A spokesperson for Dapper Labs told CNN Business that there is “no backlog” for their KYC verification, and that the procedures are performed automatically with any failed verifications being reviewed within a 48-hour period.
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The first is an identity verification measure, known in the industry as a “know-your-customer” process that involves taking a photo of your driver’s license and submitting your Social Security number. Rokas Tenys/Alamy Stock Photoĭapper Labs is trying to persuade angry customers that the delays are actually a benefit to buyers and sellers: The company touts the fact that - unlike most other NFT marketplaces - it has some fraud protections in place.īuyers and sellers must go through multiple processes to gain the ability to access the money sitting in their accounts. NBA Top Shot allows users to procure a collection of digital basketball highlights. “I’m just really worried that I’m not going to be able to get my money,” said Michael. He recently filed a complaint with the Consumer Financial Protection Bureau. Michael, a 32-year-old digital advertiser in Los Angeles, who asked CNN Business not to publish his last name out of concern that his account could be shut down, said that since joining NBA Top Shot in January, he’s been unable to access the roughly $40,000 sitting in his account. But the company acknowledges that it has been overwhelmed by the massive influx of sales, and it is looking to hire people and beef up its nascent compliance team.įor customers waiting to withdraw their money from Top Shot, the excuses are infuriating. Withdrawal delays are purposeful, to an extent, Dapper Labs says: Its identity verification and anti-money-laundering procedures necessitate a wait period to avoid fraud. “I just wanna get my money out man,” complained user “Harry” in the “#vent” channel of the NBA Top Shot Discord. After a month of stunning growth (Dapper Labs says NBA Top Shot has 100 times as many users since the beginning of the year) The site has frequently been down for maintenance, and customers have flooded Twitter and Dapper Lab’s official Discord channel with complaints about being unable to withdraw their money. Even while NFT prices have fallen dramatically after an astounding period of growth earlier this year, NBA Top Shot remains in high demand.ĭapper Labs, the $7.5 billion company behind NBA Top Shot, has struggled to deal with a massive influx of new buyers and sellers on its platform. Its astonishing growth was fueled by being in the right place at the right time: having licensed the NBA brand amid a sudden mainstream interest in NFTs, or non-fungible tokens.ĭigital packs of NBA highlights -called “Moments” - have sold out quickly, with some highly coveted individual ones being resold for eye-popping prices.
#Dapper account pro
NBA Top Shot is the online marketplace where investors can spend hundreds to hundreds of thousands of dollars on unique, digitized moments from pro basketball.
It’s also got a big problem: Customers are complaining about exceptionally long wait times to get paid from sales of digital tokens that can often cost hundreds of thousands of dollars. NBA Top Shot is the hottest NFT marketplace on the planet.
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