Blockchain Startup behind NBA Top Shot Raises $305 Million

Dapper Labs, a Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term-based collectible platform and the startup behind NBA Top Shot, announced that the company has raised $305 million in its latest Funding Round Funding Round Startups look to raise capital can participate in a funding round. These refers to the various rounds of funding that occur upon proof of concept, customer base growth, and the probability of success. While they are various types of funding rounds, the most commonly seen in startups include the following funding rounds: Seed, Series A Fundraising, Series B Fundraising, and Series C Fundraising. In order for a funding round to take place, a valuation must be performed by analysts for the business Startups look to raise capital can participate in a funding round. These refers to the various rounds of funding that occur upon proof of concept, customer base growth, and the probability of success. While they are various types of funding rounds, the most commonly seen in startups include the following funding rounds: Seed, Series A Fundraising, Series B Fundraising, and Series C Fundraising. In order for a funding round to take place, a valuation must be performed by analysts for the business Read this Term. The company is planning to use fresh funds for global expansion.

According to an official announcement, the latest funding round was led by the tech-focused investment firm, Coatue. The blockchain startup received a valuation of nearly $2.6 billion. Dapper Labs has received a total of $357 million in funding to date.

Apart from Coatue, prominent celebrities like Michael Jordan, Kevin Durant, Alex Caruso, Klay Thompson, Andre Iguodala, several other professional MLB and NFL athletes participated in the latest funding round. The demand for NBA Top Shot has surged in recent months due to the booming non-fungible tokens (NFTs) market.

Commenting on the recent announcement, Roham Gharegozlou, CEO of Dapper Labs, said: "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 favorite teams and players. 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."

Dapper Labs and NBA Top Shot

According to the details published on the website of Dapper Labs, NBA Top Shot has generated a total of approximately $500 million in sales. In addition, the platform executed nearly 3 million transactions. Moreover, Dapper Labs is behind the blockchain platform, CryptoKitties, but NBA Top Shot remained the best performing platform for the company in the last few months amid huge interest from fans.

"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," Kevin Durant mentioned in the official announcement.