A few years ago, the NBA established cooperation with the Canadian company Dapper Labs. It is the company of the creators of the CryptoKitties game, which was a hit in 2017. The goal of the cooperation was and is to create basketball league tokens. Top Shot is a blockchain-based collectible token that consumers can buy as a so-called non-exchangeable token (NFT).
Dapper Labs joins forces with the NBA
Each blockchain collectible is linked to a blockchain. In practice, this gives the owner of each NFT the feeling that they own something unique. The situation is even better than it was with the collector cards with pictures of athletes popular many years ago. This is because if someone creates a perfect copy of an e-card or video, it will be instantly recognizable as a fake. All thanks to blockchain.
The tokens turn out to be a hit so far. Caty Tedman of Dapper Labs marketing, says Top Shots has generated over $ 230 million in revenue to date.
– I think it’s fascinating – He said Tom Richardson, professor of digital media at Columbia University.
– It’s an evolution, and it’s good to see people still making their collections, even at this time – added Lars Rensing, CEO of Protokol, a service provider in the blockchain market. – This is a new step into the future – added.
The game also became a new source of revenue for the NBA.
Top Shots is the result of a license agreement concluded by the NBA and its players’ union with Dapper Labs in 2019. Although the terms of the contract are unknown, experts such as Richardson say the league could earn between 10% and 15% of the money. on the amount for which the tokens are sold.
As part of the cooperation, Dapper Laps digitizes the video material about the player. So the fan gets not only graphics or photos, as was the case with paper cards, but multimedia content.
🚨 TOP COLLECTOR ALERT 🚨
This is 1️⃣ of 4️⃣9️⃣ LeBron James Moments that can ever be minted in our Cosmic packs. Scooped up by user rapid_goji_berry2079 via the #NBATopShot marketplace 📈
– NBA Top Shot (@nba_topshot) September 29, 2020
Dallas Maverick owner Mark Cuban, however, compared Top Shot to the old-school trading card model.
– Value is still determined by the same laws of supply and demand – wrote in January on the blog.
Investors claim that, for example, in many years the token related to LeBron James may be worth as much as the Mickey Mantle trading card from 1952 is worth today. And it was sold for $ 5.2 million!