A few weeks ago I wrote a story about NBA Top Shot the new digital trading cards that have taken the internet by storm. NBA fans, players, and investors alike were all interested in learning how to get in on the next big crypto collectibles. Some wanted to collect for the nostalgia and ease of being able to own their favorite NBA memories right on their smart devices. While investors of NBA Top Shot were looking to take advantage of a quickly growing marketplace that was filled with the potential of turning a huge profit. For Instance, this LeBron James breakaway tribute dunk for Kobe Bryant going for a staggering $213,000 starting bid.
Since my article Top Shot has only grown in size with more and more buyers flooding the marketplace as it currently stands with over 130,000 active buyers to this day. And they have been busy aggressively hunting and opening packs and bidding on their favorite moments from the NBA season. According to CryptoSlam, Top Shot buyers and sellers have generated $346,332,035.38 in sales so far in only its 6th month of existence. For a lucky few investors who had the capital early enough, they have been able to make a large fortune on these virtual trading cards.
The Whales of NBA Top Shot
Whale’s by definition when referring to cryptocurrencies are those who hold enough of a particular currency that they have the potential to manipulate the currency valuations. That’s exactly what one investor named Micheal Levy, a 31-year-old financial advisor took a leap of faith and did. Levy learned of Top shot in September before it became the popular crypto giant it is now. He believed that these virtual cards were immensely undervalued and the reasoning was that many didn’t believe they should be worth anything. Levy gave a quote to the Wall Street Journal
“If someone tells me they don’t see the value of diamonds, art, stamps, physical cards, these intangible items that don’t have intrinsic value, it’ll be impossible to get them across the line on a digital asset”.
However, Micheal Levy believed in the value of NBA Top Shot and spent close to 200,000 dollars across the past six months on his collection. That investment turned out to be a huge success as his collection is now valued at over 20 million dollars.
Levy believes that this is just the beginning and he has no thoughts of selling at this moment. In another quote given to the Wall Street Journal, Levy says “I don’t know where this is heading, I just know that it has enormous potential that no other investment I have access to can mimic”. NBA Top Shot is showing no signs of slowing down and if the biggest investors in the marketplace aren’t cashing out anyone else trying to make large returns on their investments should follow suit.
