Spains Premier Football League Signs Off on Deal for NFT’s
It may have seemed far-fetched a year ago when a company created a digital platform for basketball fans to buy and exchange video highlights of NBA games that they could theoretically watch for free online. Worse, some of the material was sold for tens of thousands, if not hundreds of thousands of dollars. NFTs, or non-fungible tokens, are crypto-assets that leverage blockchain to establish ownership and provide cachet and tradeable value. The National Basketball Association of the United States sponsored them.
Dapper Labs, the crypto startup behind the NBA Top Shot platform, stated on Wednesday that it had secured $250 million and was now moving into soccer through a collaboration with LaLiga, Spain’s top league. As a result, just like some basketball fans – or speculators – have spent upwards of $200,000 for a clip of a LeBron James slam dunk, Real Madrid and Atletico Madrid fans will be able to “own” spectacular goals by Karim Benzema or Luis Suarez.
While many people are perplexed by the concept, there is a significant sum of money at stake. GIC, a Singapore wealth fund, has joined hedge fund Coatue, a16z, and GV (formerly Google Ventures) in financing Dapper Labs, which was founded three years ago in Vancouver. The figures speak for themselves. As the sector gained in popularity, NBA Top Shot, which debuted in October, was one of the first NFT products to acquire traction in early 2021. Monthly sales increased from $1.5 million in December 2020 to $43.8 million in January 2021 and $232 million in February 2022.
However, in the second quarter of the year, growth halted. Monthly sales have topped $53.1 million by June 2021. The soccer platform, according to Dapper Labs, will launch in June 2022 and will allow fans to purchase NFTs of video “moments” from Spain’s best teams.