Chicago Bulls legend Michael Jordan is among persons reported to have invested in Dapper Labs project NBA Top Shot.
Top Shot, which runs on Dapper Labs’ Flow blockchain, is the internet’s novel craze as far as basketball fans are concerned and has been endorsed by the likes of Dallas Mavericks owner Mark Cuban, who already owns several NFTs (Non-Fungible Tokens) on the platform. The venture facilitates the monetization of various NBA highlights – with one known to have sold for $208,000 – and allows fans to collect, trade and sell digital moments showcasing some of the best plays around the league.
On Tuesday, Dapper Labs announced being in receipt of $305 million in funding from various NBA stars and a venture capital firm. Jordan, as well as a number of other athletes, including Brooklyn Nets forward Kevin Durant, have thrown their backing behind NBA Top Shot, while USA TODAY reports Dapper is now worth $2.6 billion. Other celebrities such as Stefon Diggs, Ashton Kutcher, Shawn Mendes, and Will Smith are also understood to have gotten on board.
“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,” Durant said in a press release. “We’re excited to follow the progress with everything happening on Flow blockchain and use our platform with the Boardroom to connect with fans in a new way.”
The company has experienced incredible success in its launching of NBA Top Shot and is now keen on branching out to other sports leagues and UFC.
“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 explained. “NFTs unlock a new model for monetization that benefits the fans much more than advertising or sponsorships.”