NBA NFT platform operator Dapper Labs raises $250 million to push value to $7.6 billion

Dapper Labs, which operates the digital basketball trading card platform NBA Top Shot, is now valued at $7.6 billion following a $250 million funding round led by Philippe Laffont’s Coatue Management.

Andreessen Horowitz’s 16z, GV, Version One Ventures, ex-Wall Street analyst Mary Meeker's Bond, and Singaporean sovereign wealth fund GIC also backed the round.

While Dapper Labs didn’t disclose its current valuation, a person familiar with the matter values the Vancouver-based company at $7.6 billion,

The NBA Top Shot platform lets users collect and trade NFTs featuring basketball match highlights, or “moments,” which are licensed by the NBA.

The NBA receives royalties on each transaction.

Dapper Labs also developed its own blockchain designed for NFTs, called Flow.

Dapper Labs also announced its partnership with LaLiga, Spain’s top soccer league, to introduce NFTs similar to NBA Top Shot for soccer fans.

The La Liga NFTs would cover over 10 seasons of games and will feature teams, such as Real Madrid, FC Barcelona, Atlético de Madrid, and Sevilla FC.

Real Madrid, which has over 38 million followers on Twitter, will become available on Dapper’s Flow blockchain beginning June 2022.

LaLiga also had a deal with Sorare, Dapper Labs' competitor, to add digital player cards from the league.