MomentRanks, a startup that tracks non-fungible tokens (NFTs) and enables collectors to engage with each other around their digital assets, has raised $1.7 million in a seed round funding. NBA TopShot creator Dapper Labs and Boston Seed Capital led the investment.
One of the biggest criticisms of NBA Top Shot is that there is no use for the NFTs outside of the marketplace. The highlights can be seen for free on YouTube, and engagement around the ownership of NFTs is not necessarily targeted at basketball fans. “It’s an NBA product for NFT fans as opposed to an NFT product for NBA fans,” one user wrote on Reddit.
MomentRanks can change this. The platform launched in February of 2021, right around the time that Top Shot’s popularity skyrocketed. It is dedicated to empowering collectors to start a conversation around the collection and add value to their digital collectibles. It also offers a ranking of accounts, sales data on Top Shot, and recent listings.
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