- Coatue is the new investor.
- Each digital card is a token on a blockchain.
Dapper Labs, the firm behind the famous NBA Top Shot NFT game, has raised an additional $250 million. Coatue is the new investor. Today’s financing round values the business at $7.6 billion, according to a corporate source. Andreessen Horowitz, GV, and Version One Ventures reinvest. BOND and GIC are among the new investors.
NBA Top Shots are made by Dapper Labs, as it is better known by. Users may purchase digital cards of NBA stars and moments. They may then sell or purchase cards from other players. These digital treasures’ values fluctuate.
The platform uses non-fungible tokens (NFTs). Each digital card is a token on a blockchain. For NBA Top Shot, Dapper Labs created Flow, a new blockchain designed for scalability.
Dan Rose, Coatue Ventures Chairman said:
“We think Dapper Labs is a leader in the space at the infrastructure level with the Flow blockchain and at the application layer with NBA Top Shot. We continue to be impressed by Roham’s [Gharegozlou, CEO] strong leadership and vision and we could not be more proud to partner with him and the entire team at Dapper.”
Is There Enough Room For Both the Giants?
And this is noteworthy as a few days ago, Sorare recently received $680 million at a $4.3 billion value. Sorare now focuses on soccer and utilizes Ethereum for its NFT platform. They utilize ZK rollups to reduce costs.
As of now, Dapper Labs and Sorare are vying for the same player base. Dapper Labs recently struck a deal with LaLiga, the Spanish football organization – LaLiga has also collaborated with Sorare.
Both businesses have chosen a distinct IT stack. So it will be fascinating to see whether two players can fit in. Dapper Labs plans to launch LaLiga in June 2022.
NBA Top Shot now has 1.1 million users. They’ve exchanged over $780 million. With its new blockchain Flow, Dapper Labs is likewise investing big on infrastructure. It may eye more than just fantasy sports.
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