To try to compensate for the onrush of new users, Top Shot made lots of new Moments. “It gave, like, hundreds of thousands of people their first NFT and helped them learn what an NFT is.” Doucet’s account aligns with Levy’s: the platform was overloaded with users and was often down. “Basically what happened was - Top Shot was this massive boom,” says LG Doucet, the host of The First Mint, a podcast about sports NFTs. By February, there were more than 80,000 unique buyers, and the average Moment price was $181.81. In January, there were more than 19,000 unique buyers, and the average price for a Moment was $80.20. The data from CryptoSlam backs that up: in December 2020, there were 910 unique buyers, and the average price for a Moment was $27.11. “And then we reached these very, very, very high levels that I don’t think anyone expected, the prices were up, I don’t know, 50 to 100 times over, like, a four week period,” Levy says. That pushed prices up, which led to more media coverage, which led to new users, which pushed the prices up further. That slammed the Top Shot’s servers, and so there was a period where the company didn’t release new packs. The way Levy figures it, there was a lot of hype around Top Shot, which led to the number of users increasing about a hundredfold. “And is that something that was something that Top Shot or the Dapper team did to lead prices that high? Is it something that they are responsible for keeping up at a certain level?” “The first question, obviously, if prices fall is how did they get so high in the first place?” says Michael Levy, another Top Shot collector. The cheapest Bored Ape available as of June 6th is $163,298.67, according to CoinGecko. He then compared Top Shot Moments unfavorably to Bored Ape Yacht Club, another NFT project. “The purchase I made about a year ago, that was kind of the peak,” Schwarz says. In May, the average price of an NFT on the platform was just $17.71. It is now June 2022, and Schwarz is still holding the NFT, but the number of monthly unique buyers on Top Shot tumbled by more than half.
Onboarding materials avoided using words like “blockchain” on purpose, even though Dapper Labs had designed its own. The experience was designed so that it wasn’t necessary for users to know anything about cryptocurrency. One of the things Top Shot had going for it was that it had a real-world analogue: trading cards. “The purchase I made about a year ago, that was kind of the peak.”
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