NFTs are taking over the art world, but bet you didn’t know that the new collector’s medium is also one of the fasting rising merch items in sports.
And a brand called NBA Top Shot has some of the music iconic athletes in the history of humanity hopping on the wave.
Since launching last fall, Dapper Labs, the company behind creating the Flow blockchain NBA Top Shot non-fungible tokens, has been steadily tapping potential investors into this new company.
Folk like 2 Chainz, Will Smith, Michael Jordan, and Kevin Durant are just a few of the deep pockets that have invested a total of $305 million in their most recent funding round.
Through a press release, Durant shared about his involvement in the company, “NBA Top Shot is one of the best demonstrations we’ve seen of how quickly new technology can change the landscape for media and sports fans.”
“We’re excited to follow the progress with everything happening on Flow blockchain and use our platform with the Boardroom to connect with fans in a new way,” he continued.
NBA Top Shot is killing the game by accumulating 800,000 accounts in just six months. About 42% of them currently hold an NFT. What does that mean? Someone is caking as they have made over $500 million in sales.
The company, which is closely associated with the NBA Players’ Association, is reportedly valued at $2.6 billion, USA Today notes. And the association is receiving an undisclosed amount as a revenue share.