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 market for non-fungible tokens, or NFTs, generated more than $ 230 million in sales, according to Dapper Labs. NBA Top Shot is built on Dapper’s Flow blockchain, allowing users to purchase “packages” that feature moments from the game. With packages almost always sold out, a secondary market is the only way for users to access specific moments.
Recently, a LeBron James highlight was sold for $ 200,000. A searchlight by Zion Williamson was sold for approximately the same amount.
NFTs, which exist entirely on the blockchain, are revolutionizing the traditional business card model. In the case of NFTs, the value of a given moment is ruled by the same laws of supply and demand, although the property is entirely digital. The blockchain also eliminates the risk of damage, theft and fraud.
Dapper Labs has emerged as one of the leaders in the NFT market. Its Flow blockchain is still in beta, although the company has issued updates suggesting a full mainnet release sometime in the foreseeable future.
The NFT market quadrupled in size last year, as art and sports memorabilia on the blockchain caught the attention of the general public. NBA Top Shot is one of the largest markets, with tens of thousands of dollars in sales reported in the last hour only, according to Dice Crypto Slam.
In addition to 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 securing more than $ 2 million in initial investments. The Silicon Valley NFT platform generated more than $ 1 million in sales during its first year of operations.