Three-year-old Dapper’s value is exploding along with the demand for non-fungible tokens.
Just a few weeks after raising funds at a reported $2.6 billion valuation, Dapper Labs, responsible for the high-flying digital collectibles platform NBA Top Shot, is raising more money but is now being valued at more than $7.5 billion, according to The Information.
Citing a person with direct knowledge of the talks, the report said the new round is being led by Coatue Management, which led the previous round. Coatue is led by billionaire investor Philippe Laffont.
Investors include VC firms such as Coatue, Venrock, and Andreessen Horowitz, as well as an all-star collection of sports stars and Hollywood personalities, including NBA players Kevin Durant, Andre Iguodala, and Kyle Lowry, as well as Ashton Kutcher, Will Smith, and Shawn Mendes. TopShots has also recently acquired $305 million more in funding.
The rapidly expanding popularity of non-fungible tokens (NFTs) has far exceeded the realm of the music industry and has reached the US Major League Baseball (MLB). The President and CEO of the Toronto Blue Jays recently said that his team and the entire league are actively looking for ways to employ NFTs to bolster fan interest in the sport.
During a recent interview with Bloomberg, Mark Shapiro, the CEO and President of the Toronto Blue Jays, said that the six-time East Division champion plans to take advantage of NFTs as well. He believes that the entire league could increase the interest in the sport by adequately employing this “cutting edge opportunity.”
The value of Dapper’s Labs token, FLOW, has also seen big gains since NBA’s TopShot went viral last year. The cryptocurrency had gains of over 300% this the start of 2021 alone. It is currently holding well in the $30 range.