The Incredible Rise of NFTs and NBA Top Shot

Want to watch a rocket take off in real-time? Look no further than NBA Top Shot.

Last week, Front Office Sports explored the meteoric rise of collectible highlights and non-fungible tokens, or NFTs. Turns out, NFTs were just getting started. 

In the last seven days, NBA Top Shot has grown its user base by around 50%, bringing in 33,000 new users and completing nearly half a million transactions. On Monday, its 24-hour sales volume topped $45 million, equal to roughly half the platform’s total sales just a week ago.

The market for NBA-licensed video highlights brings together the surging trends of sports collectibles and crypto-backed assets.

• A LeBron James dunk more than doubled the platform’s previous single-sale record on Monday when it sold for $208,000.
• Sports memorabilia auction house Goldin Auctions raised $40 million from investors last week.
• YouTuber Logan Paul got in on the action, launching his own NFT set on Friday, which grossed over $5 million.
• Sorare, a fantasy soccer crypto asset company, saw its daily sales volume double to over $460,000 on Monday. It raised $4 million in a seed round last summer. 
• CryptoPunks, a blockchain-based market for pixelated cartoon headshots, had over $15 million in 24-hour sales on Monday.

NFTs have sparked a gold rush among collectors and speculators that shows no signs of slowing down.

Earlier this month, Dapper Labs — the company behind Top Shot — announced plans for a $250 million fundraise at a $2 billion valuation.