Sports stars are flocking to support NFTs in their droves, which has been good news for Dapper Labs and its NBA Top Shot marketplace.
As one of the first companies to dabble in non-fungible tokens back in 2017, it is now claimed to be worth $2.6 billion following a $305 million funding round that included big names such as Michael Jordan, NBA players such as Brooklyn Nets star Kevin Durant, and Klay Thompson to name just a few.
The Vancouver based company that launched the hit virtual game, CryptoKitties, has been a pioneer in the NFT space prior to non-fungible tokens going mainstream this year. Dapper Labs saw an opportunity in the world of sports and launched blockchain-based NBA Top Shot in 2020.
One of the World’s Fastest-Growing Marketplaces
The platform allows NBA fans around the world to collect moments which are essentially licensed video highlights minted on the blockchain and in limited supply. Once bought, they can be traded with other fans in the same way that sports trading cards used to be popular.
Roham Gharegozlou, CEO of Dapper Labs, said in a news release that:
“NBA Top Shot is successful because it taps into basketball fandom — it’s a new and more exciting way for people to connect with their favourite teams and players.”
After just six months since the launch of its open beta, the platform had over $500 million in sales and over 800,000 registered accounts. And according to data from Crypto Slam, NBA Top Shot has generated more revenue in NFT sales than any other token to date.
NBA Champion and finals MVP Kevin Durant, who was involved in the funding round via his company Thirty-Five Ventures, said:
"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.”
Dapper Labs has said that the new funding round will allow them to “scale its team to continue building out the NBA Top Shot vision, expanding the platform to other sports and helping a new generation of creators develop engaging experiences using blockchain technology including NFTs.”
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