forms part of a challenge.
1. Fees. You are charged a 5% transaction fee when buying a moment with your card, and another 5% when you try to sell it. If you buy using a Dapper account, there is no fee. You will save 10% using just your Dapper balance.
Sunday (March 21st) – Market Tank Continues
After the high of buying some new Moments on Saturday, unfortunately the slide in my portfolio value continued. From a position of profit, I was now down $164.
After scouring the Discord and some podcasts for answers, it appeared I was not alone. The entire market was down. Even CryptoSlam’s daily sales trend was down from a peak of $42 million almost thirty days ago to $8 million today, with the slump affecting everyone.
Altbae is a seller I follow with a particularly strong portfolio. His Lifetime Profit, according to MomentRanks, and I could see his profit had slipped from roughly $240,000 a week ago to $198,000.
This was not an isolated drop. The market was in freefall.
However, it was not all bad news. The Top Shot gods announced that a drop was due to take place on Monday, so I remained bullish about my Top Shot future and held my breath for a good drop.
As it stands, nearly two weeks, I’ve invested the following
– Joe Ingles S2 Common CC @ $5
– Markieff Morris S1 Rare LE @ $645
– James Harden S2 Common LE @ $265
– Karl-Anthony Towns S2 @ $74
– Josh Okogie S2 @ $13
– Bradley Beal S2 @ $16
Total Expenditure: $1018
My portfolio is currently valued, according to MomentRanks, at $854. That’s a whopping loss of $164.
Status After Week 1.5: – $164