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Source: Kristsina Yakubovich, Shutterstock
Summary
- Canadian blockchain technology company Dapper Labs Inc has been drawing the interest of investors for a while now amid all the non-fungible token (NFT) craze.
- There has also been some speculation about it initial public offering (IPO).
- Founded in February 2018, Dapper Labs made headlines recently with its popular creation, NBA Top Shot, and a million-dollar private funding.
Canadian blockchain technology company Dapper Labs Inc has been drawing the interest of investors for a while now amid all the non-fungible token (NFT) craze. And there is also the rumor of it heading for an initial public offering (IPO).
What do we know about Dapper Labs IPO at this point? Let’s find out.
Dapper Labs IPO
©Kalkine Group 2020
Founded in February 2018, Dapper Labs made headlines recently with its popular creation, NBA Top Shot, which is an online forum where people can trade virtual basketball cards. Build in collaboration with the National Basketball Players Association (NBA), the online platform saw Dapper Labs pull in major investors like former and current basketball players such as Michael Jordan, Kevin Durant and Klay Thompson
The Vancouver, British Columbia-based company has also created a buzz among investors for accumulating hundreds of millions in private financing recently. On Tuesday, March 30, it announced securing a funding of US$ 305 million with several high-profile investors at a valuation of US$ 2.6 billion.
Having previously raised about US$ 52.5 million in four rounds of funding over the years, the latest financing brought Dapper Labs’ total to a whopping US$ 357 million.
Dapper Labs has been described as a direct play on the NFT space, with NBA Top Shot being dubbed as the world’s biggest decentralized application (dApp). The site reported recording a sale of US$ 208,000 in February, which was a virtual trading card showing LeBron James dunking during a matchup in 2019 on Nemanja Bjelica.
Till date, NBA Top Shot is said to have registered total sales of nearly US$ 500 million, with its count of registered accounts crossing the mark of 800,000. Fueled by basketball’s massive popularity, the platform has reportedly collected at least one Top Shot NFT sale from some 338,000 customers.
If the popularity of cryptocurrencies and NFTs continue to rise and basketball fandom remains unscathed, NBA Top Shot’s customer base may remain on the right track. And if all goes well, Dapper Labs could also be looking at an IPO in the future, although there has not been any official confirmation yet.
