NBA Top Shot is growing exponentially – on Flow, which will probably come after Ethereum
DapperLabs came up to make blockchain technology fit for the masses. With the dApp NBA Top Shot, the developers of CryptoKitties have now achieved the next blockbuster. This time on the own flow blockchain.
Even twelve years after Bitcoin’s genesis, there is still no question of mass adaptation of blockchain technology. The technology, which aims to revolutionize pretty much every area of life from the financial market to supply chains to gaming, is still waiting for its big breakthrough. What is needed is a “killer app” for blockchain: an application that enables something that can only be done with the help of blockchain technology – and on a large scale.
However, this also requires a corresponding technological basis. So far, Ethereum has formed the basis for many decentralized applications. But that Ethereum in its current form is not ready for the mainstream became apparent in December 2017 at the latest when the rush for the popular dApp CryptoKitties unceremoniously clogged the Ethereum network.
Little has changed about the insufficient scalability of Ethereum to this day. These days, the boom sector of Decentralized Finance (DeFi) is ensuring that Ethereum is chronically busy – which is repeatedly reflected in horrific network fees.
Flow is ready for the mainstream
The CryptoKitties makers at Dapper Labs have therefore decided to program their own blockchain into life: Flow. Flow was developed from the ground up for widespread acceptance and makes it much easier for both users and programmers to enter the blockchain space. In this way, Flow gets by without the teething troubles that Ethereum has suffered from to this day – and without having to cut back on decentralization. Flow achieves this by relying on the division of labor.
In a traditional blockchain like Ethereum, each network node stores all of its status (account balances, smart contract code, etc.) and performs all of the work associated with processing every transaction on the blockchain. Flow, on the other hand, relies on pipelining: a node is only responsible for a certain sub-task: collection, consensus building, execution or verification. This dramatically increases Flow’s transaction throughput. The network is ready to support billions of users. The goal: a comprehensive blockchain ecosystem called Metaverse, which is increasingly blurring the lines between the entertainment industry and the digital economy.
Strong partners: from NBA to Warner Music
Even the best technology can fail if there are no applications that can move the masses. Flow is taking a path here that is unparalleled in the blockchain world. Flow was able to win the NBA, UFC and Warner Music as partners. Partners who are associated with an enormous number of fans. This is where the Flow Blockchain can show off one of its strengths: its architecture enables easy trading with non-fungible tokens (NFT).
Alongside DeFi, NFT are among the greatest innovations that the blockchain space currently has to offer. These are tokens that represent something unique (such as a rare trading card or a work of art). Lately there have been increasing reports of NFTs achieving record prices. With their CryptoKitties, Dapper Labs were the pioneers in NFT matters. Founder and CTO Dieter Shirley was instrumental in creating the token standard ERC-721, the first standard for NFT.
With Flow, the unique token could finally make a breakthrough.
Killer App NFT: NBA Top Shots is growing exponentially
The course has already been set: With the dApp NBA Top Shots, Flow offers hundreds of millions of basketball fans the opportunity to express their passion in digital form. At NBA Top Shots, fans can purchase and trade unique moments in token form. The beta phase of NBA Top Shot met with an extraordinary response: all starter sets were sold out within minutes. Since then, the economy has flourished on Top Shot.
TopShots has seen exponential growth since January. A trading volume of over 40 million US dollars was achieved on the integrated P2P marketplace. Fans dig deep into their pockets, especially for outstanding moments by basketball icon Lebron James. Sometimes five to six-digit sales prices not only reflect the passion of the basketball community; they also show that NFTs are on the way to overtaking analog collectibles. NBA professionals are also enthusiastic:
“NBA Top Shot is a really cool and unique way for fans to participate in the game of the league. I belong to the digital generation. The ability to collect, buy and sell great moments virtually gives fans more access to the game than ever before,
Tyler Herro from Miami Heat is delighted about the technological innovation.
Flow: playful adaptation
The highlight: The fan doesn’t even notice that the whole thing runs via a blockchain – the user experience is so seamless. This is precisely where the key to mass adaptation ultimately lies. This is already evident at NBA Top Shot: The dApp not only records a much higher transaction volume, but also a lot more transactions and buyers than the competition.
Even in the beta version, NBA Top Shot shows that the Flow Blockchain is able to process high transaction numbers without any problems. In addition, the NFT marketplace VIV3 was recently launched on the Flow Blockchain. This is the first general NFT trading venue on Flow. Works of art can already be traded there in NFT form. The MMO Chainmonsters, a kind of blockchain-based “Pokémon”, is also offered by NFT on VIV3. The game, so far still in the alpha version, also runs on the Flow Blockchain. In addition, the gaming giant Animoca plans to publish a blockchain-based game on Flow with MotoGP.
These are just a few examples of the flow projects in which over 500 developers are already involved. In contrast to other platforms, Dapper Labs does not only support developers who are interested in the long-term success of their project with financial means. They also get support with their go-to-market strategy and community building.
The Metaverse has only just passed its big bang – now it’s expanding rapidly.