Sotheby&#039, s Is Auctioning NBA Top Shot NFTs

As the NFT market is experiencing a modest rise amid a broader crypto business growth in recent months, Sotheby’s is auctioning off NBA Top Shot electronic items.

The auction house is selling eight NBA Top Shot NFTs, valued between$ 500 and$ 3, 000 each, as part of its broader NBA memorabilia sale, a company spokesperson said Tuesday in a statement. The buying period runs through January 21.

The price includes electronic items featuring many well-known sports people, including Jaylen Wells, Bub Carrington, Pacôme Dadiet, and Kyshawn George. Each bunch includes a highlight picture from the particular team’s first-ever NBA game.

The bidding comes as modern art items have experienced a moderate rise, with broader NFT trading volume rising in December as some projects significantly increased in value. However, it appeared that some of that rise was being attributed to buyers attempting to gain crypto rewards following the release of Pudgy Penguins PENGU tokens, and it’s unclear whether the NFT market as a whole is experiencing a growing comeback.

NBA Best Shot was released in 2020, kicking off a popular NFT frenzy in the early 2021 season that has since slowed significantly.

While the project saw a monthly sales peak of$ 226 million in February 2021, the Flow-based NFTs accounted for less than$ 2 million worth of sales last month, per data from CryptoSlam. To date, the set has sold about$ 1.25 billion worth of goods.

Sotheby’s has made several excursions into NFTs in recent years, despite a long decline in the one-of-one sign industry. &nbsp,

In 2021, Sotheby’s sold nearly$ 17 million in NFTs in collaboration with modern father Pak, according to its website. Additionally, the auction home sold a number of Bored Ape Yacht Club-centric Ethereum NFTs only last summer. &nbsp,

Last month, Sotheby’s even took a deeper tumble into the Web3 earth, rolling out a secondary market for on-chain NFT sales on its universe system.