NBA Top Shot, an NFT platform developed by Dapper Labs, experienced a meteoric rise and subsequent decline since its 2020 launch. The platform allowed users to buy, sell, and trade officially licensed NBA highlight clips, known as “Moments,” on the blockchain. During the COVID-19 pandemic, some Moments sold for over $200,000, introducing many to digital collectibles.
However, by mid-2021, user engagement declined, and Moment values plummeted due to technical issues and market oversaturation. Dapper Labs’ expansion into NFL All Day strained resources, leading to financial challenges. Despite internal and external setbacks, the company continues to adapt within the evolving NFT landscape.
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