Dapper Labs, the creator of the CryptoKitties game, is now working to make the NBA a magnet for digital collectibles.
NBA Top Shot, which is a marketplace for non-fungible tokens (NFTs), has gone on to generate more than $230 million in sales, according to information from Dapper Labs. NBA Top Shot was built on Dapper’s Flow blockchain, which lets users buy “packs” that include in-game moments. Having packs sold out immediately almost every time, a secondary marketplace represents the only way that users can employ to access certain moments.
Just a couple of days ago, a LeBron James highlight sold for $200,000. A Zion Williamson spotlight sold for a similar amount.
NFTs, which exist solely on the blockchain, represent a revolutionizing way of trading cards, instead of the traditional way. When it comes to NFTs, the value of a certain moment is dictated by the well-known laws of supply and demand, though ownership is purely digital. Furthermore, the blockchain plays a role in eliminating the risk of theft, fraud, or damage.
Dapper Labs is truly one of the leaders of the NFT market even if the Flow blockchain is still in beta mode. The company did hint that it planned to have a full main net launch in the future.
The market for NFTs has quadrupled in size in 2020, with art and sports memorabilia on the blockchain gaining the attention of more and more people.