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Giannis Antetokounmpo NFT sells for record $187K on Sorare NBA auction.

It can’t match the huge price of the Bucks star’s top physical card sale, but it beats the previous Sorare NBA record.

About Sorare NBA.

Sorare NBA, an officially licensed and NFT-based fantasy basketball game, reached a new record on Sunday when a 1/1 NFT of Giannis Antetokounmpo sold for $187,000 worth of ETH. This was by far the highest sale for the relatively new platform.

This weekend, the one-of-a-kind Antetokounmpo NFT was sold at an auction on Sorare NBA’s Ethereum-based platform for almost 113.9 ETH, or just more than $187,000. According to data from CryptoSlam, it tripled the USD sale price of the previous peak sale, which was an Anthony Davis NFT that sold for over $62,000 in December.

It’s also the biggest sale of a Giannis Antetokounmpo NFT that anyone knows of. On NBA Top Shot, the video collectibles platform from Dapper Labs that runs on the Flow blockchain, the NBA championship-winning Bucks player sold for $95,000 in February 2021. It is tied for the 16th largest Top Shot sale ever made on a chain.

However, when compared to physical trading card sales, Sorare NBA’s best cannot compete with the athlete’s highest mark. In September 2020, an autographed Giannis Antetokounmpo rookie card sold for nearly $1.8 million. It was once the most expensive basketball trading card ever sold.

The Sorare NBA sale is a big deal for a platform that just started in October. It also comes after several months in which sales and prices for NFTs as a whole have been going down. For example, NBA Top Shot hasn’t sold that many NFTs in almost two years.

DappRadar data indicates that the NFT market’s month-over-month organic trade volume increased by 38% in January, showing strong momentum for interest NFT projects the industry. The NFT market has only been for a few years, and it only gained widespread attention and invest in nft notoriety in the beginning of 2021.

In contrast, sports trading cards have been collected, bought, and sold for decades, and during the COVID-19 pandemic, crypto wallet may make money prices for the most valuable cards skyrocketed. In August 2022, a 1952 Mickey Mantle baseball card was auctioned for $12.6 million, making it the most expensive card ever sold. In July 2021, a Steph Curry card sold for $5.9M making it the most expensive basketball card ever sold.

The effects of NBA Top Shot.

NBA Top Shot helped make NFTs popular in 2021, and sales on the secondary market have brought in more than $1 billion so far. But most of these sales happened in the first few months of 2021. In April 2021, a LeBron James collectible sold for almost $388,000 at an off-chain auction house. This was Top Shot’s highest single NFT sale.

Based on data from CryptoSlam, Sorare has been traded for more than $545 million across all three platforms. In January 2022, an NFT card for star player Erling Haaland sold for 265.1 ETH, which is almost $679,000. This was the best sale on Sorare’s main soccer platform.

Content Source: decrypt.com.

Tina concentrates on all matters related to NFT and Web3. Tina uses social media to spot NFT trends and report unique news.