NBA Top Shot's parent company is now valued at $2.6 billion
NBA Top Shot has exceeded expectations, bringing in over $460 million in sales in just five months. Dapper Labs, the company behind NBA Top Shot, has now skyrocketed and is valued at $2.6 billion.
The NBA Top Shot platform is very unique, gathering highlights or moments as they're called and selling them in packs. Fans can purchase these highlight packs, with prices varying due to the rarity and quantity of highlights.
The free market has allowed many such companies to thrive, but NBA Top Shot is unique in many ways. Last month, a LeBron James moment traded for over $200,000, adding even more demand to the growing market of highlights.
NBA Top Shot continues to grow at a rapid pace
While some may question the demand for purchasing highlights, as most are available for free, the legitimacy of NBA Top Shot's revenue is undeniable. The market is growing daily, with over 250,000 NBA fans already signed up.
NBA Top Shot's currency uses non-fungible tokens, or NFT's, a type of cryptocurrency. With a recent surge in value, cryptocurrencies are more popular than ever. Now, they can be exchanged for videos of windmill dunks and three-pointers from the logo.
Many professional athletes have gotten on board, investing in NBA Top Shot and taking a chance on the highlight market. Brooklyn Nets superstar Kevin Durant and NBA legend Michael Jordan are reportedly invested in Top Shot, with a long list of other athletes behind them.
The craze for highlights is showing no signs of slowing down, and while many will not understand it, the market has been established.
As more and more fans jump on board, the value of each highlight will continue to climb, and so will the revenue on the investments. $2.6 billion is quite the figure, but it could be going much higher as time goes on.