Sotheby’s is going to auction NBA Top Shot Digital Collectibles as the NFT market experiences a modest resurgence amid a broader crypto market boom in recent months.
The auction house is selling eight NBA Top Shot NFTs, valued at between $500 and $3,000 each, as part of its broader sale of NBA memorabilia, a company spokesperson said. said Tuesday in a statement. Bidding is possible until January 21.
The sale includes digital collectibles featuring several notable basketball players, including Jaylen Wells, Bub Carrington, Pacôme Dadiet and Kyshawn George. Each lot contains a highlight clip from that player’s very first NBA game.
The auction comes as digital art collectibles have seen a slight uptick, with broader NFT trading volume climbing in December because certain projects gained substantially in value. However, some of that increase seemed to be attributed to buyers trying to earn crypto rewards over time Pudgy Penguins PENGU Token Launchand it is unclear whether the broader NFT market is seeing a growing resurgence.
NBA top shot launched in 2020kick start an NFT craze among regular sports fans in early 2021, that has since declined significantly.
While the project saw a monthly sales peak of $226 million in February 2021, Flow-based NFTs accounted for less than $2 million in sales last month, according to data from CryptoSlam. The collection has generated approximately $1.25 billion in sales to date.
Sotheby’s has made several forays into NFTs in recent years, despite a prolonged downturn in the one-for-one token market.
In 2021, Sotheby’s sold nearly $17 million worth of NFTs in partnership with digital maker Pak. according to to his website. And last summer, the auction house put up for sale a batch of Bored Ape Yacht Club-centric Ethereum NFTs.
Last year, Sotheby’s also delved deeper into the Web3 world and introduced a secondary marketplace for on-chain NFT sales on his metaverse platform.
Edited by Andrew Hayward