The Top Shot collection has smashed multiple NFT sales records, amassing almost $700 million in sales volume since launch in September 2020.
While a bitcoin is interchangeable with any other bitcoin, and therefore what is called “fungible,” these moments are rare, or even unique, hence the “non-fungible” title. The Vancouver, Canada-based blockchain entertainment company, reportedly valued at $7.5 billion, counts 600,000 total wallets on its signature NBA Top Shot platform that sells short video highlights, or “moments,” that are put together by the National Basketball Association and sold in packs as non-fungible tokens. “There's tons of opportunity to build everything from the Flappy Bird to the Angry Bird of Flow and just blockchain in general.”ĭapper is undeniably among those most successful at capitalizing on that opportunity. “What you're seeing on blockchain today is the iPhone moment where consumers are starting to understand what's going on,” Gharegozlou says.
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While node operators are free to use any hardware, including that of Google’s nemesis, Amazon Web Services, Google has streamlined the process to make it easier for Flow developers to integrate with its software, the company’s chief executive Roham Gharegozlou says. So companies like Dapper need scalable, secure infrastructure to grow their business, and even more importantly, support their networks.” “Blockchain technology is becoming more and more mainstream. All rights reserved.“It's really about helping them with rapid and sustainable growth,” says Kennedy. Benzinga does not provide investment advice. What We Know About Star, Disney's Adult-Oriented Streaming Channel Shaq SPAC 2.0 Coming With 3 Former Disney Executives: What Investors Should Know Just the thought of a digital Michael Jordan “The Shot” highlight has the company thinking huge revenue figures.Ĭlick here for options trades from Benzinga The company is exploring launching classic moments. NBA players Garrett Temple and Andre Iguodala are both investors in Dapper Labs and the company is closing in on a $250 million funding round that would value the company at $2 billion according to ESPN. The trading card market is worth an estimated $5 billion to $6 billion annually and Gharegozlou said NBA Top Shot can grow to $1 billion annually. Dapper Labs CEO Roham Gharegozlou told Action Network that other leagues are part of the growth plan. What’s Next: Dapper Labs has a deal in place with the NBA. Glitches And Successes: A sale of 50,000 packs at $14 each was delayed twice this past Monday due to demand and the site crashing. This figure comes from more than 220,000 transactions. NBA Top Shot has $19.4 million in sales over the last seven days, up 62% year-over-year. Over the last 30 days, NBA Top Shot had sales of $71.7 million from 32,803 buyers and over 820,000 transactions. In the last four months, NBA Top Shot generated $11 million from packs alone, according to the Action Network. The numbers tell a story, considering in 2020, NBA Top Shot had sales of $7 million, according to Action Network. Since its founding, NBA Top Shot has $78.9 million in sales from 993,815 transactions. High Growth: NBA Top Shot is the top-selling digital collectible, according to tracking site Crypto Slam. Related Link: Zoom Became A Verb And Won Big For NBA Finals MVP Andre Iguodala The NBA also gets a cut on all secondary sales. The highlights purchased are added to a users’ secured highlight digital wallet.ĭapper Labs owns the secondary marketplace for transactions and gets a cut from all sales.
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Each serial numbered Top Shot can have only one owner. Packs range in price from $9 to $230.Įach NBA Top Shot is a non-fungible token, or a unique cryptocurrency. NBA Top Shot is similar to traditional trading cards, offering packs for users to buy and a secondary market to buy and sell highlights. The popularity of CryptoKitties is said to have stressed Ethereum due to its success, which led the Dapper Labs to create new blockchain Flow for NBA Top Shot.
Two of those trends merged together in a fast growing company called NBA Top Shot.Ībout NBA Top Shot: Dapper Labs, the company that launched CryptoKitties, a blockchain-based game using Ethereum (ETH) to purchase, breed and sell virtual cats, is the company behind NBA Top Shot through a partnership with the NBA, established in 2019. Two big trends in 2020 were the rise in the valuation of cryptocurrencies and trading cards.
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