Is NBA Top Shop legit?
After doing some research on the platform, NBA Top Shot seems to be a legitimate venture. In this press release from July 2019, the NBA announced an official partnership with Dapper Labs: … The company teamed up with the NBA to build a platform where consumers can purchase what is called non-fungible tokens (NFT).
Is NBA Top Shot legal?
The gravamen of the complaint is that NBA Top Shot Moments — which are a type of NFT — are securities, which the defendants “promoted, offered and sold” in violation of federal securities laws.
Can you make money on NBA Top Shot?
The Top Shot market is particularly volatile in response to the performance. So, you can make a quick buck by offloading after or even during a strong performance by a player. Each card has a serial number, and they have proven very important in the value of specific highlights.
How do NBA Top Shot make money?
Buying packs is probably always going to be the best way to make money from NBA Top Shot. One of the other good ways is to go to the marketplace, buy cards, and sell them for a profit. That is easier said than done for a few reasons: The site has a 5% sales fee.
How often do NBA Top Shot packs drop?
NBA Playoff Packs Release 2. Every Moment matters. Especially this time of year. And on Friday, you’ll get a chance to own not one, but two Moments from the 2021 postseason.
How many NBA players are top shot?
Speaking at CoinDesk’s Consensus 2021 with investor Mary Meeker, Gharegozlou said Dapper’s NFT marketplace for basketball “moments” now boasts 1 million users, an eye-watering figure for a single crypto product. Half of Top Shot’s users have paid for packs or in trades, and between 150,000 to 250,000 log in every day.
Does NBA Top Shot report to IRS?
Reporting Your NFT Taxes
Gains and losses from your capital assets (including your NFT’s) get reported on IRS Form 8949 and then included with Schedule D. You can learn how to fill out Form 8949 here.
Is there an age limit for NBA Top Shot?
NBA Top Shot is a platform for collectors 18 and older. Minors are not allowed to own an account on NBA Top Shot. If you are under 18, we cannot offer you an NBA Top Shot account.
Can I use NBA top shot in Canada?
Users can now transfer their balance to a Canadian bank account, but there is a $25 USD Service Fee. Yikes! In order to understand the withdraw process, NBA Top Shot has provided an FAQ on how this all works.
Why is NBA top shot worth money?
NBA Top Shot has kept the prices on packs cheap enough where basically everyone who gets one is guaranteed to profit off it. That may not always be the case, but it’s the case at the moment. That’s one of the biggest differences between buying a pack of physical sports cards and buying a pack on Top Shot.
How does NBA top shots work?
NBA Top Shot is a blockchain-based platform that allows fans to buy, sell and trade numbered versions of specific, officially-licensed video highlights. … How it works: the NBA cuts the highlights and then Dapper Labs decides how many of each highlight they are going to sell and number them.