Professional sports leagues are no longer resisting NFTs, says Dapper Labs



Dapper Labs, the company behind NBA Top Shot, said professional sports leagues are no longer resistant to exploiting non-fungible tokens (NFTs) now that the industry is hot.

Speaking at Yahoo Finance’s All Markets Summit on October 25, Dapper Labs Head of Partnerships, Caty Tedman, he said that the posture of professional sports organizations has suddenly changed towards NFTs amid the industry’s accelerated growth in early 2021, stating:

“The conversation has changed dramatically, now I think there’s a certain general understanding that we have something here. I find very little resistance these days about whether NFTs are really something.”

Dapper emerged as a pioneer in officially licensed sports NFTs when it launched the NBA Top Shot in late 2020. Since then, the company has partnered with other major sports franchises, including the National Football League (NFL), the Women’s National Basketball Association (WNBA), the Spanish football organization La Liga, and the Ultimate Fighting Championship (UFC). ).

Speaking about Dapper’s initial discussions with the NBA, Tedman said the organization expressed concern over the fact that the NFTs had not yet proven to function as a means of sports merchandising, stating:

“Back then, there were a lot of explanations and we spent a lot of time with lawyers and people in the financial sector to talk about what it would be like to have secondary income. You don’t have secondary revenue in merchandising […] as it seems to be in the case of consumer ownership of perpetual assets”.

Tedman added that Dapper was “lucky to get started in the NBA” as the organization’s associate vice president of global partnerships and media, Adrienne O’Keeffe, was open to exploring the NFTs.

According to Dice CryptoSlam’s NBA Top Shot NFTs generated more than $32 million in secondary sales in October, with the number representing a 58% increase from the previous month.

The Cointelegraph reported last week that the daily trading volume for NBA Top Shot NFTs has increased by over 440% after the project released its retro “Run It Back 2005-06” packages on October 15th.

Despite strong growth in October, trading volumes are still well below the seen in february, which posted a record $224 million in secondary sales.

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Thomas Miles

Cryptocurrency is the most recently discovered currency which will be likely at the help of modernization across the next few decades. With a limited control from the government, the crypto market is independent of many features of a sound market as we know it. Thomas brings these stories to us by weaving them into articles of general importance to all those looking at the fluctuations in the market, or new entries. Thomas is also the founder of Bulletin Bits and is an excellent leader. His leadership is the kind that makes him the most knowledgeable and experienced on the team. His wonderful work ethic and attitude are worthy of imitation!

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