Professional sports leagues no longer defend themselves against NFTs: Dapper Labs

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Dapper Labs, the company behind NBA Top Shot, said professional sports leagues are no longer resistant to research into non-fungible tokens (NFTs) as the sector is now hot.

Caty Tedman, Head of Partnerships at Dapper Labs, said at Yahoo Finance’s All Markets Summit on October 25th that the attitude of professional sports organizations towards NFTs had suddenly changed in the face of booming growth in the sector in early 2021:

“The conversation has changed dramatically, and I think there is some understanding that there is something here. I encounter very little resistance these days that NFTs are a thing.”

Dapper pioneered officially licensed sports NFTs when it launched NBA Top Shot in late 2020. Since then, the company has partnered with other major sports franchises including the National Football League (NFL), Women’s National Basketball Association (WNBA), Spanish soccer organization La Liga, and the Ultimate Fighting Championship (UFC).

Regarding Dapper’s initial talks with the NBA, Tedman said the organization expressed concern that NFTs are not yet proven to function as a vehicle for sports merchandising, stating:

“Back then it was a lot of explanations and we spent a lot of time with lawyers and finance people talking about what it looks like to have secondary income. They don’t have secondary income from goods […] What does it look like for consumers to have permanent ownership of assets. “

Tedman added that Dapper was “lucky enough to start out with the NBA” because Adrienne O’Keeffe, the organization’s associate vice president of Global Partnerships & Media, was open to research into NFTs.

Related: Nifty News: The Rise of Green NFT Collections

According to data from CryptoSlam, NBA top-shot NFTs generated more than $ 32 million in secondary sales in October, up 58% from the previous month.

Cointelegraph reported last week that daily trading volume for NBA Top Shot NFTs rose more than 440% after the project released its retro packs “Run It Back 2005-06” on October 15.

Despite the rapid growth in October, trading volumes are still well below February’s highs, which saw a record of $ 224 million in secondary sales.