NBA Top Shot

NBA Top Shot is a sports-memorabilia NFT platform built on the Flow blockchain, launched in October 2020 through a partnership between Dapper Labs (which also created CryptoKitties) and the NBA. The platform sells "Moments" — officially licensed, short-form video highlights of NBA plays — packaged as NFTs with tiered rarity (Common, Fandom, Rare, Legendary, Ultimate). At its peak in February 2021, monthly trading volume reached $226 million, and Top Shot briefly became the most-visited NFT marketplace in the world. As of mid-2025, monthly trading volume has collapsed to under $2 million, representing a ~99% decline from peak.

The platform's economic structure is simple: Dapper Labs earns primary revenue from new pack sales (released on a scheduled drop basis) and takes a 5% transaction fee on every secondary market trade. Users can purchase packs with credit card, crypto, or Dapper Balance; after opening packs, they can hold, trade, or sell individual Moments on Top Shot's internal marketplace. The platform supports non-custodial export to external Flow wallets, but has struggled with liquidity: the vast majority of Moments listed for sale sit below their original pack-open cost, and some Common-tier Moments now trade for pennies. Legal action has shaped the platform's trajectory: a 2023 class-action lawsuit alleged that Top Shot Moments are unregistered securities under U.S. law, a claim Dapper Labs has contested in court; the case was dismissed with leave to amend, and the ultimate regulatory status of Moments remains unresolved.