Dapper Labs has opened the beta version of its non-fungible token (NFT) powered game, NBA Top Shot, to the public as per an announcement on October 1. The firm which focuses on building cryptokitties is looking to personalize the NBA experience by enabling fans to own ‘moments’ and derive value by selling them within a decentralized ecosystem. NBA Top Shot is built on the Flow blockchain and leverages the underlying utility of this ecosystem.
As the DeFi craze takes a break, hardcore futurists in the crypto space are already embarking on the NFT space. This line of development is probably the latest trend, although it is yet to gain momentum in mainstream crypto markets. NBA Top Shot is one of the upcoming projects in the NFT niche; the initiative had been in testing for a couple of months with around 17,000 users. During this time, the platform accumulated over $2 million in revenue from a record of 158,000 transactions.
Notably, the project is being developed in collaboration with the National Basket Association (NBA) and had attracted significant funding from some NBA stars. As the name suggests, NBA Top Shot fundamentals will be based on NBA games given that fans can only acquire NFTs based on players or moves made in the court.
The NBA Top Shot NFT Experience
While the project is set to launch to gameplay options soon, its current setup supports collecting and trading the multi-media ‘moments’ in NBA games. NBA Top Shot users will be able to collect moments and package them into short slick 3D animated clips which have an underlying NFT value. Some of the collectible ‘highlights’ in question include blocks, three-pointers, and dunks.
For instance, an NBA Top Shot user could collect a LeBron dunk and or Curry three-pointer and sell these moments for a greater value than zero. Currently, over 43,000 packs of NBA Top Shot NFTs have already been purchased with approximately 10,500 tokens traded over the testing period. One particular jewel whose price skyrocketed is the ‘Cosmic LeBron James dunk’; this token’s value hit a high of $5,200 at some point. Other moments are, however, at the single and double-digit pricing.
Despite rolling out as recent as May, NBA Top Shot is proving to be a prospectus project; its latest ‘premium pack’ launch sold out in minutes at an average price of $24. This platform also allows its users to make payments via credit cards and crypto, although the former compose a larger chunk of its clientele.