Skip to main content

NBA Top Shot leads NFT explosion with $230M in sales

The NFT craze has reached the NBA, with digital collectibles grossing $230 million in sales, according to Dapper Labs.

Dapper Labs, the creator of the CryptoKitties game, is helping the National Basketball Association, or NBA, become a magnet for digital collectibles. 

NBA Top Shot, a marketplace for non-fungible tokens, or NFTs, has generated over $230 million in sales, according to Dapper Labs. NBA Top Shot is built on Dapper’s Flow blockchain, allowing users to purchase “packs” that feature in-game moments. With packs almost always sold out, a secondary marketplace is the only way for users to access specific moments.

Recently, a LeBron James highlight sold for $200,000. A Zion Williamson spotlight sold for around the same amount.

NFTs, which exist entirely on the blockchain, are revolutionizing the traditional model of trading cards. In the case of NFTs, the value of a particular moment is governed by the same laws of supply and demand, though ownership is entirely digital. The blockchain also eliminates the risk of damage, theft and fraud.

Dapper Labs has emerged as one of the leaders in the NFT market. Its Flow blockchain is still in beta, though the company has issued updates hinting at a full mainnet launch sometime in the foreseeable future.

The NFT market quadrupled in size last year, as art and sports memorabilia on the blockchain captured mainstream attention. NBA Top Shot is one of the biggest markets, with tens of thousands of dollars in sales reported just in the last hour, according to Crypto Slam data.

Beyond sports, NFTs are beginning to permeate the creative arts. As Cointelegraph recently reported, a company by the name of Async Art is leading the programmable art movement after securing over $2 million in seed investments. The Silicon Valley NFT platform generated over $1 million in sales during its first year of operations.



from https://ift.tt/3r4vFBQ
https://ift.tt/3bLEIB7
Labels:

Comments

Post a Comment

Any questions, Please.

Popular posts from this blog

TA: Ethereum Remains Strong, Why ETH Could Rally Above $2.3K

Ethereum is trading in a positive zone above the $2,150 support zone the 100 hourly SMA against the US Dollar. ETH price is likely to rally if there is a clear break above $2,300. Ethereum is trading in a positive zone above the $2,100 and $2,150 support levels. The price is now trading above $2,100 and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $2,140 on the hourly chart of ETH/USD (data feed via Kraken). The pair start a fresh rally above $2,300 as long as it is above the $2,000 support zone. Ethereum Price Is Showing Positive Signs After forming a base above $2,000, ethereum started a steady increase . ETH broke the $2,200 resistance zone and it settled nicely above the 100 hourly simple moving average. The price even spiked above the $2,250 resistance level. However, the price seems to be struggling to gain pace above $2,250, similar to bitcoin . A high is formed near $2,285 and ether is now correcting lower. There was...
Post a Comment
Read more

DeFi isn’t dead, it just needs to fix these 3 critical problems

It’s been a rough year for DeFi, and it may not get any better until projects focus more on security, regulation and usability. The persistent challenges  decentralized finance  face have been well documented by a handful of analysts and the recent collapse of the Terra ecosystem re-enforced the fact that something is critically wrong with DeFi. I think DeFi today is completely broken for 99% of the population. The promise of a more transparent financial system has been overtaken by greed. UST/LUNA is just the latest in a string of bad developments: — Peter Yang (@petergyang) May 11, 2022 Let's take a look at what experts say DeFi needs to do in order to have another revival.  Improved usability To date, the promise of open and uncensored access to a global decentralized financial system has been largely hampered by the complicated interface, confusing multi-step staking processes and lack of clarity surrounding the yields on various tokens. What do you thi...
Post a Comment
Read more

ENS DAO delegates offer perspective on DAO governance and decentralized identity

AlphaWallet CEO and Spruce co-founder talk about their roles as contributors to the Ethereum Name Service following the project's recent airdrop. Earlier this month, the Ethereum Name Service, or ENS, formed a decentralized autonomous organization, or DAO, for the ENS community.  Cointelegraph spoke to two ENS DAO delegates who applied for the opportunity to represent the community and stay involved in the decision making process: Victor Zhang, CEO of AlphaWallet, an open source Ethereum wallet, and Gregory Rocco, co-founder of Spruce, a decentralized ID and data toolkit for developers. Zhang spoke about his experience as an external contributor to ENS and an early supporter since 2018. Zhang initially sought to help ENS by offering Alpha Wallet as a user-friendly tool for  resolving .eth names and cryptocurrency wallet addresses. Essentially, if a user inputs an .eth name in the AlphaWallet, it will show the wallet address, and vice versa using reverse resolution. Alpha...
Post a Comment
Read more