Blockchain-Based NBA Top Shot Generates $230 Million in Gross Sales

Dapper Labs, a blockchain game developer, created a card trading game related to NBA and basketball, which became a sensation recently as it generated over $230 million. The game, known as “NBA Top Shots”, relies on non-fungible tokens for its card trading. NFT’s are cryptographic representation which displays one’s winnings or ownership and are used for further transactions and trades. 

The blockchain-based card trading game focuses on NBA stars. With their NBA craze, the Basketball fan community enjoys the game’s digital art, which is developed and created on “Flow”. The fans and gamers get so passionate that they spend thousands of dollars on individual top shots, which shows the love and sensation the sport has acquired over time. NBA Top Shot tweeted saying that the card trading game could be a “100-year product”.

NBA Top Shot’s Success

Many card traders exchanged their collectables after the sale, which accounted for most of the $230 million amount. Dapper Lab’s revenues are generated from trader’s transactions and new packs and offers of NFT’s.

The journey for Dapper Lab’s game started in July of 2019. At that time, the card’s values in the market were not high. The selling price ranged from $9 to $250. Common cards were easily sold at the low price of $9, while the value of rare and in-demand cards could go up to $250. For the first two years, the NBA card trading game did not make a mark in card traders’ world. But this year, the NBA craze got the better of the market as the value of top shots reached sky-high. Big names in the industry like Lebron James’ highlights were sold for a massive $47,500. 

Future Plans for NBA Top Shot

Caty Tedman, head of marketing and partnerships at Dapper Labs, stated that the transition of NBA top shots from a time where everything was in short supply to a time and place where there is an excess of products and abundance of assets in every kind has been phenomenal. Tedman says that this transition of Dapper Lab’s Top Shots defines the digital era.

The card trading game is making handsome profits from its annual sales, and the future looks bright for the NBA top Shots.  

 

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