The NBA Top Shot had its worst month since 2020

the summary

  • In October, the NBA Top Shots market had its lowest total dollar sales since December 2020.
  • DappRadar said total NFT sales on Flow fell 60% in October, amid a 25% drop in volume in the broader NFT market.

The best shot in the NBA Its popularity soared in early 2021, as digital aggregation platform Dapper Labs helped NFTs in the mainstream. But the hype was short-lived, and the pace of sales has gradually declined since then. In October, the platform hit its lowest level in nearly two years for monthly sales.

According to data from NFT analysis platform cryptoslam, the NBA Top Shot generated just under $2.7 million in secondary market sales in October — down 43% from about $4.7 million it closed in September. It is the fourth consecutive month that Top Shot’s trading volume has decreased.

This is Top Shot’s lowest monthly figure since December 2020, when it generated nearly $869,000 in sales. At its peak, the NBA Top Shot generated $224 million in NFT trades in February 2021. Even earlier this year, when the total was The NFT market was still boomingTop Shot has generated $59 million in business as of January 2022.

Nearly 189,000 of the best NFTs traded in October – the lowest level since December 2020 – to just under 13,500 unique buyers in the secondary market. The average selling price of just over $14 is the lowest in a month or so since the NBA Top Shot debuted in closed beta format in September 2020, according to data from CryptoSlam.

The ongoing decline of the NBA Top Shot last month came amid the start of the new NBA season — a potential boon for renewed interest and excitement around NFT collectibles. Last year, Top Shot sales surged in mid-October, just as the NBA season began. This year it was different.

The market downturn coincided with a A broader general decline for the NFT market, which began in May when the cryptocurrency market itself fell. According to the information that Decrypt Compiled from DappRadar and Dune, the broader NFT market saw a drop of nearly 25% in volume month-over-month in October.

but that flow The blockchain – which Dapper Labs created to launch Top Shot and other projects – saw a sharper decline last month. DappRadar reports a 60% drop in NFT trading volume on Flow in October, from about $39 million in September to about $15.6 million in October.

NFL All Day, Dapper’s newest NFT sports aggregator platform, has seen a huge drop in volume since then. Released to the public in August and see Increased activity on NFL game days in September. All Day NFT secondary sales fell from nearly $14.3 million in September to less than $6.7 million in October, per cryptoslamA decrease of 53% on a monthly basis.

NFT is a blockchain token that represents ownership in a unique item. They are often used for digital goods such as artwork, sports and entertainment items, and video game items. In the case of the NBA Top Shot, each NFT represents an individually numbered set that includes a memorable video clip from the league, as well as an animated visual boom.

Finally, the NBA Top Shot has generated more than $1.03 billion in secondary market deals since its launch in 2020. Only about $207 million of that total in 2022. Dapper Labs It takes a 5% fee. on secondary NFT sales across its market. These numbers do not include the initial sale of NFT packages through the platform.

Dapper Labs did not immediately answer calls Decrypts request for comment on declining activity in the NBA Top Shot market and details on initial package sales.

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