Today Dapper Labs announced it raised $305 million in funding following its success in rolling out the NBA TopShot nonfungible (NFT) token app. After launching six months ago, with a modest performance during the first three months, the NBA TopShot app started to take off in January and has now passed $400 million in NFT sales and re-sales. We did a deep dive into the business when it hit the $100 million milestone.
According to USA Today, the funding round valued the startup at $2.6 billion.
The lead investor is Coatue, with Michael Jordan, Kevin Durant and numerous other basketball players participating alongside actors Ashton Kutcher and Will Smith. Other existing investors joining the round include a16z and Union Square Ventures.
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