Dapper Labs’ NBA Top Shot to Unveil NFTs at Live Event
NBA Top Shot – owned by Dapper Labs – will introduce extra functionality to its NBA Summer League version of non-fungible tokens (NFTs). Fans who witness the games through physical attendance will be able to pre-order NFT moments of acts they witnessed in live.
The Summer League is a pre-season tournament that takes place after the NBA draft, with club lines consisting mostly of newbies and second-year players. However, rookie moments will not be available for purchase. The league presently has three variants: California, Las Vegas, and Utah.
From August 8 to 10, Dapper Labs will feature a booth at the Las Vegas venue. The Memories will be sold for $5 at the kiosk, and NFTs will be created in proportion to the amount of sales. These NFTs will fall under the novel scarcity level Fandom, which sits between regular and rare. The real scarcity is determined by the amount of purchases made on game day.
NBA Top Shot sales hit a high of $224 million in February 2021, with 184,000 purchasers in March. As per CryptoSlam, sales in July were just one-tenth of the most lucrative month, with $22 dollars in revenue and slightly over 60,000 purchasers. Total NFT sales amongst all platforms are now at an all-time peak, after a recent spike.
In the past seven days, NBA Top Shot has ranked 13th in sales among all platforms. One of the complaints leveled against NBA Top Shot is that it seems more like an offering for cryptocurrency enthusiasts than basketball aficionados.
This new effort is aimed squarely at basketball fans, which may solve the issue. Dapper Labs will provide collectors with an unique hospitality experience at the locations. Collectors who participated in different Top Shot challenges during the prior season are among the eligibility requirements. The trade of particular items is required for the missions. The NFT firm recently received $305 million at a value of $2.6 billion and intends to seek additional investments at a valuation of $7.5 billion.