Dapper Labs, responsible for the high-flying digital collectibles platform NBA Top Shot, is raising funds that should net the firm more than $250 million at a valuation of about $2 billion, according to The Block, which cited sources familiar with the deal.
- The funding round is being led by Coatue Management, which is led by billionaire investor Philippe Laffont, according to the report. Laffont has previously invested in Airtable, Instacart, Spotify, Bitmain and other well-known companies.
- The blockchain game developer has been on a roll, something the timing of the funding raise clearly reflects, The Block noted. Dapper Labs' NBA Top Shop project is now the most popular nonfungible token (NFT) series by volume after being launched in October 2020.
- The firm has generated almost $100 million in NFT sales, the report said.
- Prior to the rise of NBA Top Shot, Dapper was best known as the creator of CryptoKitties.
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. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.