NBA Top Shots has become a major sensation for the baseball fans who are bidding huge amounts for digital collectibles (in video forms) uploaded by NBA players. Dapper Labs’ Flow blockchain will facilitate smooth transactions for the same.
Non-Fungible Tokens (NFTs) are making a major penetrating into the evolving crypto space. The NFT craze has now reached the National Basketball Association (NBA). In the latest development, NBA has joined hands with Canada-based Dapper Labs, and the creators of the most-popular NFT sensation CryptoKitties. Thus, as part of the association, Dapper Labs will help NBA become a magnet for digital collectibles.
Dapper Labs said that NBA Top Shot, a marketplace for non-fungible tokens, has seen rapid growth in recent times. Built using Dapper Labs’ Flow blockchain platform, NBA Top Shot has generated over $230 million in sales.
On the marketplace, users can purchase “packs” that feature during the in-game moments. However, these “packs” are always almost sold-out and thus a secondary marketplace is the only viable option for users to access any specific moments.
Non-Fungible Tokens (NFTs) are virtual digital currencies whose identity, authenticity and traceability are almost tamper-proof. Each NFT is unique and can’t be replicated in any case. Thus, they are widely popular for selling digital collectibles. Recently, the world’s biggest auction house Christie’s took the NFT-route to sell the digital artwork by the popular digital artist Beeple.
Since NFTs operate over the blockchain network, they are absolutely transparent in nature. Besides, blockchain also helps to eliminate the risks of thefts, frauds, and threat. The basic economic laws of demand and supply govern the price of NFTs.
NBA Top Shot Powered by Dapper Labs Gets Major Traction
Over the last few months, the NBA Top Shot has seen explosive growth with fans bidding for short videos by top basketball players. Recently, NBA superstar LeBron James shared one small video clip of his most spectacular moves. But within seconds, it became a collector’s item sold for an eye-popping $270,000.
With this new partnership, Dapper Labs shall be selling the clips in numbers varying from one single copy to hundreds of different identical “moments”. Upon recording the sale on the platform, clips can change hands among collectors an unlimited number of times. For each sale, Dapper Labs takes a small commission. It then shares a percentage of the sale with the NBA players and the players association.
High-profile brands like NBA can steer ahead the growth of NFTs to a huge scale. Despite a slow start, NBA’s Top Shots business exploded since January 2021. A Dapper Labs spokesperson said that it has generated over $200 million in transactions since the beginning of the year. Top Shots is currently approaching around 100,000 buyers.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.