Basketball and Blockchain: A Modern Partnership
Dapper Labs Partners with the NBA
A blockchain-based company called Dapper Labs has partnered with the NBA. Now fans can purchase highly sought-after sports memorabilia…with blockchain technology.
The new memorabilia platform is called NBA TopShot. The highlight videos on the platform are called “moments,” which can be bought and sold much like physical trading cards.
Background on Dapper Labs
NBA TopShot is a collaboration between the NBA and Dapper Labs, the same company that was responsible for the CryptoKitties craze in 2017. CryptoKitties was heralded as the first blockchain-based entertainment game. On the Ethereum platform, users could buy and breed “crypto-pets” in exchange for the cryptocurrency. The game is now known for its surge in popularity, which took up a large amount of available transaction space on the Ethereum platform and slowed down business transactions.
Dapper Labs said the launch of CryptoKitties convinced the firm that blockchain transactions would be the future of the collectibles exchange. “We thought this would be the killer app that would bring people to the blockchain. We just needed to find a partner at the scale of the NBA that would let us do a first of its kind product and one that would last 100 years if we do our job right,” said Roham Gharegozlou, CEO of Dapper Labs.
TopShot Sees Traffic Increase
Highlight videos of LeBron James dunking on Nemanja Bjelica or Ja Morant dunking on Aron Baynes on NBA TopShot are currently trending at around $20,000. In the past week, the platform said it has processed transactions worth over $1.3 million. Dapper Labs said a Christmas Day game pack sold out in less than a minute. Traffic has been steadily growing, and the TopShot marketplace has seen over $10 million in transactions since its launch in May.
The early success of NBA TopShot could mean that more platforms of its kind will be created in the near future. Many analysts say they now consider crypto-based transactions to be the most modern and secure way to do business.
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