NFL crypto disaster was ‘hundreds of millions of dollars’ off target as NFT market collapsed
While still in beta, Dapper Labs realized NFL All Day wouldn’t generate enough revenue to cover the minimum guarantees it had agreed to pay.
Dapper also failed to onboard more consumers as the vast majority of NFL All Day buyers had also previously bought NBA Top Shot NFTs.Connect/Create WalletNo wallet? No problem. You can set one up for free. We recommend Torus for first-time users.Following the meteoric success of NBA Top Shot, the crypto-startup which created the sports-themed digital collectibles was eager for a repeat.
Dapper and OneTeam fell into a protracted and heated negotiation which lasted months, the two people also said. Amid a significantly deteriorated NFT market the two sides eventually agreed to new terms, one of the people said. came a month after last year’s August launch and right as the NFL season kicked off. The collection fetched $14.3 million in September 2022, according to CryptoSlam! By January, the last full month of the NFL season, volume had dropped by more than 75% to $3.5 million, also according to CryptoSlam!
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