As the NFT mania shows no signs of slowing down, Dapper Labs, the startup behind virtual trading-card platform NBA Top Shot – has closed a whopping $305 million funding round. Notably, Dapper Labs, which has manufactured the Flow blockchain for Top Shot Non-Fungible Tokens (NFTs) and the subsequent marketplace, said the money will allow the company to expand. Bringing more games, sports, and entertainment experiences to Flow. The funding round witnessed participation from popular personalities such as Michael Jordan, current NBA players such as Alex Caruso, Kevin Durant, Klay Thompson, and Andre Iguodala. Led by investment firm Coatue, Ashton Kutcher’s Sound Ventures, 2 Chainz, Venrock, Will Smith’s Dreamers VC, The Chernin Group, and USV also participated in the funding round. NBA Top Shots and Celebrities Support Dapper Labs’ NFT Mania Notably, Dapper Labs’ total valuation now stands at $2.6 billion. The popularity of the firm’s platform has exploded as the popularity of the current NFT craze has developed a firm grip across the mainstream culture. Since its launch in October 2020, NBA Top Shots has attracted more than 802,000 users and logged $483 million in total sales. At present, the platform evidenced millions of dollars transactions each day. The company has announced a $305 million funding round recently. which features several high-profile investors led by Michael Jordan and Kevin Durant. Undoubtedly, The striking financial success has forced Dapper Labs to expand its offering to other sports leagues. NFT Unlocks a New Model for Monetization Dieter Shirely, Chief Technology Officer of Dapper Labs said in a release, “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.” “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,” he added. According to him, “NFTs are the first time anyone can create unique digital items that can be portable across different products anywhere the customer wants — simple but game-changing.” “NFTs let people have real ownership in games and digital worlds for the first time. Developers can also easily build products that let customers access their NFTs and identities from different products, meaning less lock-in on customers. On a blockchain like Flow, NFTs can rewire the internet for the better.” Another statement from Dapper Labs CEO Roham Gharegozlou reads; “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,” “NFTs unlock a new model for monetization that benefits the fans much more than advertising or sponsorships.”
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