Los Angeles (CoinChapter) – One of the most popular sectors of the crypto industry continues to be non-fungible tokens (NFTs), and leading the way in that department is Dapper Labs’ NBA Top Shot.
The online marketplace gives investors the opportunity to purchase unique, digitized moments of NBA players, with prices ranging from as low as $5 to as high as $70,000.
The non-fungible token platform, which is licensed by the NBA, has attracted millions of users in the past couple of months while raising billions in revenue. One pressing issue that remains, however, is money withdrawals.
NBA Top Shot traders are finding it nearly impossible in some cases to take out their money. Dapper Labs believes these delays serve a purpose, as it helps them prevent fraud and money laundering.
How NBA Top Shot users begin the withdrawal process
Users must pass an identity check before the option to withdraw their funds becomes available. The process begins with one submitting their driver’s license and social security number.
After they are approved, users must then wait another 6-8 weeks for Dapper Labs to monitor their account history. The company looks for possible signs of fraud such as owning multiple accounts or buying packs and immediately charging back the credit card.
Once the waiting period ends, NBA Top Shot NFT investors face even more restrictions when attempting to withdraw their money. They can only take out a maximum of $1,000 per transaction, and the wire transfer carries a $25 fee.
Dapper Labs claims most transactions are completed in 21-40 days. But some say they are left waiting even longer than that.
One investor revealed he has been unable to access the $40,000 in his account since joining NBA Top Shot in January. Tired of waiting, he recently filed a complaint with the Consumer Financial Protection Bureau.
What steps are NBA Top Shot taking to speed up the withdrawal process?
One reason why the withdrawal process has been so slow is the size of NBA Top Shot’s customer support team. Prior to March, the group consisted of just four members. But over the last month, with the increase in the NFT market, the staff has since increased to 20+ members, helping speed up withdrawal times.
As of April 23, Dapper Labs claims more than 50% of customers have access to withdrawals. To this point, however, the only eligible users are those who live in the United States. The company hopes to expand the withdrawal process to Canada and the United Kingdom later this summer.
Matt Borelli is a staff writer at CoinChapter, covering the daily developments in the cryptocurrency world. He is a Bitcoin enthusiast and proud Dogecoin holder. When not reporting on the latest cryptocurrency news, Matt can be found at the nearest baseball stadium.
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