Dapper Labs is a non-fungible token (NFT) firm that uses the power of play to deliver blockchain fun and games. They are the creators of CryptoKitties, a popular early NFT game that caused Ethereum gas fees to soar in 2017 and rendered the blockchain unusable for a while.
Dapper Labs took what they learned from the event and created the Flow blockchain with the goal of creating mainstream apps. Now fast forward to today, and they have already met that aim on a number of fronts.
NBA Top Shot
Dapper Labs credits its success to having fun with things that people already enjoy and to creating fan groups. With Top Shot moments, collectible video snippets of players making thrilling plays, Dapper Labs enhanced the fan experience and captured the intensity of NBA games.
NBA Top Shot is a smash hit, with more than $750 million in revenue and 1.26 million users. The NBA has officially licensed NBA Top Shot, and the NBA Players Association is a part of its success.
As Top Shot’s success has been spectacular, Dapper Labs just announced a partnership with the NFL and the NFL Players Association, as well as other sports leagues such as the UFC, La Liga, WNBA, and the ICC, to develop official licensed NFTs.
Dapper Labs sees DAOs Benefits
DAOs let any group, company, or organization raise and spend money on projects that help them meet mutually agreed-upon objectives. Through token voting, DAO members make critical decisions like setting long-term priorities and selecting how contributors are paid.
DAOs pay for a number of services, such as marketing, smart contract development, and community administration, on a regular basis.
Because blockchain technology allows for degrees of financial transparency that were previously unattainable, DAOs empower internet-native groups to trust that monies are used responsibly.
Members of the DAO can use a blockchain explorer or a bespoke interface to quickly follow the movement of funds. This unprecedented level of openness paved the way for DAOs to maintain and upgrade leading DeFi protocols, pool funds for venture capital-style investments, and fund community activities.
Vision for DAOs and Quantstamp
DAOs open the way for decentralization of social media and democratization of online shared-interest communities, similar to how blockchain decentralizes the web.
We’re trying to focus on bringing civic engagement and unified establishing to Dapper Labs products, starting with Lil Miquela and her 10 million fans; developing and releasing open-source tools to help other mainline societies interact in decentralized equity and oversight on the Flow blockchain; and assisting the forwarding web 2 companies to decentralize their operations, engaging at the CEO and BOD levels.
Dapper Labs Fund Raising
Dapper has raised almost $600 million in funding so far. The majority of the money was raised in March (2021) ($305 million) and September (2021) ($250 million). Michael Jordan, as well as over 20 other sportsmen, Andreessen Horowitz, and Coatue Ventures, are among the notable investors.
Coatue Ventures is a subsidiary of Coatue Management. Which it had more than 48 billion in assets under management (AUM) in the first quarter of 2021. Dan Rose, the Chairman of Coatue Ventures, made the following statement after Dapper’s March funding round.
Flow, which Dapper Labs founded, currently has a robust ecosystem. Over 5000 developers now use Flow. According to Mickey Maher, SVP of Partnerships at Dapper Labs, it’s an open platform that anyone can develop on.
We’re seeing initiatives like Matrix World, which uses NFTs for their metaverse, Seussibles, CNN, RCRDSHP, Jambb, Cryptoys, Gaia, and many others emerge from a variety of fantastic categories, according to Maher.
CNN is already selling NFTs based on historical events on BloctoBay, a new non-custodial NFT marketplace akin to OpenSea that recently started in beta.
Developers are also working on tools to store NFT metadata on IPFS, a decentralized storage system. This is only a sampling of what’s going on in the Flowverse.
The Flowverse website’s purpose is to keep people informed about ecosystem advancements. This website provides live-streamable talks, forthcoming NFT releases for sports, music, and art lovers, as well as projects based on Flow.
Foresight and Leadership
In the blockchain sector, Dapper Labs is always one step ahead. With CryptoKitties back in 2017, Dapper Labs spotted the potential of NFTs. It also predicted that sports fans would gravitate toward digital collectibles.
In addition to their insight, it took incredible leadership to persuade the NBA of the usefulness of NFTs at a time when most businesses were still trying to figure out how to use blockchain technology.
Dapper Labs has the foresight to bring decentralized autonomous organizations (DAOs) into the mainstream. Dapper Labs’ track record of success will persuade more traditional firms to join the fold this time. In addition to their leadership and technical skills.
Quantstamp has a security partnership with Dapper Labs and will continue to protect digital assets on Flow.
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