NBA Top Shot gained popularity in early 2021, as Dapper Labs’ digital collectibles platform helped bring Non-Fungible Tokens(NFTs) into the mainstream. However, the hype was short-lived as sales have gradually dropped over time.
In October 2022, the NFT marketplace recorded the lowest monthly trading volume since December 2022. According to CryptoSlam, an NFT analytics platform, NBA Top Shot saw just $2.6 million in secondary market sales in October from about $4.6 million recorded in September, representing a 43% drop.
It is the fourth consecutive month that Top Shot trades have dropped. October sales are the lowest monthly tally for Top Shot since its debut in December 2022, when it recorded about $850,000 in trading volume.
In February 2021, the NFT marketplace generated nearly $223 million in trades. Even in January this year, when the broader NFT market was booming, Top Shot saw $58 million in traded volume.
New NBA Season Fails to Boost NFT Sales Compared to Last Year
Data from CryptoSlam shows that NFT traders transacted about 188,000 Top Shot NFTs in October, and the average sale price was just over $15, the lowest for any month since NBA Top Shot launched. This year, Top Shot continues to decline despite the start of a new NBA season. It is different from last year when NFT sales surged in mid-October.
The marketplace’s decline represents the overall slump for the NFT market that began in May. Data from Dune and DappRadar indicates the general NFT market has seen approximately a 26% drop in trading volume each month since May.
Other Dapper Labs Projects Record Massive Drops in NFT Trades
Elsewhere, Dapper Labs’ latest NFT sports collectibles platform, NFL All Day, also saw a significant drop in trading volume after it launched in August 2022. In October, NFL All Day recorded $6.6 million in NFT sales from nearly $14 million in September, representing over a 50% drop, as per CryptoSlam.
Additionally, the Flow blockchain, built by Dapper Labs to launch Top Shot, among other projects, suffered a sharper decline last month. According to DappRadar, Flow saw just about $15.5 million in NFT trading in October from nearly $40 million in September, representing a 60% fall.