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SILVER SPRING, Md. – Canadian blockchain technology company Dapper Labs has secured $ 305 million in private funding – some of it from current and former NBA players, including Michael Jordan – to develop its card site NBA virtual collectible, the company said on Tuesday.
Dapper, based in Vancouver, British Columbia, said NBA Top Shot had grossed $ 500 million and registered more than 800,000 accounts since it began its public beta testing phase in October.
The virtual cards come in the form of a floating digital cube that features a video highlight of an NBA player and comes with a non-fungible token (NFT), backed by blockchain technology, certifying its authenticity and rarity. A highlight of LeBron James dunk sold for $ 210,000 recently, but more common cards can often be purchased for under $ 10.
Besides the NBA, Dapper’s partners include Warner Music Group, Ubisoft, and UFC. The company says the new round of funding will help it expand its NFT and blockchain products to a wide range of businesses.
“We want to bring the same magic to other sports leagues and help other entertainment studios and independent creators find their own approaches to 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 brings Dapper’s total capital raised to $ 357 million.
Current actors listed as investors in Dapper include Kevin Durant, Kyle Lowry, Spencer Dinwiddie and Klay Thompson. The company also claims that some current and former NFL and MLB players have invested money, as well as rapper 2 Chainz.
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