At the start of 2021, NBA Top Shot surged in popularity due to Dapper Labs’ digital collectibles platform, which brought NFTs into the mainstream. But this sales hike was not for so long, as after this time, the sales momentum gradually dwindled. Last month, the NBA Top Shot platform hit a two-year low for monthly sales.
According to data from CryptoSlam, an NFT analytics platform, the platform generated just under $2.7 million worth of secondary market sales in October, which was down from its sales in September. It was the fourth straight month in which trading volume fell.
As per this data, this month’s sales were the lowest since December 2020, when the platform recorded about $869,000 worth of sales. When the platform peaked, it generated $224 million worth of NFT trades in February. Even this year, when the NFT market was still booming, the platform recorded $59 million in trades in January.
According to data from CryptoSlam, around 189,000 Top Shot NFTs were traded across fewer than 13,500 unique secondary market buyers in October. The average sale price of Top Shot NFTs was over $14, which was the lowest since September 2020.
According to data from DappRadar and Dune, the overall NFT market saw a 25% drop in month-over-month trading volume in October. While the Flow blockchain, which was built to launch Top Shot and other projects, saw an even drop last month. As per data from DappRadar, in October, NFT trading volume on Flow fell around 60%.
In September, NFL All Day, another Dapper’s NFT sports collectibles platform, saw a significant drop in trading volume. As per data from CryptoSlam, in October, the platform’s secondary NFT sales fell from nearly $14.3 million to under $6.7 million. As per this data, the NFL platform saw a 53% month-over-month decline.
Since its launch in 2020, NBA Top Shot has generated more than $1.03 billion worth of secondary market trades, and about $207 million of that total has come during 2022.
