As the NBA Top Shot marketplace continues to crater, early adopters are getting increasingly anxious about the precipitous drop of the value of their collection.
I’ll be the first to say that I love NBA Top Shot, I enjoy the platform, and I understand collecting isn’t all about the resale value of what you buy. As a sports fan, it’s a great evolution from collecting cards, bringing a new dynamic in showing an actual moment while providing proof of ownership. However, even collectors who are in the game for the long haul don’t want to watch thousands of dollars of value disappear seemingly overnight and watch moment they paid $500 for drop to $50.
I appreciate that NBA Top Shot and Dapper have been thinking of ways to reward collectors, from special moments like the Steph Curry gift, to offering Dapper balance for participation in the community. That said, it’s time for them to embrace the NFT/crypto space and do something revolutionary. It’s time to start staking moments.
The Plan
So, how would that work, exactly? NBA Top Shot should offer staking periods which reward collectors for staking their moments, therefore pulling them off the market and reducing supply. My recommended reward for staking would be Dapper Balance which can be spent in the marketplace immediately upon receipt, or, after a waiting period of a month, be withdrawn. The staking reward can be relatively small, but go up based on the rarity of the moment. Additionally, I think there should be higher staking rewards for lower serial numbers.
Why it Works
This helps in several ways. First, it instantly reduces supply, which drives up prices. Value of collections rise because all moments now carry tangible value, no matter how common. It introduces a whole new level of analytics where smart marketmakers could search for deals based on long term staking value.
Second, it makes pack opening much more exciting. If you get a sub 100 serial, it has a whole new meaning. Right now, the market for low serial common moments is largely stagnant. Sellers price them high because they feel there’s value to low serials, but buyers don’t see value in getting the moment when the floor price for higher serials is $3. Imagine ripping a pack, getting a #88 serial common, and knowing you can earn more money staking it, or sell it to someone who wants it for staking.
Lastly, NBA Top Shot wins. I’m sure someone much smarter than I could do the math on what the right staking rewards are to stay profitable. It’s going to gas up marketplace activity, and with Top Shot getting a percentage from every sale, everyone comes out on top. Plus, if there’s a waiting period on the using the money earned from staking, people are more likely to spend it in the Top Shot Marketplace.
Legal/Regulatory Hurdles
Many people will read this, and think, “that sounds an awful lot like a security; I don’t think they could do that from a legal or regulatory standpoint.” My answer to that, while a little bit terse, is that Top Shot has huge investors and the NBA behind them, so grab a high-priced team of lawyers and figure it out. They have the chance to continue to be a pioneer in the NFT space while rewarding their loyal collectors.
Take the shot.
Disclaimer: This article is not financial advice. The NFT and Cryptocurrency markets are very volatile. Please don’t invest what you can’t afford to lose. Always do your own research before investing.
52 Comments
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Really nice read! #Staking
I love the article. And that’s a really good point being presented!. Lez go long term for this
Great read/idea..
Bullish.
I think staking is a good idea, I personally hang on to the moment I get and would like to get rewarded for it.
Sounds like a great idea
I’m all for it I’m here long term
Great article!
Username: LoriJMoran16
Excellent idea, hope they implement this asap.
Great article. staking might be good or might be bad in the topshot environment. Remember we want to collect and if we put in staking some collector might not get what they want anymore because of the price point. And also I will feel bad for new collectors because the only moment they will get is in the packs. Marketplace will be so empty. I do like the dapper balance but I do not see Topshot doing that maybe increasing CS score how long you stake the moment. Either way it is a good cocept.
Stacking will be good and rewarding. I am a fan of topshots so i think stacking will attract more people towards this and the demand/supply will get balanced.
Staking is super interesting. The keyfact will be for me, how European tax law will have a view on this. Will moments be tax free in ten years or in one if you use them for staking? A long way to go but definitely a great opportunity. Thanks for your thoughts on this!
Excellent reasoning
Staking is the future!
Staking is the future!!!
I think it’s a great idea, but I also believe that in the future when Top Shot grows, all the moments from early seasons will have a low mint count compared to the new seasons moments. More people on the platform means they’ll have to distribute more moments, which might mean that future moments have a higher mint count in comparison to S1 and S2 mint counts. I think Top Shot will grow way more, especially when out of BETA. I joined Top Shot on Februari 2021 but I think in the future my S2 moments will rize in value. Especially when more people would join and the moments will become more scarce.
The market is DEAD for low serial numbers in my opinion. Great article.
After reading now 🙂 What are your thoughts on the details of staking?
You mentioned periods of a month, so can you lock up your moments for a month at a time? From my experience staking crypto, usually after you stake you can pull out as needed, but there is a waiting period. I think Topshot could do that with the same 7 day waiting period they have in place now.
I like the idea of rewards going up based on rarity of the moment. Definitely adds more value to the special moments.
This is actually a great way to give utility to almost all moments especially the high serial ones. Collectors will definitely love the idea of having their moments generate them passive income. Good read!
Strong work
I think you’ve hit the nail on the head on finding a utility for double and triple number serials.
Great article!
Really looking forward to NBA Top Shot’s future!
It sounds like it could be a good idea. Adding a reason for owning moments has really increased the excitement for me. Such as in the finals, waiting to see who will be the top scorers, rebounders, etc so I can make a showcase of them to be in the drawing for a new pack.. imagine that on a nightly basis in an nba season.. wow.
It sounds like it could be a good idea. Adding excitement to owning moments has been a big increase in fun for me. Such as I the finals, waiting to see who will be the top scorer, rebounder, etc so I can make a showcase to be in the running for a pack drawing.. imagine that nightly in an nba season..
Very good read keep going g -nativej
Agreed! WE need staking!
I already have a handful of moments I would stake today!
Completely agree with this. Love the staking moments take.
This is a better way to lobby the idea of holding moments. This idea of compensating long-term holders of moments has been suggested a lot, but having this kind of structure, makes it more compelling and might be a win-win for both TopShot and collectors.
TS: vanisterfletcher_08
Totally agree . Should be for hollows and S1 holders on metallic golds then the older the metallic like S2 can be added a year later to the staking . Great idea
Very insightful article about topshot. Thank you for this!
Great read! I’ve heard this idea floated around several times but as I am new to the NFT space I did not fully understand it. Thanks to this article I believe I now have a firm grasp on the concept and would hope TopShot takes some thing like this into consideration in the future!
Great read for NFT/TopShot fans! Keep it up!
Love your take on staking moments! Hope topshot listens
Good take on staking moments! Hope topshot listens!
We need to try something! I’m in!
Anything that helps drive value back into the Top Shot market should be worth considering. Dapper would be smart to explore such an option.
Love me some topshot! good article!
Great read.
Decent article, TopShot will be bigger and bigger. Collect what you love, that’s more value.
Good read. I love top shot and do hope it has a great future with the moments holding value and increase gradually going forward.
Good read and I’m loving Top Shot and do hope this goes long term and that moments will hold its value and gradually increase going forward.
Great article! Loved the idea. I agree with you on the low serial. They should give them more value!
Yes let’s stake!!
I love Top Shot long term! Remember folks, TS is still in beta!
@TopShotBoss on Twitter
Great great idea!! There’s definitely so much upside to this and hope the team consider some of your considerations. Cheers!