Blockchain blunder: NBA Top Shot, the league s NFT platform, is ripe for money laundering, one expert says - and scores of IRATE collectors are struggling to withdraw their money
The NBA and Canadian blockchain company Dapper Labs partnered to launch NBA Top Shot in 2019, offering fans the chance to buy tokenized league highlights and then sell them on a peer-to-peer market
Non-fungible tokens are units of data that are stored on a blockchain, an electronic ledger that can only be altered publicly. Unlike cryptocurrencies, NFTs are unique, which is why they re popular as collectibles
The league has already recorded $500 million in sales on NBA Top Shot, which mints and sells limited tokenized NBA highlights called moments. Several LeBron James moments have sold for over $200,000