Since the outburst of the cryptocurrency market in 2017, a year that coincided with the bull run of Bitcoin, the fortunes of the market have continued to plummet, despite the collapse of the market a year. However, the market has now moved away from the mishaps of its early days to become one of the most preferred investment spaces in the world.
However, as the market continues to be flooded with new investors, crypto service firms and Blockchain technologies have resorted to fundings in a bid to improve their services to the rapidly growing market. In an announcement earlier today, Dapper labs are the latest Blockchain infrastructure to have received fundings, as venture capitals have now contributed $305 million to the NBA Top Shot maker.
Micheal Jordan and Kevin Durant participated in the funding
In the official press release by the Top Shot makers, they have announced that prominent names in the NBA like Micheal Jordan and Kevin Durant were part of the large number of venture capitals that participated in the funding round. However, a surprise participant is Dreamers VC- a venture capital reportedly owned by popular actor Will Smith. The new funding round completed by Dapper labs, which places the firm’s valuation a little above $2.5 billion, shows that crypto firms will continue to get financial support from these venture capitals.
However, while Dapper Labs seems to be the latest NBA Top Shot player in the news, the NBA Top Shot’s overall success continues to be prevalent. The online forum, which provides a market for its investors to trade virtual basketball cards, now boasts more than 800,000 users. NBA Top shot. Apart from posting high user figures, trading volumes have also gone as high as $490 million this month alone.
Dapper Labs riding off the back of NBA Top Shot fortunes
Speaking to the press after the funding, Dapper Labs CEO Roham Gharegozlou believes that NBA Top Shot’s success has been influential for Dapper Labs. He believes that NBA Top Shot has been able to link an emotional bridge between fans and basketball, thus why they are successful. According to Gharegozlou, last month’s sales of $230 million worth of tokens by NBA Top Shot is the beginning of more success for the online forum. Gharegozlou also confirmed that the new funding, which his firm just acquired, will be used to expand their business into other sports franchises.
Early last month, Dapper Labs announced that they had signed a deal with UFC as one of their core expansion plans. However, according to Gharegozlou, the Top Shot makers will now have to go back to the basics and create something beautiful for their fans, as they hope to rival many of the big names in the NBA Top Shot. It is also worthy to note that Dapper Labs are behind CryptoKitties, one of the earlier NFT projects to surface in the NFT space.