- Dapper Labs raked more than 50 million in sales in just under 30 Days
- Similar to trading cards, the digital method, verifiable trading history, and the fact that they are sold in limited edition packs make NBA Top Shot a valuable investment
- Each NBA Top Shot Video Card is secured by a Blockchain called Flow
Blockchain Start-up, Dapper labs caught the attention of tech aficionados and the sports community when it entered into a joint-venture partnership with the National Basketball League in 2020 to allow fans to buy collectible video moments from games.
The non-fungible token (NTF) market is witnessing a large increase in volume, becoming more popular in 2020. In the third week of January, the NTF market completed over $4.6 million in sales.
The health-based project, Lympo has also announced its plans to upgrade its blockchain to enter into the gaming and NFT market. Another highlight of the growth of the NFT market.
Dapper Labs Hit $50 Million in 30 Days
One year later, it seems this gamble has paid off with over $50 million in sales coming from its NBA Top Shot Platform. The digital packs on the NBA Top Shot retail for between $9 and $230 depending on the scarcity or the star power of the player on the pack.
While most of the transactions fall in between this bracket, some iconic moments have sold for prices in the region of almost $100,000 with Lebron James’ iconic tribute dunk being purchased for a whopping $71,455. The sheer amount of volume traded on the platform in a short amount of time is a testament to the wide acceptability of blockchain technology.
NBA Top Shot Platform: The Future of Sports Collectibles.
At its heart, the NBA Top Shot is like trading sports cards. However, what makes the NBA Top Shot unique is its digitization, and that sets it miles apart from traditional cards. It takes video highlights of iconic NBA moments and turns them into limited edition digital collectibles.
Their digital nature makes trading instantaneous compared to regular trading cards. The videos are more immersive than static photos and the authenticity of the transactional records can be easily verified making it a highly secured investment for sports collectors.
The need for postal mail and paying for a rating agency is circumvented using the NBA Top Shot Platform. Users simply have to buy their preferred digital cards, store them in a digital wallet and either sell or trade them for profit in the future.
On the Flipside
- Arguments against blockchain have filled public discourse about the complex nature of this piece of technology and its application by regular people.
- Veterans in trading game cards may find the switch to digital cards a bit strange and may decide to continue using traditional trading cards which already have a massive following.
The Technology Behind The Innovation
A couple of years ago, Dapper Labs experimented with Cryptokitties, a game that allowed users to buy and sell virtual cats. The lessons from that venture transformed to the perfection of Flow Blockchain which has a real-world application. Flow Blockchain allows Dapper Labs to track in real-time the trade history and authenticity of digital cards.
The decentralized nature of Flow Blockchain gives room for developers to program software that will ultimately make the platform stronger. CEO of Dapper Labs Gharegozlom said, “Blockchains are public computers.
They are infrastructure that you pay to use in the form of a token rather than paying dollars to Amazon or Google to run your operations. That’s what’s happening behind-the-scenes:
A user is coming with a credit card, you can come with bitcoin, you can come with any currency you want to come with, but every transaction is being powered by the Flow blockchain, every asset is being authenticated and secured by the Flow blockchain.
Recently, Justin Roiland, the co-creator of the Adult Swim cartoon series Rick and Morty, sold an art collection on the NFT auction house Nifty Gateway, for over $1 million in Ethereum.