NBA Top Shot, a blockchain-based platform on which users buy and sell officially licensed NBA collectible highlights known as “Moments,” has generated over $205 million in total sales since going live less than six months ago—with nearly 65% of that total processed in the past week.
Generating momentum heading into February, the market for Moments has erupted in recent weeks, with the Top Shot site generating $132.5 million in sales in just the past seven days.
According to crypto tracker CryptoSlam, Top Shot has done $187.3 million in sales over the past month, an extraordinary rise of 1,197% compared to the prior 30-day stretch.
Over just the past 24 hours, the platform has added nearly 27,000 users and processed 80,000 transactions.
On Monday, a single LeBron James highlight sold for a record-setting $208,000.
Started in July 2019 as a joint venture between the National Basketball Association, the NBA Players Association and Dapper Labs, the NBA Top Shot beta site went live in October of 2020. The individual video highlights, called Moments, are sold in limited edition packs for between $9 and $230. This month, packs have sold out in seconds. After packs sell out, the only way to acquire Moments is on the platform’s peer-to-peer marketplace. Each individual Moment has value due to its authenticity and scarcity being secured by blockchain technology (an immutable internet ledger). Each Moment’s value is determined by the player (better players reap high purchase prices), scarcity, and serial number (to designate how many are produced). The abovementioned LeBron James Moment, for instance, was one of only 49 ever minted, and was pulled from a pack that sold for $230. Lower numbers generally hold more value, although the serial number matching the player’s jersey number is highly coveted. Once purchased, the Moment is transferred into the buyer’s encrypted wallet.
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Dapper Labs has reportedly begun talks with retired NBA players to secure rights to historical highlights. It has been rumored that the company would like to expand the product to other major professional sports, such as the NFL and MLB.
“We do believe in this tech and product and believe this is a long-term partnership,” Adrienne O’Keeffe, NBA associate vice president for licensing, told ESPN. “We do believe blockchain technology has staying power and a lot of promise for our business.”
Inside ‘NBA Top Shot,’ the Digital Highlights Marketplace Worth Millions (Bleacher Report)