Dapper Labs raises $12M in funding round with NBA stars

Dapper Labs

Dapper Labs, creator of CryptoKitties, a blockchain game developed on Ethereum in a recent funding round, made $12 million. The funding round, however, was lead by National Basketball Association stars like Spencer Dinwiddie, among others.

The funds raised would be used to improve blockchain games and launch an improved NBA Top Shot app. The firm CEO Roham Gharegozlou, in an interview, explained that sports are essential to them now.

NBA Top Shot previously was powered by Ethereum blockchain but now operates on Dapper Labs custom Flow blockchain. Dapper Labs moved from Ethereum blockchain owing to scalability issues faced after CryptoKitties fiasco.

The recent funding round was executed alongside new venture capitalist firms like Coinbase Ventures while existing Dapper Labs investors that participated in this latest round include Samsung NEXT among others. Amidst these investors, excitement continues to grow over Dappers Lab’s ability to more collectible experience.

Reportedly, Dapper Labs have made not lesser than $61 million in around seven funding rounds.

Dapper Labs other collaborators

Dapper Labs are working alongside Dr. Seuss Enterprises, Warner Music, and UFC, among others.  The firms alongside these partners are working on a blockchain collectibles project yet to be demonstrated.

The new funding for the Lab is another endorsement that their products draw a lot of attention as athletes (NBA stars) approval also would be very beneficial.

Gharegozlou said that NBA players are not just athletes’, instead they create cultures and do what is right for their fans. He explains further that with Athletes’ being sophisticated people having them in their new blockchain would is taking their product to another level and ensuring stars are authentic to their fans.

NBA Top Shot App

The NBA Top Shot app would enable fans to buy tokens of basketball players.

According to Brooklyn Nets Spencer Dinwiddie, who is not new to crypto investment, he explained that Flow can be a medium where consumers get access to products like NBA Top Shot and have fun.

Dinwiddie previously tried tokenizing his NBA contract while McGeeinvested in Bitcoin in its early days.

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Muhaimin Olowoporoku

Written by Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.