Fast Break Labs Raises $$6M in Seed Funding Round

The Web 3 startup founded by two ex-Meta Platforms employees is developing a blockchain-based fantasy basketball game.

AccessTimeIconFeb 23, 2022 at 1:00 p.m. UTC
Updated May 11, 2023 at 7:13 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Fast Break Labs, a Web 3 startup that was founded last year by former Meta Platforms employees Charles Du and John Wu, has raised $6 million in a seed funding round that was co-led by Pantera Capital and Patron, an early-stage venture capital firm.

  • Fast Break Labs is creating the Virtual Basketball Association, an online fantasy sports league that lets gamers manage their own basketball team by building a roster and then competing against other virtual teams for prizes.
  • Among the other investors in the round were Brooklyn Nets owner Joseph Tsai's family office; Marc Merrill and Thomas Vu of Riot Games, the developer of the League of Legends video game; and Sacramento Kings co-owner Aneel Ranadive.
  • “We’re setting out to create a sports game that offers all basketball fans an opportunity to have a true ownership experience,” Du said in a statement. “While we’re primarily focused on creating a new and fun experience, it was also really important to us to give power back to gamers by allowing them to shape the direction of the game and accrue the economic benefits.”
  • The game is built on the Solana blockchain and is similar to other play-to-earn games on the market. Gamers will need to buy a pack of NFTs (non-fungible tokens) that are used as the players on a team’s roster.
  • Fast Break Labs said the first pack of NFTs is expected to launch in late March for the first 2,000 players. The company hasn’t disclosed pricing.
  • FC Barcelona to Create Its Own Cryptocurrency and Metaverse
    04:30
    FC Barcelona to Create Its Own Cryptocurrency and Metaverse
  • Why Sequoia Capital Is Raising $600M to Launch New Crypto Fund
    06:39
    Why Sequoia Capital Is Raising $600M to Launch New Crypto Fund
  • Twitter Joined $20M Funding Round for Bitcoin Payments Provider OpenNode
    06:14
    Twitter Joined $20M Funding Round for Bitcoin Payments Provider OpenNode
  • Twitter Joined $20M Funding Round for Bitcoin Payments Provider OpenNode
    06:14
    Twitter Joined $20M Funding Round for Bitcoin Payments Provider OpenNode

  • Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.