The non-fungible token (NFT) sector is currently the fastest growing in the cryptocurrency space, and companies operating in this sector are experiencing massive growth
Canadian-based NFT startup Dapper Labs has become the latest entity in the sector to raise a huge amount from its investors. The startup raised $250 million in its latest funding round, barely six months after raising $305 million from another funding round.
According to the firm, Coatue Ventures led the latest round, joined by other existing investors, including Version One Ventures, a16z and GV. Dapper Labs also has new investors, including GIC, a sovereign wealth fund based in Singapore, and BOND, a venture capital firm.
Dapper Labs is well known within the cryptocurrency space for making the popular basketball NFT game platform NBA Top Shot. Following this recent funding round, Dapper Labs is now valued at $7.6 billion. Dapper Labs CEO Roham Gharegozlou said the company intends to use the fresh capital to scale its NBA Top Shot platform.
It will also use the funds to support more entertainment, sports and music-based products on its Flow blockchain. The CEO stated that Dapper Labs is growing quickly but the company is just starting to discover what this new technology can achieve for people. He added that they are excited to partner with investors to scale NBA Top Shot and also enter other sport leagues using their Flow blockchain.
Dapper Labs is one of the leading NFT platforms in the world. The company partnered with the Spanish football league LaLiga yesterday. The partnership will see Dapper Labs create NFTs for the Spanish Football League.
According to the press release, football fans will be able to collect and own some of the most amazing and iconic football moments from their favourite LaLiga clubs. NFTs have become very popular, especially in the world of sport.
Several leagues and athletes have launched and sold their own NFT collections for millions of dollars. The sector is still in its early days, and it could experience further growth over the coming months and years.