Dapper Labs, the creator of the game CryptoKitties, is helping the National Basketball Association, or NBA, to become a magnet for digital collectibles.
NBA Top Shot, a non-expendable token market, the NFT, has generated more than $ 230 million in sales, according to Dapper Labs. NBA Top Shot se based on Dapper’s Flow blockchain, which allows users to purchase “packages” with moments of the matches. Since packages almost always sell out, a secondary market is the only way for users to access specific times.
Recently, a video of a LeBron James standout play was sold for USD 200,000. One of Zion Williamson’s featured plays sold for roughly the same amount.
NFTs, which exist entirely on the blockchain, are revolutionizing the traditional interchangeable card model. In the case of NFTs, the value of a particular moment is rich by the same laws of supply and demand, although the property is completely digital. The blockchain also eliminates the risk of damage, theft, and fraud.
Dapper Labs became one of the NFT market leaders. Its Flow blockchain is still in beta, although the company released updates that hint at a full mainnet rollout in the near future.
The NFT market quadrupled its size last year, as blockchain-based art and sports memorabilia caught the public’s attention. NBA Top Shot is one of the largest markets, with tens of thousands of dollars in sales reported in just the last hour, according Crypto Slam data.
Beyond sports, NFTs are beginning to permeate the creative arts. As Cointelegraph recently reported, a company by the name of Async Art is leading the programmable art movement after raising more than $ 2 million in initial investments. The Silicon Valley NFT platform generated more than $ 1 million in sales during its first year of operation.