NBA Top Shot, The NFT Market, & Dapper Labs Explained

In this episode, NBA Top Shot investor, Nick Gurol, explains everything about NBA Top Shot. Early in 2021, the NFT market (Non Fungible Tokens) began to explode—and Dapper Labs has capitalized on the movement with their Top Shot product. The market for Top Shot is in the crypto space and runs on the Ethereum blockchain—utilizing the flow protocol—and transacts in ETH. Buyers and sellers access the marketplace via Top Shot’s website (Found Here: https://www.nbatopshot.com/).

The Top Shot NFT products are known as “Moments” and they are digital video highlights of specific plays that have occurred around the NBA over the past two seasons. When an investor purchases a moment on the open market, they receive the rights to the moment in question—and the NFT / Blockchain format of the product ensures that they are the only person in the world who possesses that particular moment (think of it like possessing fine art).

NBA Top Shot Moments are graded to determine their scarcity. For example, a moment could be a Common Moment, a Rare Moment, or a Legendary Moment (scarcity increasing with each designation). They can also be Series. 1 or Series 2 (2019/20 season or 2020/21 season). Every play has a different number of total NFTs in circulation.

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TIMESTAMPS

6:06 - NBA TOP SHOT intro; NFTs; Dapper Labs & The Flow Protocol on the Ethereum Blockchain; Hardcourt & Fantasy sports

15:22 - How Nick got involved in NBA TOP SHOT; Jonathan Bales & his original newsletter on NBA Top Shot; How the secondary market works; The NBA Ad campaign for Top Shot; The Daily Fantasy Sports community influx into Top Shot

23:05 - Series 1, Series 2, Common, Rare, and Legendary Top Shot classes; How the NBA Top Shot Moments work; Dapper Labs Dr. Seuss project; NFTs and video games; The value of NFTs and Top Shot Moments; Scarcity

32:25 - How the Top Shot website and market works; Could the exchange be hacked?; Dapper’s fight against bots; Coinbase and Mt Gox exchange examples

39:40 - Dapper Labs valuation; The theories behind the NBA halting their ads; The timeline of the NBA Top Shot explosion into the mainstream; The pack drop that bombed; Examples of Moments in packs

44:45 - Gurol’s “proprietary algorithm” for uncovering outliers in the NBA Top Shot Moments Market; Revisiting Rare, Common, & Legendary levels; Steph Curry 3-Pointer Moment’s crazy price

49:26 - Gurol’s investment; Revisiting Michael Lewis’ Flashboys book; Why Nick is bullish on Top Shot and the NFT Market; The grind behind Top Shot investing; When Gurol knew it was time to sell many of his moments

59:39 - Status of current Top Shot market cycle; Money Laundering protocols Dapper Labs has in place; Fine Art and its historical use for money laundering, tax evasion, etc.; NFT Market hard to hide things?

1:04:34 - The timing of NBA Top Shot’s rise; Revisiting the Gamestop, Reddit, Robinhood saga; Is the Top Shot market at a “top?”; Peak sales on Top Shot; The sports card market, PSA, Starstock, and the higher barriers to entry

1:16:37 - Jared Dillian, The Seafood Tower Theory, & The Taxi Driver Theory

1:25:46 - The NBA’s marketability moving forward; Top Shot restriction in China?; Anthony Fenu, Riley Horvath, Justin Baker, & Soar’s potential in the NFT market with volumetric content, holograms, and 3D capabilities; “Friction” and why Top Shot is a better investment than sports cards

1:49:29 - Dapper Labs 5% “rake” on transactions; Flow Protocol and its scalability with dollar integration; Cryptokitties; NFTs explained definitively; Sam Merrill’s Top Shot Moments

1:57:21 - The elaboration likelihood model; The psychology behind changing your mind; Anchoring; the 3 Doors Test; Reporting and journalism in the Trump Presidency

2:23:24 - Breyer Score; Running simulations on variables; Superforecasting discussion; The problem with thinking about who the President is before anything else

2:36:55 - Implicit Bias and Racism; Misty Copeland; Equity vs. Equality

2:46:40 - Reverse Racism; The Rooney Rule; Nepotism in the NFL

2:58:36 - Schools in Covid; Tech access in schools due to Covid; Suburban vs. Urban schools

3:07:41 - Reopening schools; The problem with the government response to Covid; Restaurants opening vs. Schools

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Produced by White Hot

#nbatopshot #nft #podcast #topshot