You join up to be added to a whitelist that may include a large number of NBA fans. You are chosen at random to buy a digital asset when it goes on sale. While OpenSea only accepts cryptocurrencies, Top Shot accepts both fiat currency and cryptocurrencies.
NFT ownership is recorded on the blockchain, and that entry acts as a digital pink slip. Defining the blockchain is a whole ‘nether can of worms that you can read about here.
If you're not a complete utilitarian, one motivation to purchase an NFT is for its emotional value, which is similar to that of tangible goods. Nobody purchases lip gloss because they are in need of it. They buy it for the way it makes them feel. The same can be true for a GIF, image, video, or other digital asset.
You join up to be added to a whitelist that may include a large number of NBA fans. You are chosen at random to buy a digital asset when it goes on sale. While OpenSea only accepts cryptocurrencies, Top Shot accepts both fiat currency and cryptocurrencies.