NBA Top Shot, an online marketplace for tradable digital trading cards, has already recorded $230 million in transaction value since its launch in October. Ninety percent of that was brought in over the past month.

As crypto markets and bitcoin reach record highs, interest in the NBA's blockchain-backed digital trading card also appears to be growing. Earlier this month, a clip of LeBron James' epic dunk was purchased for $208,000.

If none of this makes sense, we don't blame you. Below is everything you need to know about the NBA's top shots.

Simply put, NBA Top Shot is an online marketplace where people can buy, sell, and trade digital trading cards. Outside of a computer, people buy packs like they buy Pokemon, Yu-Gi-Oh, or soccer cards.

What makes it different from other digital trading cards is that instead of flat images, each card features a clip from an NBA game, such as an epic slam dunk or deep three-pointer.

Of course, these clips are available for free on YouTube and Twitter. These particular cards are tied to your account.

They are backed up by blockchain technology to ensure that these cards cannot be stolen or duplicated. This is the same ledger technology used for Bitcoin and the reason cryptocurrencies cannot be duplicated.

Blockchain is inherently a very complex accounting technology. Blockchain assigns a unique identifier to a person's account, and when a thing is transacted, it links the item to the account. Also, a record of the transaction is incorporated into everything that happens subsequently.

Having an unalterable ledger means that everything can be tracked publicly. If you send a clip of Steph Curry's 3-point shot to a friend, that person will receive the clip and the blockchain will know exactly who sent it and who received it.

So, as the clip above shows, you can buy LeBron James' slam dunk for $208,000 and rest assured that no one can duplicate the highlights.

Due to the sudden surge of interest, sign-ups for the beta version of NBA Top Shot are currently closed; it will likely launch as soon as the NBA is able to assess the situation. At this time, there is no iOS or Android app.

Accounts cannot be opened at this time. However, when the system reopens, users will be able to purchase packs (like actual basketball cards), which will be sold in limited quantities, or purchase individual cards from the marketplace.

Due to the current surge in demand, prices are much higher than expected. Currently, the cheapest card on the marketplace is $17 and the most expensive is $240,000.

As the clip below shows, additional collectibles are also available for those who have amassed a certain collection of moments.

There is no clear answer to this, except that the market has determined its value.

It may not be the answer you were looking for, but this question was also posed to Dallas Mavericks owner Mark Cuban. He has a witty response on his blog.

"I enjoy owning the Maxi Kleiber Dunk Moment along with knowing the serial number and all that. Some might complain that the Internet allows them to get and watch the same video anywhere, anytime. But I can get the same picture on a traditional physical card on the internet and print it out. [This site was created by Flow BlockChain, so you can see all the maxi cards offered, serial numbers, prices, etc. All the necessary infrastructure for a consumer-friendly and efficient marketplace is in place. However, I must add that I don't know why you would sell Maxi Moment. Maxi is a top 10 defender in the NBA.

With digital goods, there is the same sense of ownership as with physical goods, and value is still determined by supply and demand.

Of course, traditional cards have other value indicators such as condition. Owning a physical Michael Jordan rookie card is inherently risky because your dog, a house fire, or a hurricane could ruin your collection. Not so with digital collectibles.

This is a question we cannot answer. The value depends entirely on the market and how much you care.

Could a $208,000 LeBron slam dunk highlight be worth more than $300,000? Absolutely. Absolutely.

This is the new frontier of blockchain-based collectibles. Who knows where it will go from here.