Largest TopShot ‘Moments’ NFT Sale Fetches $100k; Available on the Internet for ‘Free’
NFTs are going off, and the latest sign of it was the largest TopShot sale.
Over the weekend, the digital basketball cards sold like hot pancakes, with two of them at a whopping price of $100,000 each.
Last week, FantasyLabs co-founders Jonathan Bales and Peter Jennings bought a Ja Morant highlight off NBA Top Shot, a Dapper Labs product, for $35,000.
Launched in July 2019, NBA Top Shot is an NBA-licensed product that lets users purchase digital packs of cards (or “moments”) that can be instantly bought and sold through a marketplace.
BACK TO BACK ATH SALES AT THE MAX PRICE pic.twitter.com/qFJHbPHQml
— MOON (@MoonOverlord) January 24, 2021
Bales’ called this “the deal of the century… for the low, low (record-setting) price of $35k.”
Talking about his “Investment Philosophy,” Bales explained the motive behind spending $35k on a video that can be found all over the Internet for free. For Bales, when it comes to sports trading cards, they are “fine art” and a “player stock market.”
And the reason is the same as an “art collector might want to buy one Picasso as opposed to 100 paintings from lesser-known artists.” He wrote,
“If you believe physical trading cards have value, then you absolutely must recognize the value of digital assets; if you don’t, you’re being stubborn and/or short-sighted.”
This is because, unlike physical trading cards, digital cards are provable, unfalsifiable, make fraud mathematically impossible, scarce (having a serial number), and have a transparent and liquid market.
“Gold is to Bitcoin as physical trading cards are to NFTs,” said Bales, who believes NFTs tokens have two purposes to “generate verifiable scarcity and ownership.”
Given his interest and conviction in NFTs, Bales believes “NFTs are the future of collecting” and predicts the consensus shift on digital items from “these are worthless and not real” to “this is the best way to prove ownership, scarcity, and authenticity.”