NBA Top Shot creator Dapper Labs receives $305M in funding from Michael Jordan, Kevin Durant, other NBA stars

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Dapper Labs, the Canadian technology company that founded NBA Top Shot, has received $305 million in private funding to expand its business. Some of the funding is coming from current and former NBA players, including Michael Jordan, according to the Associated Press. In addition, NBA stars Kevin Durant, Kevin Lowry, Spencer Dinwiddie and Klay Thompson have also become Dapper Labs investors.

Since becoming popular earlier this year, NBA Top Shot has recorded $500 million in sales and registered more than 800,000 accounts. Beta testing for the service began in October of 2020. Altogether, the new funding increased Dapper Labs’ valuation to $2.6 billion, USA TODAY Sports reported.

NBA Top Shot allows users to purchase a collection of digital basketball highlights and then showcase those highlights to others.

Fans can purchase digital packs that contain a random assortment of different moments. There are five different tiers of highlights that fans can purchase: Common (over 1,000 digital copies), Rare (150-999 digital copies), Legendary (25-99 digital copies), Platinum Ultimate (3 digital copies), and Genesis Ultimate (1 digital copy).

Dapper Labs also has partners such as Warner Music Group, Ubisoft and UFC. Dapper Labs believes that the new funding will help to expand its nonfungible token (NFT) to a wide array of businesses.

The most recent funding came from New York-based private equity firm Coatue Management, and that helped pushed Dapper Labs’ grand total of funding to $357 million.

“We want to bring the same magic to other sports leagues as well as help other entertainment studios and independent creators find their own approaches in exploring open platforms,” Dapper Labs CEO Roham Gharegozlou told the AP.

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