Dapper Labs, the start-up behind digital basketball trading card platform NBA Top Shot, is now valued at $7.6 billion following a $250 million funding round.
Collectors have spent $330 million on Top Shot to date
There are all sorts of NFTs for sale, but one of the most successful sellers has been the National Basketball League. As Decrypt’s Daniel Roberts recently explained, the NBA’s success with NFTs can largely be credited to the NBA being the most social media savvy of the big sports leagues,
Similar to other online payment services, you will be asked to verify your identity from time to time while using Dapper. This layer of security is used to comply with financial regulations, prevent fraud, and to protect the community.
There are a few instances in which an identity check may be requested:
When your account hits a threshold of financial activity from purchases and sales
When you submit your first request to withdraw from your Dapper Balance
We’ve put in strong anti-bot and anti-multi account measures that do sometimes flag real humans, especially if you use public WiFi or VPNs; if you re-use credit card, billing address, or identity information; or if you have high gifting activity — all of which correlate with bots.
Yes, lots of things. (lol) Even though the NBA’s terms say “You own the NFT” that’s not exactly true.
You don’t own the underlying copyright of the highlight; the NBA does.
That means you can’t use the images to create merchandise. You can’t “commercialize any elements” of the NFT
You also can’t modify the image without the NBA’s permission. And you can’t use the image alongside anything the NBA considers offensive or hateful
If you truly owned your Top Shot NFT the way you own a piece of personal property, the NBA wouldn’t be able to prevent you from doing any of this.
But what you have instead of property is a license to do a small handful of things—not quite the same as owning something outright.
The league’s lawyers have that covered too.
The fine print explains that a violation will lead NBA Top Shot to “immediately suspend or terminate your user account and/or delete your Moments’ images and descriptions from the App.” So they won’t quite take it away from you, but they can render it nearly useless.