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NBA Top Shot seemed like a slam dunk — so why are some collectors crying foul?

NBA Top Shot gave NFTs a boost. But a year later, early buyers say Dapper Labs was unprepared for demand. Missteps in handing the project derailed the NFTs’ value.

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Designing NBA Top Shot Moments: How These 6-Figure NFTs Got Their Look

(Image: Dapper Labs/NBA)
The NBA is an unlikely way to acquaint people with non-fungible tokens (NFTs), but Top Shot Moments exploded in early 2021 as digital versions of old-school basketball cards.
Instead of a two dimensional rectangle made out of cardboard, a Top Shot Moment is a three dimensional cube that loops a clip of a basketball player in action—unique items that wouldn’t be possible in the physical world. There are four collectible tiers—Common, Rare, Legendary, and Ultimate—and they can be purchased as packs or as standalone Moments. You can buy a Moment for as little as $6, but some can set you back six figures, like a Legendary Tier LeBron James Moment for $250,000. The site now has over 800,000 registered users and has done more than $500 million in sales as of March 2021.

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