How to Make Money from NBA Top Shot? 20 Tips
How to Make Money from NBA Top Shot? 20 Tips
NBA Top Shot continues to grow in popularity with the market, as of yet, showing no signs of slowing down as covered over at runrex.com. This has seen many people use this marketplace as a chance to make some money, and to help you do the same, here are 20 tips, tricks, and strategies on how to make money on NBA Top Shot.
What is NBA Top Shot?
From discussions on the same over at guttulus.com, NBA Top Shot is an online-only marketplace where users can buy, sell, and trade NBA highlights known as “moments”, which are owned by users through a unique number. They are essentially virtual sports cards, but instead of a picture of a player on a piece of cardboard, you get a video highlight of a play, like say a LeBron James dunk or Luca Doncic block.
How do you get a moment?
As is explained over at runrex.com, you can either buy individual moments via a peer-to-peer network in the Top Shot Marketplace or buy a pack, during a pack drop, which will include at least several random moments.
As the gurus over at guttulus.com point out, currently, buying packs is the easiest way to profit off of Top Shot. The reason for this is because the contents of a pack are guaranteed to be worth significantly more than the cost of the pack. You are, therefore, almost guaranteed to turn a profit when you buy a pack when you eventually sell your highlights.
Will this hold?
Many people have been speculating that with more and more packs being released, the value of all moments will go down, because of the principle of demand and supply. However, if you have been following Top Shot closely, you would have noticed that after the two most recent large pack drops, prices have not decreased, which means that there is still a large demand for NBA Top Shot moments. Currently, it’s still holding.
How does Top Shot release packs?
There are two ways Top Shot has been releasing packs. The first one is strictly releasing a base set containing only base moments, while the second one is releasing a pack with base moments and a guaranteed rare moment.
Categories of packs
From discussions over at runrex.com, moments are grouped into several categories, which are:
Common – can have over 1,000 digital copies and range from $9 to $14.
Rare – can have between 150-999 digital copies and were most recently listed for $199
Legendary – can have between 25-99 digital copies and were most recently listed for $999
Platinum Ultimate – 3 digital copies and are only available via auction
Genesis Ultimate – 1 digital copy; only available via auction as well.
Consider buying a pack and then immediately selling the moments
One of the ways you can make money from NBA Top Shot moments if you decide to and get the chance to invest in packs is by buying any pack and then immediately selling the moments in it. According to guttulus.com, this is currently a very profitable strategy as the contents of a pack are significantly worth more than the cost of the pack as already mentioned.
Another way to make money from NBA Top Shot is buying and reselling moments, which is also known as flipping. However, as is revealed in discussions on the same over at runrex.com, this strategy can be tough as it involved constantly checking the Top Shot Marketplace to snipe a good deal.
Keep an eye on trade volumes
Also, when you are flipping moments, you should make sure that the moment you are selling has got good trade volumes. This means 250-500 trades per day for common moments and 50-100 trades per day for rare moments.
Why are trade volumes important?
If you want to make money from NBA Top Shot moments, then it is important to keep an eye on trade volumes as outlined in the previous tip. If you are wondering why this is important, then it is because you want to make sure someone will be lined up to buy the moment you want to resell. The last thing you want is to get stuck with an expensive moment that no one is buying.
evaluate.market is your friend
If you have decided to go down the flipping route as your strategy to make money from NBA Top Shot moments, then you need to lean heavily on the popular website, evaluate.market. As outlined over at guttulus.com, this site will help you check for good deals while also helping you find out about trade volume.
Avoid trying to catch a hype wave
The subject matter experts over at runrex.com also point out that you should avoid trying to catch a hype wave if you are to make money from NBA Top Shot. This is when a moment’s sale price goes up and then quickly goes down. While it is possible to make a quick buck from such a situation, it is too difficult to know how much the price will spike, and how long it will last. Therefore, it is recommended that you avoid any moments going through a hype wave as their prices are very unstable.
If possible, avoid the quick flip
The gurus over at guttulus.com also recommend that you avoid day trading or quickly flipping moments. The reason for this is because the market is very unstable, which means that such a strategy is just too time-consuming for the little payoffs it brings. However, if you like this strategy, then, by all means, go for it.
Given that NBA Top Shot is likely to be around for a while, then it is likely that the prices for moments will continue to increase as the system ages. Therefore, one strategy to consider if you are looking to make money from NBA Top Shot is buying moments to HODL, which means holding on to them as a long-term investment rather than looking to quickly sell.
Focus on First Edition moments
When it comes to collectibles, the first editions hold the most value. This is because initial runs of collectibles are often small as the creators are not sure if they will become popular. Additionally, people take pride in knowing that they have the first of something, so they are willing to pay more money for it. This applies to NBA Top Shot moments as well, which is why it is recommended that you purchase Series 1 moments over Series 2 moments if you can afford it.
Pick your rookie then HODL
As explained over at runrex.com, if a young NBA player goes on to be a star in a few years, then their moment’s price will likely spike. Therefore, if you are confident that a rookie you watch will become a star in a few years, then it may be a good investment to buy their moment and HODL.
Know the factors that drive value
As per the experts over at guttulus.com, one of the most important things that drive the value of a moment is the star power of the player. Therefore, you should consider this when looking to buy a moment. Also, consider the rarity of that moment as governed by the different categories of moments mentioned earlier. Knowing the factors that drive the value of a moment will help you make money from them.
Consider the serial number of the moment
As is articulated over at runrex.com, in general, the lower the serial number, the better it is for you. This is because a moment with a serial number in the 1-10 range will often fetch a price on the thousands, regardless of the player or tier of the moment. However, the serial numbers start to lose meaning the higher you go. Also, when the serial number is the same as the player’s jersey number, then this will boost the moment’s value significantly, and it will be exponentially more valuable than any other card in the set.
The high-roller approach
Another way to make money from NBA Top Shot is by taking what is referred to as the high-roller approach. This involves getting one or two big-money, Series 1 moments, and then HODLing as you wait for NBA Top Notch to get out of beta, where it currently still is. If it all goes according to plan, those big-ticket purchases will come through for you big-time and net you huge profits. However, if the product flops, then you may end up holding a very expensive gif. This strategy is the most cost-prohibitive and riskiest of them all but is also one that will have the highest rewards if and when this product takes off.
Finally, it is important to note that you should only spend money on NBA Top Shot that you can afford to lose. While it is looking very promising in terms of the future of this product which looks like it will continue to hold value as it revolutionizes the collectible market, you should remember that putting money into Top Shot is just like gambling, and you could end up losing it all.