Dapper Labs has become one of the leading companies in the non-fungible token (NFT) space, but it is now expanding into other areas of the crypto market
Canadian crypto startup Dapper Labs is increasing its presence in the cryptocurrency space following its latest acquisition. The company said it has acquired the influencer platform Brud and is set to enter the decentralised autonomous organisation (DAO) market.
Dapper Labs has become popular as one of the leading non-fungible token (NFT) developers in the world. The company is behind the NBA Top Shot NFT marketplace and is currently in the process of setting up something similar for the American National Football League (NFL) and the Spanish football league, LaLiga.
Dapper Labs was recently valued at $7.5 billion after raising $250 million last month. The company said it had acquired Brud for an undisclosed amount and will onboard the entire 32 members into its ecosystem. Brud is popular for its digitally rendered social media influencer characters.
The terms of the deal were not disclosed, but the compensation was all equity-based. Following the acquisition, Dapper Labs said it is setting up a new business called Dapper Collective. The new business will focus on helping communities build DAOs using its Flow blockchain.
Dapper Labs added that the Dapper Collective unit would be headed by Brud CEO Trevor McFedries. According to the company, McFedries will be tasked with working with original IP and online platforms to initiate ways to turn creators and users into owners. This will give them more power to influence and share their stories with the world.
Dapper Labs’ vice president of operations and strategy said the decentralisation of these communities via DAOs would strengthen the content they will produce. McFedries is already familiar with the DAO ecosystem after creating one of the most famous DAOs called “Friends With Benefits”.
The team believes that DAOs will allow users to partner and make investment decisions as a collective unit rather than individuals. Dapper Labs intends to tap into the growing demand for DAOs in the cryptocurrency space to expand its presence in the market.