Dapper Labs, Startup Behind NBA Top Shot, Raises $305M With Investment From Michael Jordan, Ashton Kutcher, Will Smith

Canadian blockchain startup Dapper Labs has raised $305 million in private funding, bringing the entire company's evaluation to $2.6 billion.

What Happened: The most recent funding round, led by Coatue Management, also included several NBA superstars like Michael Jordan and Kevin Durant.

"NBA Top Shot is one of the best demonstrations we’ve seen of how quickly new technology can change the landscape for media and sports fans,” said Durant to USA Today, explaining that his company Thirty Five Ventures would be following the progress on the Flow blockchain.

The latest round of funding bring Dapper Labs’ current valuation to $2.6 billion, a person with close knowledge of the matter told USA Today.

Aside from several NBA players, the funding round also saw investment from Ashton Kutcher, Will Smith, and rapper 2 Chainz.

Why It Matters: After the platform surged in popularity, NBA Top Shot has accounted for 96% of overall NFT transactions week after week. Last week alone, it accounted for 1.5 million NFT transactions.

Top Shot isn’t the only successful outcome from Dapper Labs. The company is also responsible for creating the Flow blockchain, the digital infrastructure behind these NFT tokens.

"We want to bring the same magic to other sports leagues as well as help other entertainment studios and independent creators find their own approaches in exploring open platforms," Dapper Labs CEO Roham Gharegozlou said in a statement.

The money from the latest funding round will reportedly be used to expand the blockchain for use cases beyond the NBA, including digital collectible experiences from Warner Media Group and UFC.