Canadian blockchain technology company Dapper Labs has procured $305 million in private financing — some of it from former and current NBA players, such as Michael Jordan — to scale its own virtual NBA trading card site, the company said Tuesday
SILVER SPRING, Md. — Canadian blockchain technology firm Dapper Labs has procured $305 million in private funding — some of it out of former and current NBA players, including Michael Jordan — to scale its virtual NBA trading card site, the business said Tuesday.
Vancouver, British Columbia-based Dapper states NBA Top Shot has rung up $500 million in sales and registered over 800,000 accounts because its public beta testing period began in October.
The virtual cards arrive in the kind of a floating electronic cube that comes with a video highlight of an NBA player and come with a non-fungible token, backed by blockchain technologies, certifying its authenticity and scarcity. A LeBron James dunk highlight sold for $210,000 lately but more ordinary cards may often be had for less than $10.
Besides the NBA, Dapper partners include Warner Music Group, Ubisoft, and UFC. The company says the new form of funding will allow it to expand its NFT and blockchain goods to a wide range of companies.
“we would like to bring the same magic to additional sports leagues as well as help other amusement studios and independent founders find their own approaches in exploring open platforms,” said Dapper Labs CEO Roham Gharegozlou.
The latest round of funding was led by New York-based private equity firm Coatue Management and attracts Dapper’s total capital increased to $357 million.
Current players listed as investors in Dapper include Kevin Durant, Kyle Lowry, Spencer Dinwiddie and Klay Thompson. The business also says some former and current NFL and MLB players have placed money in, as well as the rapper two Chainz.
