NBA NFTs Surge 72% In 30 Days As Crypto Market Crashes

NBA NFTs Surge 72% In 30 Days As Crypto Market Crashes
24 January 2022

Amid a crashing crypto market, certain NBA related NFTs are making a fast break.

Since November 2021, the crypto market has lost over USD 1 trillion in value, but the NFT world appears to be marching to its own beat.

In January, OpenSea smashed its single monthly record last week with USD 3.5 billion sales in January so far.

Whilst Bored Apes, Meebits and Steve Aoki are stealing NFT headlines, an NBA digital art collection has silently been making mega gains.

NBA Top Shot – the licensed NBA moments on the Flow blockchain from Dapper Labs – arguably started the mainstream NFT craze in March 2021. The NFT market then crashed in June, and the NBA collection lost its limelight.

However, over the past 30 days, the collection’s secondary market sales have surged 72% with USD 53.8 million in sales.

The collection’s resurgence was in large part thanks to Brooklyn Nets forward Kevin Durant who was featured in NBA Top Shot’s new TV and social media ad campaign.

In the clip, which was launched last week, two ballers debate over who is the bigger Durant fan just as the NBA star strolls past them. The nine-time All Star shared the ad on Twitter, garnering just under 5,000 likes.

As part of the campaign, NBA Top Shot is giving away a free Durant NFT to first-time Top Shot pack buyers.

Durant is also an ambassador for Coinbase, which had already invested in. In October, Coinbase became the official crypto exchange of the NBA even though Crypto.com took over the Los Angeles Lakers’ stadium just one month later.

Image: Dean Bennett
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