Dapper Labs NFT Project: NBA Top Shots
NBA Top Shot is a blockchain-based (Flow) platform that makes it possible for basketball fans to perform trades on some officially-licensed video highlights. It's a joint venture that Dapper Labs initially introduced in 2019. The establishment of NBA Top Shot also involved National Basketball Association (NBA) and National Basketball Players Association (NBPA) in July 2019. Dapper Labs is also widely known for developing CryptoKitties.
NBA Top Shot is a collection of NFT-based highlights. It's a new collectible game that operates on Flow blockchain. It involves collating incredible plays and memorable highlights as digital collectibles that are acquirable by fans and players for a very long time. NBA possesses the rights to its highlights. Its buyers also have a limited right on the highlights. Buyers can collect them or offer them for sale. Moreover, it's currently the highest-selling Dapper Labs NFT (Non-Fungible Token) Project with a turnover of $31.8m. Then, CryptoKitties has lesser sales of $29m. NBA Top Shot recently had an accumulated turnover of over $3.2m in less than 24 hours. This has made it stand out from other Non-Fungible Tokens.
How NBA Top Shot Functions
National Basketball Association extracts the highlights. Dapper Labs is left with the decision of the number of highlights that they intend to sell. Then, the highlights were numbered. In similarity with standard trading cards, each of the highlights is placed into digital packs, and the packs are sold on NBA Top Shot official website.
Each of the packs is sold at prices that depend on the highlight's quality, the player's status, and the card's exclusivity. Basketball fans that bought a pack will receive the highlights in their secure and encrypted highlight wallet. The fan can then access or sell the highlights on NBA Top Shot's online trading platform.
Besides, it took only a while for NBA Top Shot to gain balance in the blockchain industry. NBA Top Shot is currently taking first place in the NFT sector as it has emerged with record-breaking turnover. Unlike CryptoPunks, which was the very first collection to be developed on Blockchain, it took three years to collate sales of over $100k. Thus, people got more interested in NBA Top Shots as Zion Williamson and LeBron James highlights were sold for $100k each.
A large number of Non-Fungible Token (NFT) platforms have been previously set up. Some of them recovered more excellent sales. Hence,NFTs became more emphasized. Dapper Labs NFT Project creates possibilities for people in producing their most cherished moments from NBA. It allows basketball fans from various parts of the world to own Top Shot Moments. It has generated sales of more than $31M all through basketball players.
The most valuable highlight of NBA Top Shot is owned by LeBron James, at $47,500. The establisher of SnapBack Sports, Jack Settleman, bought the highlight. He had previously talked about it in a video uploaded on YouTube. About five sales made it to $20k. Out of the five, three of them was linked to LeBron James. NBA Top Shots has proved to be very lucrative to its collectors. Some of its collectors gained x10 profit in few months. When addressing the worth of these collectibles, Dapper Labs' Chief Executive Officer, Roham Gharegozlou, said that some people purchase trading cards and have held the cards in possession before keeping them in vaults. He also noted that some people purchased shares of cards on websites like Starstock, and have never had visual contact with the card.
NBA Top Shot recovered sales of $30m in about 30 days. In 2020, basketball cards attained an outstanding sales record. The worth of NBA Top Shot highlights is sometimes different, as every highlight has its own characteristics. Its most essential attributes regarding its value are player awareness, teams, type of tiers, set, and series. The leaders constitute of renowned basketball players. The corresponding increase in the familiarity of basketball has positively influenced the growth of NBA Top Shot. As the leagues get more endowed with young talents such as Luka Doncic and Zion Williamson, basketball fans keep developing their activities. Indeed, the basketball player's popularity has a significant impact on the value of NBA Top Shot that is collectible.
Hence, Spotsnauts which usually covers National Basketball Association, denotes three basketball players that fans needs to lookout for in 2021. Such players include LeBron James, Giannis Antetokounmpo, as well as Kevin Durant. These players are placed in higher positions for the most valuable listings on NBA Top Shot. For instance, the listing price of LeBron James is $79,999, Giannis Antetokounmpo at $74k, while Kevin Durant was valued at $69,999.
Ultimately, two crucial trends relate to player awareness. This includes basketball players with the best performance by average points in each of the games and the most likely young players to watch out for. This may create opportunities for buyers to gain from an increasing value on a later date.
As Dapper Labs offers blockchain-based experiences to people, NBA Top Shot was built to provide a certified experience to collectors and NBA fans. It allows basketball fans to engage with their preferred players and teams via a blockchain technology known as Flow. Every moment in NBA Top Shot is valuable and is available for trade with another person in its peer-to-peer marketplace. It's protected by Flow, which is a product of Dapper Labs. It's swift and decentralized.
In conclusion, Flow is a simple way of paving the way for creators, artists, and developers. It allows for new business models to engage and gain from regions. More so, applications based on Flow allow for portable data and actual ownership of digital assets. It also creates an opportunity for sharing in the established values. NBA Top Shot P2P online trading platform is currently gaining sales of over $1m daily. They also have a nature of being scarce since its also based on a blockchain or** NFT** technology. People are really buying to collect NBA Top Shots. According to NBA Top Shot official website, its sales has grossed over $31M all through Rookies, Veterans, and Rising Star basketball players.
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