Discover More About How NBA Top Shot Creator Dapper Labs Is Approaching The Game

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11 Sep 2021
8 min read

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Within a year of its creation, Dapper Labs, the company behind NBA Top Shot, was valued at more than $7.5 billion, and it is pushing NFTs into the mainstream. #ThinkWithNiche.

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In October, a new online basketball marketplace opened its doors to NBA fans. "NBA best shot" allows users to collect and share video clips of NBA players and events, such as a Lebrun James layup or Vince Carter's three-pointer." Blockchain technology is used to authenticate the validity of these films and provide an irreversible certificate of ownership. Within eight months of its launch, NBA Top Shot had a million users and a revenue of more than $700 million. Meanwhile, Dapper Labs, the company behind it, is now worth more than $7.5 billion. As a result, the market for non-fungible tokens (NFTs) has expanded significantly. On this week's episode of the Most Innovative Companies podcast, Roham Gharegozlou, confounder and CEO of Dapper Labs, which Fast Company named one of the Most Innovative Gaming Companies of 2021, discusses how his company is fuel ling the NTF explosion with NBA Top Shot and its Flow platform, which allows other developers to create and launch their own NFT products and marketplaces. One of the NBA Top Shot's main accomplishments, as Gharegozlou recognizes, is that it is not intended at the crypto community. Even if many of Top Shot's clients are unfamiliar with the realm of crypto currencies or non-fiat currencies, they see the value of what the company has to offer. More than 80 percent of customers use a credit card. That is, they do not have any digital money "Basketball is a popular sport in the United According to the creators, Top Shot should be appreciated for its benefits rather than its technological complexities. Top Shot's fundamental tenet is that if you buy something, you can sell it. You're the one in command... You don't need to understand HTTPS security to buy something from Amazon. My credit card information is safe, and I'll have the things in 48 hours."

A Lebrun James slam highlight sold for $387,600 on NBA Top Shot in April, drawing some serious collectors. Despite the fact that the game provides starting packs for $9 that include three video highlights, this is not the case. As Gharegozlou states, he wants more individuals to be able to purchase NBA franchises. NBA Top Shot will appeal to players who are used to spending money on gear for their players and teams, he adds. These moments, he claims, do not belong to them. Customers of Top Shot will be able to enjoy even more experiences in the future, he believes, such as fantasy league games and means for displaying riches to others.

They will also benefit from the blockchain's transparency. Top Shot memorabilia, unlike genuine cards, will be able to be tracked back to the exact time and location at which they were purchased. Dapper Labs, a blockchain-based platform for applications and games, as well as the digital assets that power them, is actively seeking developers to build equivalent items on Flow, while NBA Top Shot makes non-fungible digital collectibles appealing to the general public. Dapper Labs already has collaborations with the Ultimate Fighting Championship (UFC) and Fantastic SWAP, a company that creates digital memorabilia for major soccer clubs, implying that more video sports souvenirs for professional leagues are on the way.

As Gharegozlou points out, this is the first time these leagues have been allowed to communicate directly with their fans. "It permits the league to continue to profit from secondary markets." They had a paradigm shift in how they saw marketing their products on the internet. Fanatics', a new Ethereum-based collectibles marketplace, has launched and secured a partnership with Major League Baseball. The Flow platform, in addition to its use in sports, is also used in The avatar business Genies, which is building a new digital commodities marketplace, is one among the 400 firms that have already created and tested products on Flow. This is Dapper Labs' first investment in Genies. According to Gharegozlou, there are also crypto-native businesses using Flow to divide up NFTs into tokens that may be sold on an exchange, as well as Chain monsters, a sort of blockchain-based Pokemon. According to Gharegozlou, NBA Top Shot is only the beginning. To begin, "we'll develop unique, proprietary stuff that only we can make, and that will bring in the initial set of consumers," he says. When a developer community embraces Flow, NFT-based products and experiences take off: "Anything beyond that will be chosen by a community that we believe will thrive, and we want to support that community."

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