Dapper Labs Raises $305 Million From Celebrity Investors
- The investment will be used to expand the Top Shot NFT platform to other leagues.
- Dapper Labs could be valued around $2.6 billion after the funding round.
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The startup behind NFT trading platforms NBA Top Shot and CryptoKitties said the funding will enable it to expand Top Shot to other leagues. The new financing round was led by investment company Coatue and includes investments from Michael Jordan, Kevin Durant, and several other professional NBA, MLB, and NFL athletes. Ashton Kutcher’s Sound Ventures, Will Smith’s Dreamers VC, 2 Chainz, Venrock, The Chernin Group, and USV were also involved in the round, Business Insider reported.
Since its launch in October 2020, Dapper Labs’ NBA Top Shot attracted over 800,000 users and logged $483 million in sales. The platform sees millions of dollars in daily trading volume, a spokesperson revealed, adding that some exceptionally rare cards are selling for $100,000 or more.
While Dapper Labs didn’t reveal any details about its expansion, a statement from last year shows that it might be looking into developing UFC collectibles.
“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,” Roham Gharegozlou, the CEO of Dapper Labs, said in a news release.
- Social trading platforms are an excellent option for those new to the financial markets as they allow users to directly interact with professional and experienced traders.
- These platforms allow users to follow the trades of others, allowing them to leverage the community’s collective wisdom to make informed investment decisions.
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- The investment team behind Temasek’s $275 million investment into FTX prior to its collapse “took collective accountability” and had their compensation cut.
- While the company was the second largest outside investor in FTX, it was one of the first to write off its entire investment only days after the collapse of the exchange.
- Ticketmaster has partnered with Dapper Labs, enabling its event organizers to mint NFT tickets on the Flow blockchain before, during, and after live events.
- The tickets company had quietly rolled out a pilot NFT test program over the past six months, and has already minted over 5 million NFTs on Flow.