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Breaking news: Ethereum Developer Virgil Griffith Pleads Guilty to Conspiracy Charge in North Korea Sanctions Case

Dapper Labs–USDC Integration Helps NBA Collectibles Game Clear $2M in Revenue Since June

Gamemaker Dapper Labs is using Circle's dollar-backed stablecoin USDC as a global settlement solution for its non-fungible tokens (NFTs).

Sep 15, 2020 at 4:15 p.m. UTC
Updated Sep 14, 2021 at 9:56 a.m. UTC

Gamemaker Dapper Labs is using Circle's dollar-backed stablecoin, USDC, as a global settlement solution for its non-fungible tokens (NFTs).

The firms announced Tuesday the move allowed Dapper Labs to add fiat payment options to its website for the first time. The startup's current flagship offering, NBA Top Shot, launched in June and has clocked $2 million in revenue and 58,081 transactions, according to data shared with CoinDesk.

The game relies on NFTs, a special type of cryptocurrency where every single token is unique and individual, making them ideal for collectible cards or digital art. The embrace of USDC on Dapper's back-end is another bid by the firm to court mainstream users by reducing the friction associated with cryptocurrency payments.

Dapper Labs, which was behind the popular CryptoKitties game that choked the Ethereum blockchain in 2017, said supporting fiat currencies lets the company appeal to the broader collectibles market. Ethereum's scaling issues drove Dapper Labs to launch its own Flow blockchain earlier this year.

"We're proud to work with Circle in building an amazing payments experience for all our customers on Flow, starting with NBA Top Shot," Dapper Labs CEO Roham Gharegozlou said a statement.

Circle released a suite of e-commerce services earlier this year for facilitating faster payments by using USDC for settlements.

Having launched in September 2018, USDC's market cap has doubled by $1 billion in the past two months, surpassing $2 billion on Monday, according to CoinGecko.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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