Maker of NBA Top Shot Scores $305 Million in New Funding

Dapper Labs (Creators of the Flow Blockchain) draws investors that include basketball legends Michael Jordan and Kevin Durant, seeking to cash in on the digital-collectibles craze

Dapper Labs Inc. said Tuesday it raised $305 million from investors including the NBA legends and other athletes and celebrities such as Stefon Diggs, Ashton Kutcher, Shawn Mendes and Will Smith. The deal, led by Coatue Management LLC, values the company at $2.6 billion, according to people familiar with the matter. NBA Top Shot is a site where basketball fans can own a digital copy of a video highlight such as a dunk or game-winning shot.

The sums reflect the exploding interest in nonfungible tokens, or NFTs, which use the blockchain technology behind cryptocurrencies to authenticate unique digital assets such as art, music or video of basketball highlights. The market for NFTs grew to at least $338 million in 2020, according to a report from NonFungible.com and research firm L’Atelier, from around $41 million in 2018.

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https://cointelegraph.com/news/nba-top-shot-leads-nft-explosion-with-230m-in-sales

NBA Top Shot leads NFT explosion with $230M in sales
The NFT craze has reached the NBA, with digital collectibles grossing $230 million in sales. On the Flow blockchain.