Dapper Labs’ NBA Top Shot has become the highest-selling NFT, overtaking CryptoKitties with sales of $31.8 million.
NBA Top Shot, a collection of NFT-based highlights created by CryptoKitties developer Dapper Labs, has become the highest-selling collectible by sales volume.
The new mainstream NFT ecosystem has surpassed the highly popular CryptoKitties after hitting five-figure sales numbers. It recorded a total of $3.2 million in sales over the last 24 hours, far outstripping other NFTs.
First announced in 2019, the NBA Top Shot was created by Dapper Labs in association with the NBA. Though the NBA owns the rights to the highlights, purchasers get a limited edition version of it that can be traded or collected. It has raised $31.9 million, compared to CryptoKitties’ $29 million.
Currently, the most valuable highlight is that of a LeBron James dunk, which is pegged at $47,500. The highlight was purchased by SnapBack Sports founder Jack Settleman who spoke about it on YouTube. About five sales topped $20,000 in value, three of them relating to LeBron James.
The NFTs are proving to be very profitable for collectors, some of whom have made a 10x return in months.
Speaking of the value of these collectibles, Roham Gharegozlou, CEO of Dapper Labs, says,
“There are guys buying trading cards and they’re never taking the custody of the cards before putting them into vaults…there are people buying shares of cards on sites like Starstock, without ever seeing the card. This is the same concept. ”
The Exponential Growth of NFTs, Touching Art Also
The NFT and digital art space has been second only to DeFi in terms of growth.
Several platforms have launched in the last year, including Gemini-backed Nifty Gateway. Nifty and Rari Capital have both been at the center of some phenomenal sales, putting NFTs under the spotlight.
Following NBA Top Shot is CryptoPunks and Axie Infinity. A CryptoPunks artwork made the headlines yesterday when it sold for over $700,000, becoming one of the most expensive NFTs to date.
Artwork based on Rick and Morty, designed by the show’s creator Justin Roiland, also sold for $150,000 on Nifty. While by no means the most expensive artwork ever sold, it is certainly one of the most high profile ones.