SILVER SPRING, Md. – Canadian blockchain technology company Dapper Labs has secured $ 305 million in private funding – including some from current and former NBA players, including Michael Jordan – to expand its virtual NBA trading card site, has the company announced on Tuesday.
Dapper, based in Vancouver, British Columbia, says NBA Top Shot has made $ 500 million in sales and registered more than 800,000 accounts since it began its public beta test 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, backed by blockchain technology, certifying its authenticity and rarity. A flagship LeBron James dunk recently sold for $ 210,000, but the most common cards can often be bought 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 Roham Gharegozlou, CEO of Dapper Labs.
The most recent 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 says some current and former NFL and MLB players have invested money, as has rapper 2 Chainz.