• Loading stock data...
Thursday, March 28, 2024
2024 Best Venues nominations are open now through April 8! Submit Now

The Incredible Rise of NFTs and NBA Top Shot

  • NBA Top Shot is seeing explosive growth, with over $42 million in sales on Monday alone.
  • Both sports memorabilia and crypto assets have seen consumer and investor money pour in at an astonishing rate.
Photo: NBA Top Shot/Design: Alex Brooks

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.

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

The NFLPA Report Card Is Doing Exactly What It Was Intended For

Robert Kraft hasn’t gone to school in nearly 60 years, but on Tuesday the Patriots’ owner found himself talking about his report card. 

How Lack of Planning by NCAA, Gonzaga Led to Racial Abuse of Utah Athletes

The NCAA gave Gonzaga a waiver to place teams in an extremist hotbed.

NCAA President Calls for Nationwide Ban on College Prop Bets

The NCAA president is reacting to the recent betting turmoil in sports.

It Remains Unclear Which Authorities Shohei Ohtani Has Reported Theft of Millions to, If Any

A federal investigation is ongoing, but it’s not clear what it covers.
podcast thumbnail mobile
Front Office Sports Today

MLB Opens Season With MLBPA, Ohtani, and Ownership Dramas

0:00
0:00

Featured Today

March 22, 2024, Brooklyn, NY, USA; Northwestern Wildcats guard Brooks Barnhizer (13) and Northwestern Wildcats guard Boo Buie (0) react in overtime against the Florida Atlantic Owls in the first round of the 2024 NCAA Tournament at the Barclays Center.
March 27, 2024

‘An Expensive Game’: March Madness and NIL Collectives Are Intertwined

At schools nationwide, collectives are fueling NCAA tournament runs and vice versa.
Iowa’s Caitlin Clark (22) waits to be announced in the starting lineup against West Virginia in a NCAA Tournament round of 32 game Monday, March 25, 2024 at Carver-Hawkeye Arena in Iowa City, Iowa.
March 26, 2024

The Women’s Trading Card Market Is Overlooked. Can Caitlin Clark Change That?

Traditionally, women’s sports cards have been a marginal part of collectibles.
The Sports Illustrated cover signed by Derek Jeter and Alex Rodriguez, February 27, 2019, at Don & Charlie's, 7501 E. Camelback Road, Scottsdale. Don Charlie S
March 24, 2024

Everything You Need to Know About the Ongoing ‘Sports Illustrated’ Saga

Understanding the strange state of affairs for the nearly 70-year-old publication.

Careers

Powered By

Careers in Sports

Looking for a new job? Check out these featured listings and search for openings all over the world.
Live Nation
Multiple - USA Careers
Adidas
Multiple - USA Careers
Spotify
Multiple - USA Careers
DraftKings

DraftKings Trends Toward the Black, Buys Lottery App

The sports gambling giant continues to narrow its losses.
February 7, 2024

ESPN DTC to Debut by Fall 2025, but Streaming Alliance Hastens Market Entry

Date set for stand-alone version of network, but new joint venture will beat that by a year.
Exterior of Nike Company Store
February 16, 2024

Nike to Lay Off 2% of Its Workforce in Cost-Savings Effort

The sportswear giant hinted at staff cuts in a December earnings call.
Sponsored

How Daily Fantasy Sports Solved NBA Fantasy

The remarkable growth of the #1 Discord sports server in the world.
January 22, 2024

They Make Sports Balls—and They Could Be Worth Almost $9 Billion

Amer Sports looks to raise as much as $1.8 billion in the public markets.
A view of a FanDuel sportsbook location.
January 18, 2024

FanDuel Strengthens U.S. Dominance Ahead of NYSE Debut

Flutter posts strong financial results as NYSE shares are set to debut Jan. 29.
The swoosh logo at Nike Eugene.
September 28, 2023

Nike Misses Revenue Wall Street’s Projections, But Company’s Stock Soar

The company offset the shortfall by exceeding expectations in earnings per share.
The PGA Tour and PIF have a self-imposed Dec. 31 deadline to finalize their golf merger.
August 7, 2023

Saudi Arabia’s PIF Aims Higher With Launch of Sports-Focused Investment Company

The PIF has launched a new company, SRJ Sports Investments.