The current trend in sports that combines fan engagement, the collecting boom and the crypto frenzy is built on the blockchain. NBA Top Shot has emerged as the early leader in this area with a product that is all the rage in key demos. It's a brand new exciting vertical that has some legs to it and looks to be the future of fan engagement and has application into many different areas of sport. Let's take a deeper look.
"What is NBA Top Shot? It sells packs of Moments – often five of them – which are video clips of basketball plays with animations. Much like physical cards, users won’t know what’s in the pack before they open it. Each Moment has a nonfungible token (NFT), which is unique to that specific Moment. With an NFT when a Moment is traded, its authenticity can be proven. And without the need to send physical memorabilia, the transfer is very quick. The NFT token standard was first created by Dapper Labs through its success with the CryptoKitties app back in 2017.
It seems nonfungible tokens are the third major application to break through on public blockchains after cryptocurrencies and decentralized finance (DeFi). And possibly the first mainstream one.
With Bitcoin passing a trillion in market capitalization and frothy markets everywhere, Dapper got its timing right."