It won’t be inaccurate to say that the NBA Top Shot platform has effectively revolutionized the concept of traditional card trading. Fans all over the world have taken to the platform to buy, sell and trade NBA Top Shot moments.
The video highlights exist with specific allotted non-fungible tokens that also act as proof of ownership. Multiple NBA Top Shot moments have sold for more than $100,000 since the platform went live in October 2020.
It has seen more than 800,000 user registrations and has resulted in sales worth more than $500 million over recent months. The NBA Top Shot is backed by the NBA and the NBA Player’s Association and multiple players are also involved in the promotion of the platform.
Who owns NBA Top Shot? Everything you need to know.
The NBA Top Shot platform has been developed by Dapper Labs, a Canadian blockchain technology company. At the end of March, Dapper Labs had announced a total of $305 million in funding with a valuation of $2.5 billion. They have also revealed plans for large-scale expansion in recent months.
The platform has several high-profile investors, including the likes of NBA stars Kevin Durant and Michael Jordan. The funding is led by investment firm Coatue.
The NBA Top Shot is now rumored to be looking for further funding at a company valuation of $7.5 billion. Dapper Labs released a statement claiming that the company is now looking for ways to bring more sports, gaming, and entertainment experiences to Flow and the NFT market.
This means that the platform might expand to other sports in the future, with the success of the NBA Top Shot effectively opening doors for further expansion. Dieter Shirely, chief technology officer of Dapper Labs, had earlier said the following during a press release:
“NFTs are the first time anyone can create unique digital items that can be portable across different products anywhere the customer wants - simple but game-changing. NFTs let people have real ownership in games and digital worlds for the first time. Developers can also easily build products that let customers access their NFTs and identities from different products, meaning less lock-in on customers. On a blockchain like Flow, NFTs can rewire the internet for the better.”
With increased funding and the constant success that NBA Top Shot has seen over recent months, it seems as if Dapper Labs has every intention of expanding to other sports in the future.