NBA Top Shot Rumors
NBA Top Shot creator Dapper Labs has raised $250 million and secured a deal with soccer league La Liga to create NFTs. The investment round values the company at $7.6 billion. Led by Coatue, the funding comes just months after a $305 million round in March. It will be used for elevating the fan experience, developing new IP, and expanding the Flow blockchain, an engine for transactions created by Dapper.
Blockchain history was made on Wednesday after a LeBron James digital collectible on the popular NFT platform NBA Top Shot was sold for $230,023. The Los Angeles Lakers star was the previous record-holder with a digital asset from a similar class that was acquired last March for $210,000. This latest purchase marks the highest ever sale done on the platform since it started back in July 2020.
NBA Top Shot will sell highlights from the upcoming Summer League basketball competition as non-fungible tokens for the first time, it said on Tuesday. The NFTs will feature outstanding play “moments” from three days of games at the NBA Summer League meet in Las Vegas, those on August 8-10. Fans will be able to pre-order the $5 moments from a kiosk at the venue. “For the first time ever, NBA Top Shot fans will have the ability to purchase a moment in an arena, and receive a moment from a game they saw in-person,” the company said in its statement.
NBA Top Shot is one of the biggest NFT marketplaces, recent data shows. In the month to August 4, it hosted 109,351 traders and carried out 671,149 sales, according to DappRadar. However, those tallies were down month-on-month by 35.15% and 53.39%, respectively.
Spencer Dinwiddie: I think what we learned through NBA Top Shot, NFTs and the NBA as a whole is that there is definitely a market for collectibles in sports — just like baseball cards. It’s been that way through the dawn of time in that space because of verified scarcity. With the NFT boom and collapse, we also learned that just like anything else, you can’t overdo it. It has to be something we as a fan base and consumers genuinely think is valuable and have thought is valuable. If you just strap an NFT to a leaf that fell off a tree, during the boom, that’s cool. But there is no market for that. That’s what I’m most excited about for Calaxy. When these things look like apples to apples, it becomes a market and that’s tradeable. It’s not going to be like the NFT experience of this past spring where everybody tried to do a one-off art collab but there was no real market that was able to standardize these things and allow them to really pair up value to see what happened.
Today, the Sacramento Kings, in collaboration with LAVA and Flow, the blockchain that supports NBA Top Shot, announced the release of the first-ever Smart Ticket NFT Experience Pass for lucky fans during California Classic. A select 100 fans with tickets to the NBA Summer League games, set to take place August 3 and 4 at Golden 1 Center, will have the opportunity to test this unique experience and receive digital art commemorating the games.
Decrypt editor-in-chief Dan Roberts isn’t ready to write the obituary on non-fungible tokens just yet. “Like most things, the death of NFTs—[and NBA Top Shot more specifically]—has been greatly exaggerated,” he said. “[The craze] was never going to last at the same level of mania it [reached in February and March]. A fall-off was inevitable, but that is not the same as saying it is over.” Crypto as an industry has also suffered through a tough second quarter, and “we still don’t know what the cool, interesting use cases will be for NFTs,” he said. “I am very hesitant to dismiss an entire form of technology just because there was a peak that has since waned.”