Michael Jordan invests in firm behind NBA Top Shot

Michael Jordan

The NFT mania is showing no signs of slowing down! Dapper Labs has hit a goldmine with its buzzy NFT platform Top Shot now having generated over $500 million in sales since launch.

Perfect time for a round of investment, shall we say?

This is exactly what has happened.

Dapper Labs announced a $305 million funding round Tuesday from another batch of NBA stars and a venture capital firm backing its runaway hit NBA Top Shot. These include investment firm Coatue, Michael Jordan, Kevin Durant, and a deep bench of 30 athletes, plus the rapper 2 Chainz.

As reported by USA Today, the funding round places the company’s current valuation at $2.6 billion.

And it has raised a total of $357 million to date.

This mega round comes when NBA Top Shot continues to monetize the growing demand from fans for digital collectibles. Along with the half a billion in sales milestone, the card like crypto platform now sees even its secondary trading market eclipse $2 million in volume, almost daily.

And while the hype remains centered on Top Shot, Dapper Lab is already looking beyond basketball.

It signals in its press release that it intends to bring yet more digital collectibles to its Flow blockchain platform that powers Top Shot. These include experiences by Warner Media Group and UFC, among others.

These and more experiences are coming this year.


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