NBA Top Shot Sales Hit 2022 Low, Sinking More Than $50M

NBA Top Shots saw a steep plunge in sales volume in June following May’s market crash.

NBA Top Shot is the leading project on the Flow blockchain, surpassing more than $1 billion in all-time sales volume.

NBA Top Shot had a sales volume of around $7.67 million in June, according to Be[In]Crypto Research.

This number was relatively low when compared to the sales volume of CryptoPunks, Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), Moonbirds, and Otherdeed within the same time frame.

Sales from June saw a 44.95% dip from May’s volume. In May, sales were in the region of $13.93 million.

New to NBA Top Shot? 

Launched in 2020 in a partnership between Dapper Labs (the creators of CryptoKitties) and the National Basket Association (NBA), the project allows non-fungible token (NFT) lovers to collect, buy, and sell some of the exciting moments of the NBA minted on the Flow blockchain. 

Some of the platform’s biggest sales to date are from Giannis Antetokounmpo, Stephen Curry, Zion Williamson, and LeBron James. 

Why the tumble in sales? 

Looking at the drop in the number of unique buyers from June, the fall in sales volume led to the digital collectibles’ declining transaction counts, with 25,128 unique buyers, and 379,393 transactions.

Compared to Jan, when sales reached a monthly high, unique buyers stood at 64,494 and corresponded to 1,828,283 transactions. In Jan, sales were approximately $59.02 million. 

By recording less than $10 million in monthly sales for the first time since Dec 2020 ($869,161), NBA Top Shot saw a $51.35 million dip in sales from Jan. 

The average sale value for June was around $20.21 and this was a 37% drop from Jan’s $32.28. 

FLOW price reaction 

FLOW opened on June 1, with a trading price of $2.71, reached a monthly high of $2.72, tested a monthly low of $1.17, and closed the month at $1.50. Overall, this equates to a 44% dip in the opening and closing price of FLOW in June.