Dapper Labs Shares NBA Top Shot Details, now Planning for Future
The NBA Top Shot non-fungible token (NFT) app has surpassed a million registered users, according to Dapper Labs CEO Roham Gharegozlou.
However, not all are paying customers, with only half having made a purchase so far.
Revenues are reaching $700 million, with the majority of revenue coming through player-to-player transactions rather than direct purchases from the app in the form of ‘drops.’
While a few NFTs sell for more than $100,000, Gharegozlou was quick to point out that two-thirds of the 4.5 million transactions thus far have been for less than $50, with some as little as a dollar.
According to Gharegozlou, everyday credit card spending is still low, meaning that most people make purchases using cryptocurrency.
Daily, 150–250,000 fans utilize the app, and the user base is disproportionately American.
After experiencing poor performance utilizing Ethereum with CryptoKitties in 2017, NBA Top Shot now runs on the Flow blockchain designed by Dapper Labs.
Flow now has almost 2,000 developers working on it.
The NBA’s first partnership with Dappers couldn’t have come at a better time for the company’s CEO. According to Gharegozlou, the NBA is “very forward-thinking, prepared to think outside the box and do something new.” “And they let us go big; they didn’t tell us to do one drop and see how it goes simply,” says the narrator.
“The most critical thing for us in terms of working with an IP was vetting who is going to be a good partner and lean in with us,” he stated (intellectual property).
The fact that it became a top-five global (sports) brand and represented the perfect junction of sports, culture, music, and fashion (meant it was) the catalyst for all of those communities to hear it, not just the sports world.”
He went on to commend the athletes’ participation as well.
Dapper is indeed talking to many other rights holders after raising more than $300 million at a $2.6 billion value. He was quick to point out that the infrastructure is still at 1999, rough-around-the-edges internet levels for those seeking general rather than cryptocurrency customers.
He also mentioned that not all brands would make the best use of the technology.
Gharegozlou stated, “At the end of the day, your brand reputation is the most precious thing you have.” “As with social media, some people will abuse the platform and harm their reputation, while others will utilize it properly, be real, and benefit their reputation.”
On a grand scale, Dapper Labs has a lot of ambition. Its goal is to put a cryptocurrency wallet in everyone’s pocket.
The CEO of Dapper Labs stated, “The number one aim is to get adoption of this technology, not by shrieking crypto or anything, but by making solutions people want to use.”