Canadian blockchain technology company and NBA Top Shot creator Dapper Labs has reportedly grasped $305 million in private funding. Some of the funding comes from its current and former NBA players, including former All-Star basketball player Michael Jordan. The money obtained is for a spruce up for its virtual NBA trading card site.
Dapper Labs funding details:
Vancouver, British Columbia-based Dapper announces NBA Top Shot has reeled in $500 million in sales and registered more than 800,000 accounts since the inception of the public beta testing phase that had started in October.
NBA Top Shot provides an online forum for trading virtual basketball cards in the structure of video clips of their preferred players that are called "moments." It allows its users to buy a collection of basketball highlights and then showcases the highlights to other users.
Fans can also purchase digital packs with a random assortment of different types of "moments."
The virtual cards come in the design of a floating digital cube that includes a video highlight of an NBA player and comes with a non-fungible token (NFT) that is backed by blockchain technology that certifies its authenticity and scarcity. For example, a LeBron James dunk highlight recently sold for $210,000, but users can buy more common cards for less than $10.
NBA Top Shot creator Dapper Labs valued at $2.6 billion
Dapper Labs CEO Roham Gharegozlou told the AP:
"We want to bring the same magic to other sports leagues as well as help other entertainment studios and independent creators find their own approaches in exploring open platforms,"
The NBA isn't the only league supporting Dapper Labs; it also has investors from the NFL. Current NFL listers are:
1.New Orleans Saints cornerback Ken Crawley
2.Former linebacker Thomas Davis
3.Buffalo Bills wide receiver Stefon Diggs
4.San Francisco 49ers defensive end Dee Ford
5.New Orleans Saints safety Malcolm Jenkins
6.Philadelphia Eagles safety Rodney McLeod
7. Former wide receiver Jordan Matthews
8.New England Patriots safety Devin McCourty
9. Former cornerback Jason McCourty
10.Seattle Seahawks wide receiver DK Metcalf
11.Houston Texans quarterback Tyrod Taylor
12.San Francisco 49ers offensive tackle Trent Williams
The company also received funding from MLB and various music heavyweights and rappers. Other Dapper partners include Warner Music Group, Ubisoft, and UFC. The company asserts the new round of funding will support its expansion and its NFT and blockchain products to reach a wide field of businesses.
The most recent funding round came from a New York-based private equity firm, "Coatue Management," and brought Dapper's total capital growth to $357 million.