The Return of the $1 Moment 📉
The First Mint
Featuring KYC Updates, New Moments, Market Movers and more
Good Morning, NBA Top Shot squad! Hope your weekend is off to an EV+ start! Let’s get into all the action from the last few days:
Miss the return of The First Mint Live Show? Guests included reality TV star Chris Manzo, Dijo & Marvin, two leaders of the rabid NBA Top Shot Philippines Facebook group, and several other community members. Catch the replay here, and join us every Thursday going forward!
Like giveaways? Who doesn’t! Check out our Weekly First Mint Challenge for a chance to win a Kevin Durant moment. All you have to do is send us a video of you clapping! It’s that easy!
Quick Hits 👊
🔹 We had some big news come out of Friday’s ‘Office Hours’ with Community Lead Jacob Eisenberg. Check the full live thread for all the details, but some big highlights below:
🆔 Starting today, KYC is now available for all users who haven’t already gone through the identity check. Short for ‘Know Your Customer’, the KYC process is an anti-money-laundering tool needed to withdraw from the NBA Top Shot platform.
Opening KYC to everyone is a sign that Dapper has bulked up its support staff, and this will hopefully squash many of the withdrawal issues that have plagued the site in its infancy.
Those who have had their identity verified will now also be exempt from the marketplace cooldowns, which Top Shot OG @veerman detailed as a major problem slowing the ‘velocity’ of money on the marketplace in this excellent thread.
🇨🇦 Canada/UK customers are now able to withdraw to banks, an issue that the community has been vocal about in almost every ‘Office Hours’ session.
🔴 There will likely NOT be a Master Challenge for the ‘Throwdowns’ rare set, as had been speculated earlier.
🔹 Even MORE moments were minted Thursday, with several players having their current S2 moments turned LE. Some of these new moments were released in the pre-registration pack drop that began Friday.
📦NEW SERIES 2 BASE MOMENTS📦
31 New Moments🏀 likely in tomorrow's packs.
Players:
♦️Cameron Johnson
♦️Carmelo Anthony
♦️Chris Paul
♦️Collin Sexton
♦️D.J. Augustin
♦️Damyean Dotson
♦️Daniel Theis
♦️Devin Booker
♦️Ja Morant
♦️Jalen Brunson
♦️Jarrett Allen
♦️Joel Embiid
More⬇️ https://t.co/tpCXv7GOIu
We’ve seen a HUGE amount of moments minted and flooding the marketplace through the pre-order and registration packs. A live look at the marketplace:
🔹 Are you a basketball trivia star? Then the Community Trivia game run prior to Friday’s queue opening was your chance to shine! Base packs from previous drops were rewarded to those who got the top scores in the game, and it was a fun community-engagement wrinkle that we will likely see more of going forward.
🔹 Wondering if your showcase meets the requirements for the Cool Cats Quest? Check out Moment Nerd, a community-built tool that will check your showcase moments to make sure they hit all the correct categories needed.
Market Movers 📉
The return of the $1 moment is here. We’ve been trending towards this moment for several weeks now as more and more packs full of lower-end commons hit the market. We’ve gone from a constant cry of ‘Wen Pax?!?’ to ‘Please, no more pax’ in like a month! What a world!
Me, running to the marketplace for cheap moments but getting cold feet:
But what does this mean for the platform as a whole?
For one, the EV of base packs has definitely sunk in a negative direction. Which… Could be a good thing! Top Shot has battled the multi-accounters who flooded the platform BECAUSE of the EV+ nature of every pack. Removing that incentive will remove the reward for those trying to game the system.
Second, getting pack demand to a lower level can have positive implications for the marketplace. Here is an excerpt from @Taylor_Stein’s most recent article on why -EV packs are good for Top Shot:
If demand for packs subsides to a more sustainable amount, Top Shot can pump the brakes on the rate at which it’s minting Moments. Today, Top Shot releases hundreds of thousands of packs each week in order to meet the demand for +EV packs. Constantly minting more and more Moments has the side effect of decreasing the value of existing Moments and likely upsetting collectors. In a world where all packs are -EV, this cycle can slow down considerably.
Around The First Mint 🗣
The First Mint Live RETURNS TO ACTION! LGDoucet, TheReelPhilD, and Special Guests as we dig into the past week in NBA Top Shot. We got reality TV star CHRIS MANZO joining us! We got Dijo and Marvin from Top Shot Philippines! We got pack openings! And plenty of other special surprises and challenges. And of course, GIVEAWAYS!!!
ICYMI on The First Mint Podcast
🎧 The WNBA On The Blockchain [FEAT. ROS GOLD]
🎧 The End Of Profitable Pack Drops
🎧 The Fate of the 2020 Rookie Class (FEAT. STEEF)
📰 Miss an earlier edition of The First Mint Newsletter? Check out the archive here.
Thanks for reading! — Zach @ The First Mint
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