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Labs established several inventive in-game mechanics such as building an “on-chain breeding algorithm” within a smart contract that determined the genetic code of a cat, which then influenced its “cattributes.”44 Each cat represents its own NFT, and collectors can breed two CryptoKitties to produce a new cat that has its own distinctive genetic qualities. Collectors value CryptoKitties according to their rarity, generation, exclusivity, whether they are “Fancy Cats” or “Founder Cats,” and if they have a low ID number.45 Currently, there are approximately two million cats, or NFT assets, on the OpenSea marketplace,46 with Dapper Labs observing a total, all-time trading volume of over 66,000 ETH47 (approximately $221 million USD).48 Digital trading cards. Another successful venture in the NFT collectible market includes digital trading cards. The NBA, MLB, and other football, golf, and soccer professional athletes recently entered the NFT industry by developing and selling digital cards or “moments” that feature video highlights of an athlete. NBA Top Shot officially launched in October 2020 and is the highest-volume NFT platform, with approximately $500 million in transactions throughout the first quarter of 2021.49 Dapper Labs (the same developer as CryptoKitties) in collaboration with the NBA operates the marketplace, where basketball fans and collectors buy and sell officially licensed highlights from NBA games. Specifically, the NBA selects and edits the game highlights, and Dapper Labs determines how many highlights to sell, which in turn creates scarcity. Each NFT contains video clips, player statistics, and information about the NFT trading history.50 Dapper Labs most recent valuation is over $2 billion and one of the more notable Top Shot sales is a video highlight of Lebron James dunking that sold for over $200,000 in February 2021.51 Outside of the NBA, the MLB recently released NFT baseball cards in April 2021, through the Topps marketplace.52 Tom Brady, Patrick Mahomes, and Rob Gronkowski also joined the NFT industry, with Rob Gronkowski being the first, by commemorating notable Super Bowl moments.53 See Appendix B for a timeline of notable NFT events. 44 Devin Finzer, “The Non-Fungible Token Bible: Everything You Need to Know about NFTs.” OpenSea blog. OpenSea, January 11, 2021. 45 Jordan Castro and Cassidy Robertson, “Value of Kitties,” CryptoKitties (Dapper Labs, 2019). 46 “CryptoKitties Marketplace on OpenSea: Buy, Sell, and Explore Digital Assets,” CryptoKitties (OpenSea, 2021). 47 Matthew Lam, “9 Nonfungible Token Projects Leading the Top NFT Use Cases,” OKEx, March 26, 2021. 48 Cryptocurrency conversion as of May 5, 2021. 49 “DappRadar: Dapp Industry Report Q1 2021,” CoinDesk (DappRadar, April 17, 2021). 50 Nicole Willing, “Best NFT Projects: 10 Names Everyone Should Know in 2021,” Capital.com, April 9, 2021. 51 Kevin Reynolds, “NBA Top Shot, CryptoKitties Firm Dapper Labs Raising $250M+ at $2B Valuation: Report,” CoinDesk, February 16, 2021. 52 Ari Levy, “How Baseball Card Mania Is Colliding with NFT Boom to Revive Topps and Change the Game for Dealers,” CNBC, April 11, 2021. 53 Ibid. 21RM009 • LSO RESEARCH AND EVALUATION DIVISION • 200 W. 24th Street • Cheyenne, Wyoming 82002 TELEPHONE 307-777-7881 • EMAIL lso@wyoleg.gov • WEBSITE www.wyoleg.gov May 2021 • PAGE 6 OF 9PDF Image | NON-FUNGIBLE TOKENS (NFTS) background
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NFT (Non Fungible Token): Buy our tech, design, development or system NFT and become part of our tech NFT network... More Info
IT XR Project Redstone NFT Available for Sale: NFT for high tech turbine design with one part 3D printed counter-rotating energy turbine. Be part of the future with this NFT. Can be bought and sold but only one design NFT exists. Royalties go to the developer (Infinity) to keep enhancing design and applications... More Info
Infinity Turbine IT XR Project Redstone Design: NFT for sale... NFT for high tech turbine design with one part 3D printed counter-rotating energy turbine. Includes all rights to this turbine design, including license for Fluid Handling Block I and II for the turbine assembly and housing. The NFT includes the blueprints (cad/cam), revenue streams, and all future development of the IT XR Project Redstone... More Info
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NFT (Non Fungible Token): Buy our tech, design, development or system NFT and become part of our tech NFT network... More Info
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