Crypto Firms such as Dapper Labs are currently feeling the heat of these markets’ downturn. As per a report, Dapper Labs has lost more than 90% of its NBA Top Shot sales volume dating from February 2021 till now. It appears that the drop in the prices of digital currencies is not the only aspect investors should be concerned about. This is particularly true considering the look of the NFT market recently. The sales volume of the company’s NBA Top Shot as of February last year was about $224 million, now at $2.6 million. Related Reading: Bitcoin Shocker: Lightning Network Capacity Reaches 5,000 BTC Dapper Labs Briefing The primary objective of Dapper Labs is to provide collectible and tradable basketball highlights using non-fungible tokens. The company carries out its mission through a platform known as NBA Top Shot. The highlights the company offers already have a license from the NBA, bringing them royalties for every transaction. Some of its notable investors are the renowned basketball legends Kevin Durant and Michael Jordan. For a better user experience on the platform, the company created its NFT blockchain – Flow. Before now, it depended on the Ethereum network for sales on the platform. But that changed after it created a pet game in 2017 called CryptoKitties. Crypto Winter Pushes Dapper Labs To Lay-Off Staff Capacity By 22% Meanwhile, the ongoing NFT market trend seems to be affecting Web3 companies negatively, and Da...
