NBA Top Shot Firm Dapper Labs is now valued at $7.5 Billion Valuation from the news report from Coindesk.com. Moreover, the value is likely to increase as more investors put their money into the firm.
NBA Top Shot is a Digital Collectibles NFT platform where buyers and collectors can trade, buy or sell digital collectible trading cards that are mostly related to NBA’s iconic stars and players. These trading cards are unlike any other digital trading cards as they come with a package that includes the trading card and also the card will display a video of a NBA players iconic moments in the NBA game. Moments like them scoring a point in a very critical situation or a ultimate comeback moments in the NBA game.
Dapper Labs is raising an insane amount of money as just few weeks earlier, it was valued at $2.6 Billion dollars. This is basically due to the high demand of “Non-Fungible-Tokens”, so called NFT’s as people are going crazy for these things.
What exactly is an NFT? You may ask? – NFT’s are basically digital assets or collectibles that can include an Original Artwork, Digital Trading Cards like NBA Top Shot, Music, or any thing digital that cannot be duplicated, replicated or replaced and they are entirely based on the blockchain technology. When a digital asset is converted into an NFT, the asset becomes an NFT and it’s data is stored in the blockchain.
NFT’s are unique and every NFT asset is different from each other, it gets this uniqueness because NFT’s can hold additional information or data like verification of ownership, history of ownership that are all stored in the blockchain and these data can be traced. Due to which, today we are seeing Digital assets gaining the ability to be rare and scarce.
According to Coindesk.com, the new round is going to be led by Coatue Management which also managed the previous round. Coatue Management is under the leadership of billionaire investor Philippe Laffont.
Andreessen Horowitz, who is one of the backers of Coinbase is also a back of the Firm Dapper Labs.