Dapper Labs, the developer behind blockchain game NBA Top Shot, has secured $11.4m in new funding from investors which includes the likes of Miami Heat’s Andre Iguodala and Brooklyn Nets’ Spencer Dinwiddie among others.
NBA Top Shot is a new platform that allows users to buy and trade tokens featuring NBA moments and players. The app has currently been in beta launch from June, however it has generated an estimated $1.2m in revenue from its first 500 players already.
The firm will use its new investment to scale Flow, a new blockchain built by Dapper Labs to support the next generation of games, apps and its digital assets. Additionally, the funding will be used to deliver on previously announced collaborations with UFC, Dr. Seuss and Warner Music, among others.
“Crypto enables entirely new possibilities for people to create and exchange value on the internet,” stated Roham Gharegozlou, founder and CEO of Dapper Labs.
“Flow is a new and easy to use blockchain that lowers barriers to entry and lets anyone join this new digital economy. The funding from this round will ensure Flow can scale to the size of projects appealing to fan bases as big as the NBA. Flow lets fans join the economy of their community in a way that wasn’t possible before crypto.”
Other NBA players who have invested in the game developer include Dinwiddie’s teammate Garrett Temple, JaVale McGee of the Los Angeles Lakers, and Orlando Magic’s Aaron Gordon.
Andre Iguodala, a three time NBA champion and current Miami Heat forward, commented: “Blockchain technology has the potential to revolutionise consumer ownership on the internet. Projects like Dapper Labs’ Flow is already driving consumer adoption, with NBA Top Shot proving the experience is not only engaging, but smooth and fan friendly.”
Spencer Dinwiddie, Point Guard on the Brooklyn Nets added: “Blockchain is going to fundamentally alter the financial industry and have a major impact on consumers. Flow can create the vehicle for consumers to enter the space through products like NBA Top Shot where they have fun, but at the same time create a new self-sovereignty.”
Other new investors in the funding round include Coinbase Ventures, Distributed Global, Valor Capital Group, A.Capital, BlockTower Capital, Blockchange Ventures, EONXI Ventures, Reed Company, Greenfield One, North Island Ventures, Republic Labs, L1 Digital AG and Pirata Capital.
The investors join Dapper Lab’s growing portfolio of participants which include Samsung NEXT, Andreessen Horowitz and AppWorks, to name a few.