Michael Jordan and other notable basketball stars have headlined a $305mln fundraising round into NBA Top Shot’s developer Dapper Labs.
The firm announced its latest fundraising round which garnered investment from Jordan and more than 15 other current NBA stars including the likes of Kevin Durant, a host of other notable American sportspeople, Hollywood stars Ashton Kutcher, Will Smith and musician Shawn Mendes and host of notable investment and venture capital firms.
Dapper Labs intends to use the latest fundraising round to support the growth of its flagship NBA Top Shots platform, which has seen close to $500mln in trading of volume of collectibles since its open beta started in October 2020.
The firm also revealed that it now has over 800,000 registered accounts on its platform, while more than 338,000 users actively hold at least one non-fungible token on their accounts. There have been over 3 millions transactions made on the platform in the five months that the beta has been live.
Dapper Labs is now looking to open up the NBA Top Shots marketplace to other sports as the NFT space continues to boom in 2021. The platform runs on Dapper Labs’ proprietary open source blockchain Flow.
The Flow blockchain allows NFT marketplaces and decentralized applications to scale efficiently to handle a large number of users and transactions without exorbitant transaction costs – a major hurdle facing the Ethereum blockchain as it supports a significant percentage of popular DeFi platforms and DApps.
Mainstream entertainment firms including Warner Music Group, Ubisoft, Warner Media as well as the UFC and MotoGP are developing NFT products on the Flow blockchain. This is in addition to thousands of standalone developers, artists and other content creators.