The NBA Top Shot collection is an NFT collection that lets you “own, sell, and trade official digital collectible NFTs of the NBA and WNBA’s greatest plays and players.” Following the conclusion of the 2022 NBA Draft, fans of the sport and collectors have filled their NFT bags with picks from the NBA Top Shot collection in the last 24 hours.
Launched in July 2020, the project saw most of its gains during the NFT craze of 2021. According to data from CryptoSlam, the collection has recorded sales worth $1,011,895,237.38 since its launch.
With a 901.95% spike in sales volume in the last 24 hours, the NBA Top Shot collection ranked number #7 on CryptoSlam’s list of NFT collection rankings by sales volume. So what exactly happened in the last 24 hours?
According to data from Cryptoslam, the sales volume for NBA Top collection saw a 901% growth in the last 24 hours. At press time, the sales stood at a total of $1,253,456.
In the last 24 hours, data from CryptoSlam showed that over 50,000 transactions were executed, with nearly 5,000 new buyers snatching up a piece from the NBA Top Shot collection.
Taking a closer look at the performance of this project in 2022, it can be found that sales volume embarked on a steady decline in January. It registered $59,020,026 as the value of total sales logged. The sales recorded by the project in May stood at $13,931,450, representing a 76% drop in the last five months. This price decline can be attributed to the general fall in sales in the NFTs market occasioned by the downturn in the cryptocurrency market.
June 2022 has so far witnessed a sale of $6,634,963.
Not enough to compete with the ‘Apes’
At press time, BAYC witnessed a 12% uptick in sales volume. This amounted to a total sales of $1,405,289 in the last 24 hours. Although the NBA Top Shot collection saw a more significant growth in sales volume in the previous 24 hours, when the performance of both projects is evaluated in a broader timeframe (since launch), BAYC still stands eons ahead.
According to data from NFTGo, the market capitalization of the entire NFT ecosystem stands at $22.97 billion. With a market capitalization of $1.73 billion, BAYC holds 7.28% of the current market share.
In terms of sales volume, the current sales volume for all NFTs listed across marketplaces stood at $59.86 billion.