NBA Top Shot NFT By Dapper Laps Hits $230 Million In Sales

NBA top shot NFT which was created by Dapper Labs hit $230 million in sales and the figures are only increasing from here so let’s read more in our latest crypto news.

The basketball-focused collectible card trading game by Dapper Labs has hit over $230 million in sales as the reports by CNBC outlined. For the uninitiated, the trading cards are a type of non-fungible token or NFTs and they are a cryptographic representation of ownership on a blockchain and can also be used to provide one’s ownership of the rights to tangible and non-tangible objects like trading cards, real estate, and virtual land.

"We think it could be a 100-year product. Everyone who is participating now is really getting in on the ground floor.”-@CatyTedman

(via @JabariJYoung at @CNBC)https://t.co/J911TQzEIi

— NBA Top Shot (@nba_topshot) March 1, 2021

NBA Top Shot generated more than $230 million in sales but most of it came from traders exchanging the collectibles after their initial sale. Dapper Labs earn revenue via fees that are captured from peer-to-peer transactions and unleashing new packs of the NFTs. The product came into existence back in 2019 when card packs sold for $9 for common cards and over $250 for rare cards. They were pretty mute until a year ago when the broader NFT market exploded thanks to players like LeBron James who sold for $47,500. Another NFT of LeBron was sold for $208,000 today.

Its time to break records on @nba_topshot, @KingJames #23 #Ledunk FTT legendary sold to @jacksettleman for $47.5K! HUGE! #NFTs
Highest marketplace sale in @nba_topshot history! https://t.co/uB912KhyvM pic.twitter.com/6dRCoDfJGk

— Pranksy (@pranksyNFT) January 19, 2021

NFTs have attracted both money and retail interest in 2020 but this year is primed to be even bigger, according to Caty Tedman, the head of marketing and team partnership at Dapper Labs:

 “One of the things that have defined the digital era is we’ve moved from a world of scarcity to a world of abundance with all kinds of media assets and products.”

Tedman added that the trading card business was defined by the physical scarcity of the cards and the creation of the NBA top Shots which was guided by the idea of scarcity and authenticity because of the way the blockchain works. As per CNBC, the NBA makes over 10% to 15% of all sales which means that all highlights, photos and reels are licensed which can be further digitalized. The model is quite simple as Mark Cuban said in an interview that they are just like an old-school model of trading cards without the risk of theft and damage:

 “And the value is still set by the same laws of supply and demand.”