Cryptocurrency has become the most popular option for bettors to legally deposit and withdraw funds at offshore sportsbook sites, largely due to how quickly they transact when compared to the US Dollar.
These transactions are verified using an encrypted blockchain that operates as built-in cybersecurity, and because cryptocurrency is not governed by any nation or territory, there are no regulations in place that can slow down the process of sending and receiving digital currency.
Bovada, one of the top online entertainment sportsbooks on the planet today, is now offering a betting line that asks what the highest-selling digital asset will be for NBA Top Shot in 2021.
What Will The Biggest NBA Top Shot Sale Single Moment Sale In 2021?
- Over $250,001 -165
- Under $250,001 +125
If you are like the rest of the planet and are wondering what a digital asset is, join the club. The NBA has paired up with Dapper Labs who previously received notoriety by creating a game by the name of CryptoKitties.
These digital items are also referred to as NFTs (Non-Fungible Token), meaning that it has no intrinsic value save for what someone will spend to acquire it.
Think of it like a baseball card. To some, it is a worthless piece of paper. To others, it is worth millions of dollars.
Just like baseball cards, these assets must be acquired via an exchange, and purchases require the use of cryptocurrencies like Bitcoin (BTC).
What Dapper Labs and the NBA are doing is creating original digital content and selling limited edition “prints” to collectors. The NBA retains the rights to the original clip and can sell official prints because they contain digital blockchain signatures that can verify their authenticity.
This authenticity is key to the resale market, and the number of copies or prints that are released and sold directly affects the valuation of said asset.
This works very much like the fine art market, and more collectors and companies are getting on board as the NBA and Dapper Labs are reporting sales in excess of $230 million during 2020, although a majority of this amount is based on post-sale exchange activity.
The above betting line has been set at $250,000 for a single digital asset sale in 2021, and that is based on the selling price of a limited LeBron James and Zion Williamson video clip that went for $200,000 and $150,000, respectively.
The authenticity is verified by the encrypted blockchain that is embedded in each digital item, and also allows for the original and current owners to receive residuals off of the original content’s use, regardless of how it is used or who is using it.
This technology has the ability to expand well beyond the realm of digital collectibles. The music and movie industry are paying close attention to these developments and could employ similar tactics to protect profit streams and prevent unauthorized sharing of their original content.
Many observers of this burgeoning market are confused as to how value can be applied to an item so negligible, and that lack of understanding is key to why illegal file sharing has become such a major issue – people simply do not care who owns the rights to something that seems insignificant to them.
If blockchain inclusion becomes the norm for all collectible avenues like online sports betting sites are suggesting, then the entire realm of digital properties will change.
No longer will still and moving images be subject to copying and pasting. Web hosting companies could require proof of ownership prior to the upload of any audio, video, or picture content.
Betting Odds: Bovada
Source: CNBC
