Dapper Labs Raises $12 Million from Investments, Records $1.2 Million in NFT Sales

| Ifeanyi Egede

Key Highlights:

  • Dapper Labs confirmed that it has received $12 million in an investment round
  • The firm says it has sold 22,000 NFT which brought a profit of $1.2 million
  • Animoca CEO, Yat Siu says blockchain gaming profits would surpass the present figure

Dapper Labs will have their hands full after news reaching us confirmed that they had recently secured $12 million in an investment round. Dapper Labs is the famed developers behind the high profile platform, CryptoKitties, and NBA Top Shot. On its way to secure the investments on its Flow blockchain, Dapper Labs had investors such as leading crypto outfit, Coinbase Ventures, some players in the NBA like Miami Heats Spencer Dinwiddie, and Garrett Temple who plies his trades with Brooklyn Nets. Los Angeles Lakers JaVale McGee and Aaron Gordon, who plays for Orlando Magic. CEO of Dapper Labs, Roham Garegozlou, has said that the new funds will be used to “ensure that Flow can scale to the size of projects appealing to fan bases as big as the NBA.”

Dapper Labs have raised a total of $1.2 million from sales of special NFT

Presently, the firm is said to have raised about $38 million in total. Giving their full statement, the firm said they commenced sales of crypto-collectibles to the majority of the population that was interested in adopting them. Crypto Labs said it had recorded about $1.2 million from the sale of the beta version of the Top Shot platform, which is about two months old. The game is the first title built by Dapper Labs on the flow blockchain. Top Shot, the game in question, provides basketball fans and enthusiasts the opportunity to experience the feel of historical moments through the sales of specific Non Fungible Tokens.

Presently, Dapper Labs said it had sold more than 22,000 pieces of the NFT to about 900 of the members of its platform. The tokens are said to provide the users with different kinds of uses as fans will be able to go down memory lane with videos and statistics provided by each specific token. The firm also said that the Non Fungible Tokens’ utility is not limited to the platform only as users will be able to use them on Hard Court mobile games by the same developer. Based on data released by blockchaingamer.biz, Dappers earning means that gaming firms on blockchain tech have earned a total of $552 million.

Animoca brands CEO says the sector will continue to thrive

The firm noted that Dapper Labs has previously posted earnings of around $189 million from financial investments by firms such as venture capital and stock offerings. The firm also gained about $366 million in token sales, ICO, and other modes of a fundraiser via crypto. Last year was the year of blockchain gaming as Sorare, a fantasy soccer game based on blockchain technology, announced that it raised $4 million in a seed round. Animoca gaming company was the recipient of $4.1 from investors, which earned the company about $18 million.

Despite raising a lot of money, CEO of Animoca brands, Yat Siu announced that the over $500 million posted by the sector is nothing, and they have not started reaping profits. The chief noted that the sector witnessed nothing less than $4.1 billion in investments by the end of 2019.

“Gaming today is a $150 billion industry, and $500 million invested today is still a small amount,” said Siu. “Given both the potential in games as well as, we believe, the most viable path to mass adoption of blockchain, we think this will only grow more significantly,” Yat Siu said.

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