News

NBA Top Shot company Dapper Labs secures $305 million in funding

Backed by NBA stars

Date Type Companies involved Size
March 30th, 2021 investment Dapper Labs $305m
NBA Top Shot company Dapper Labs secures $305 million in funding

Dapper Labs has secured $305 million in funding on a $2.6 billion valuation. 

The Canadian company has developed products such as CryptoKitties and NBA Top Shot, as well as the launching the Flow blockchain. 

It's currently working on a mobile game based on its NBA Top Shot NFTs.

These NFTs have to-date generated almost $500 million in peer-to-peer trading.

Dapper Labs gets a 4% cut of every transaction. 

The investment was led by Coatue, with participation from NBA legend Michael Jordan.

However, a number of current basketball players also backed Dapper Labs, including

  • Kevin Durant,
  • Spencer Dinwiddie,
  • Andre Drummond and
  • Alex Caruso.

"NBA Top Shot is one of the best demonstrations we've seen of how quickly new technology can change the landscape for media and sports fans," said Durant.

"We're excited to follow the progress with everything happening on Flow blockchain and use our platform with the boardroom to connect with fans in a new way."

Other investors included Sound Ventures, Dreamers VC, AG Ventures, The Chernin Group, USV and Version.

Outside of the NBA, Dapper Labs received support from MLB stars Tim Beckham and Nolan Arenado and a number of NFL players such as Ken Crawley, Thomas Davis, Stefon Diggs and Dee Ford.

Overall, the company has secured $357 million in funding.

Three-pointer

With its newfound funding, Dapper Labs plans to expand to other sports.

It already has deals in place for IP including UFC and Dr Seuss. 

"NFTs are the first time anyone can create unique digital items that can live forever and be portable across different products anywhere the customer wants –– simple but game-changing," said Dapper Labs CTO Dieter Shirely.

"NFTs let people have real ownership in games and digital worlds for the first time. On a blockchain like Flow, NFTs can rewire the internet for the better."


Staff Writer

Kayleigh is the Staff Writer for PocketGamer.biz. Besides PGbiz and PCGI she has written as a list writer for Game Rant, rambling about any and all things games related. You can also find her on Twitter talking utter nonsense.

Comments

No comments
View options
  • Order by latest to oldest
  • Order by oldest to latest
  • Show all replies