With a new $305 million USD private investment, Vancouver-based Dapper Labs is making major waves in the world of basketball.
Dapper Labs are the people behind NBA Top Shot, a super popular virtual trading card. While it sounds niche, they’re making tons of cash. The company reported having made over $500 million in sales since October. Where does the value come from? Well, the answer is NFTs (non-fungible tokens).
It’s complicated to fully explain, but it, simply, is using a technology called ‘blockchain’ that verifies its scarcity and value. There’s more to it than that, but we try to keep things simple around here.
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Each card comes with a virtual clip of its respective basketball player and some have been valued at over $200,000.
Some big names have taken notice of Dapper Labs, with legends like Micheal Jordan, Kyle Lowry and 2 Chainz investing in the company. What a crew!
Not since the Grizzlies and Steve Nash has BC had such an impact on the NBA. So this is super cool to see.
You can learn more about NBA Top Shot right here.