Mark Cuban Says NBA Cryptocurrency ‘Has All the Foundations’ to Become a Legit Marketplace

Owning a piece of sports memorabilia is a lot different before. Basketball cards have gone by the wayside and are now replaced by NBA Top Shot. Owning a specific NBA player’s highlight is like having a rare basketball card from back in the day.

With cryptocurrencies like Bitcoin and Ethereum, the NBA wanted to find a way to get in on the action — and Top Shot was born. Now, even NBA owners like Mark Cuban are on board, hoping NBA cryptocurrency grows into a legitimate venture.

What is NBA Top Shot?

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According to Market Watch, NBA Top Shot is a marketplace to buy, sell, and trade NBA highlights. This online-only arena is similar to a physical basketball card, but instead, buyers get a video highlight of a play. Similar to a basketball card’s worth — the rarer a highlight is, the more valuable it is.

You can either buy “packs” when they come out on the website or purchase specific highlights straight from other users. Top Shots partnered with the NBA and Dapper Labs, a blockchain company. Bitcoin and other cryptocurrencies popularized blockchain technology, and the NBA found a way to get in on the action.

Once an investor purchases a highlight, they can store it in a digital wallet. Proponents of the technology claim because of blockchain, users can see the highlights available, along with its serial number and price.  

Mark Cuban backs NBA cryptocurrency

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NBA Top Shot recorded over $230 million in transactions since it started in October 2020. That staggering amount can only get larger according to Mark Cuban. The outspoken NBA owner took to his blog, Blog Maverick, to explain his opinions regarding digital currency and its future in the NBA.

Cuban compared collecting stamps or cards to digital cryptocurrency, explaining that you have to consider the grade, condition, storage, and maintenance of the former items. A collector must keep the stamp or card safe, protected from the elements. In his blog post, he elaborated:

With a digital trading Moment on NBA TopShot as an example, you have all the fun, none of those risks. Some people might complain that I can get the same video on the internet anywhere any time and watch it.

Well, guess what, I can get the same picture on any traditional, physical card on the internet and print it out, and that doesn’t change the value of the card.

Mark Cuban on NBA Top Shot cryptocurrency

He goes on to say that besides seeing the history of buyers and bidders, there is no central authority overseeing and regulating the marketplace. This allows investors to reap their own benefits without interruptions from big businesses or government agencies.

You can buy LeBron James’ dunk with NBA Top Shot

Recently, NBA Top Shot had its biggest sale so far. Back in 2019, a group of investors bought a LeBron James dunk for $208,000. The next three top sales each sold for $100,000 and two of them were LeBron James highlights — one a dunk and one a block. The other $100,000 sale was a  Zion Williamson block. 

The top items up for sale include a JA Morant dunk for $240,000 and a Zion Williamson block for $210,000. Another LeBron James dunk is available to purchase with a price of $179,000. With the staggering James dunk purchase, the site attracted more users and confirmed Cuban’s remarks that a digital marketplace can be profitable. 

It’s a new way to buy and sell collectible items, and with all the buzz the site seems to generate, it’s likely it’ll only get bigger with highlights going for larger and larger amounts.