Dapper Labs, creator of the CryptoKitties game, helps the National Basketball Association, or NBA, become a magnet for digital collectibles.
NBA Top Shot, a marketplace for non-replaceable tokens, or NFTs, has generated more than $ 230 million in revenue, according to Dapper Labs. NBA Top Shot is built on Dapper’s Flow blockchain, allowing users to purchase “packs” with in-game moments. Since packs are almost always sold out, a secondary marketplace is the only way for users to access specific moments.
Recently a highlight of LeBron James sold for $ 200,000. A Zion Williamson spot sold for about the same amount.
NFTs, which exist entirely on the blockchain, are revolutionizing the traditional trading card model. In the case of NFTs, the value is at a given moment ruled according to the same laws of supply and demand, although ownership is completely 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. The Flow blockchain is still in beta, although the company has released updates hint at a full mainnet launch sometime in the near future
The NFT market quadrupled last year in size, when art and sports memorabilia on the blockchain caught the mainstream attention. NBA Top Shot is one of the largest markets, with sales of tens of thousands of dollars in the last hour, according to to Crypto Slam data.
In addition to sports, NFTs are beginning to permeate the creative arts. As Cointelegraph recently reported, a company by the name Async Art leads the programmable art movement after securing more than $ 2 million in seed investment. The Silicon Valley NFT platform generated more than $ 1 million in revenue during its first year of operation.