The blockchain most known for NBA Top Shot when it comes to NFTs, Flow, is coming back to life.
Over the last 30 days, BloctoBay on the Flow blockchain has quickly risen up the NFT marketplace rankings. 92,045 active traders and almost $200 million in volume puts this marketplace behind only OpenSea in terms of popularity. For those that say LooksRare is the second most popular NFT marketplace, read this.
NBA Top Shots dominated the NFT market while it was in its infancy. From February to June of 2021, the term NFT was associated with Top Shot moments to the majority of people.
According to DappRadar’s annual report, NBA Top Shot accounted for 46% of all NFT sales in February 2021. Additionally, during this stretch, the average price was almost $185. In spite of a strong start, Top Shot started to decline over the last year. The average sale price sits at $22 currently, and these sales represent a fraction of the market share they once had. But, things are changing for the leading Flow collection, and in turn, the leading Flow marketplace.
BloctoBay Marketplace Analysis
The main pull of BloctoBay is their licensed items. With fully licensed rights from organizations like:
- NBA
- CNN
- Moto GP
- OVO
and more, this is a marketplace targeted at non-NFT natives. It’s difficult for non-crypto/NFT/Web3 to rationalize spending absurd amounts of money on cartoon animals. But, what they could rationalize is a $20 NBA Top Shot Moment. These are entry NFTs for people that don’t actually understand where the space is going. That is completely fine (and probably needed) as it lets people dip their toes in the water with familiar brands.
The marketplace is centralized, much like Nifty. That means that the site requires KYC. There are also plenty of discrepancies surrounding the true ownership of assets held on these sites. But, within the last few months, BloctoBay has changed this. Users are now able to transfer their NFTs to a non-custodial wallet. In other words, when the NFT is held in a wallet like MetaMask, you actually own it. From there, you can do whatever you want with it, including selling to whoever you want, however you want, and whenever you want.
BloctoBay | Non-custodial NFT Marketplace on @flow_blockchain
Owning your first NFT has never been so easy.
Check out BloctoBay, the #3 NFT marketplace on @DappRadar.
Trade and discover exclusive Flow NFTs on the web and in your Blocto App now!🔗 https://t.co/8VEqZsK56t pic.twitter.com/fEx7CHeXPW
— Blocto – Discover Blockchain Apps (@BloctoApp) February 20, 2022
Watch for this marketplace to continue to gain a foothold in the market. If you’ve never owned an NFT and are a fan of the NBA, buy a Top Shot moment. There’s no better entry into the space at the moment!
NOTE:Â Remember always to do your research, make your own decisions, and invest in projects that interest you!
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