Beginning in 2021, NBA Top Shot had a boom in popularity as NFTs were more widely accepted due to Dapper Labs’ digital collectibles platform.
The sales surge has since slowed down because the excitement was just momentary. The platform’s monthly revenue decreased to a level that was below two years in October.
Statistics from NFT analytics platform CryptoSlam has shown that NBA Top Shot generated secondary market sales of slightly under $2.7 million in October, which is a 43% decrease in trades for nearly $4.7 million in September. The trading volume for Top Shot has decreased for four months in a row.
This is Top Shot’s lowest monthly total since December 2020 — when sales totalled around $869,000.
NBA Top Shot’s performance was at its best in February 2021, generating NFT trades of $224 million. Even back in January 2022, Top Shot has already completed $59 million in transactions when the NFT market was still thriving in general.
The number of Top Shot NFTs exchanged in October — which is close to 189,000 — was the lowest since December 2020 and involved less than 13,500 different secondary market buyers. CryptoSlam’s data reveals that the average sale price of just more than $14 is the lowest for any month since NBA Top Shot made its closed beta debut in September 2020.
The marketplace’s downturn has been accompanied by a wider NFT market drop, which began in May as the crypto market itself plummeted.
The entire NFT market showed a roughly 25% decrease in month-over-month trade volume in October, based on the information acquired from DappRadar and Dune.
The Flow blockchain — which Dapper Labs developed to launch Top Shot and other initiatives — experienced an even worse decline last month, however.
As per DappRadar, NFT trade volume on Flow decreased by 60% in October, from approximately $39 million in September to only $15.6 million.
On the other hand, NFL All Day, Dapper’s most recent NFT sports collectibles platform had a substantial decline in trade volume after going live in August and experiencing increased activity on NFL game days in September.
CryptoSlam showed that the secondary NFT sales of All Day have decreased by 53% month over month from about $14.3 million in September to under $6.7 million in October.
