Pro sports leagues are no longer resisting NFTs: Dapper Labs

Dapper Labs, the firm behind NBA Top Shot, said that pro sports leagues are no longer resistant to exploring nonfungible tokens (NFTs) now that the sector is hot.

Speaking at Yahoo Finance’s All Markets Summit on Monday, Dapper Labs’ head of partnerships, Caty Tedman, said that the stance of professional sporting organizations suddenly shifted regarding NFTs amid the sector’s booming growth in early 2021, stating:

“The conversation has shifted dramatically, where I think there’s a little bit of an understanding that there’s something here. I meet very little resistance these days that NFTs are a thing.”

Dapper emerged as a pioneer in officially licensed sports NFTs when it launched NBA Top Shot in late 2020. The firm has since inked partnerships with other major sporting franchises, including the National Football League (NFL), the Women’s National Basketball Association (WNBA), the Spanish soccer organization La Liga and the Ultimate Fighting Championship (UFC).

Speaking on Dapper’s initial discussions with the NBA, Tedman recounted that the organization expressed apprehension over the fact that NFTs had not yet been proven to work as a means for sports merchandising, stating:

“At that time, it was a lot of explanation and we spent a lot of time with lawyers and people in finance to talk about what it looks like to have secondary revenue.You don’t have secondary revenue on merchandise […] what does it look like to have ownership in perpetuity of assets for consumers.”

Tedman added that Dapper had been “lucky to start with the NBA” as the organization’s associate vice president of Global Partnerships & Media, Adrienne O’Keeffe, was open to exploring NFTs.

Related: Nifty News: The rise of environmentally-focused NFT collections

According to data from CryptoSlam, NBA Top Shot NFTs have generated more than $32 million worth of secondary sales in October, with the figure representing a 58% increase compared to the month before.

Cointelegraph reported last week that daily trade volume for NBA Top Shot NFTs surged more than 440% after the project launched its retro “Run It Back 2005–06” packs on Oct. 15.

Despite the surging growth in October, trading volumes are still well below the


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Coinbase announces multiyear partnership with NBA and WNBA

Major cryptocurrency exchange Coinbase has inked a deal with the National Basketball Association, giving the platform the opportunity to educate basketball fans on crypto.

In a Tuesday announcement, Coinbase said it would become the exclusive cryptocurrency platform partner of the National Basketball Association, or NBA, Women’s National Basketball Association, NBA G League, NBA 2K League and USA Basketball as part of a multiyear sponsorship deal. According to the NBA, Coinbase will create “unique content, innovations, activations and experiences” for basketball fans to learn about the crypto space, as well as be a partner of the WNBA Commissioner’s Cup, the USA Basketball men’s and women’s national team exhibition tours and the NBA G League Ignite.

Coinbase chief marketing officer Kate Rouch said the partnership would involve “interactive experiences to engage with the NBA and WNBA’s incredible community and athletes around the world.” The announcement comes as the NBA prepares to start its 2021–2022 season, marking the association’s 75th anniversary.

Related: Fan tokens: Day trading your favorite sports team

According to data from Statista, an average of 1.6 million people watched NBA regular-season games across major networks during the 2019–2020 season. Coinbase said it would be featured during nationally televised NBA games.

Many crypto companies and platforms have formed partnerships with sports organizations across the globe as the space expands and seemingly becomes more profitable as a sponsor. Crypto derivatives exchange FTX announced it had become the official sponsor of Major League Baseball in June and previously struck a deal to


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