Non fungible tokens (NFTs) are the craze in the fresh world of digital assets. They use advanced cryptographic technology to make sure that a digital asset is yours forever. Many investors and influencers are interested like Gary Vaynerchuk and Mark Cuban a another ones are coming.
With collaboration from the NBA, highlight clips have become NFT collectible cards. Dapper Labs, a Canadian technology company, continues its lucrative streak by gaining an overwhelming $305 million dollars from new investors.
Coatue Rakes in Big Names
Coatue Management is a New York investment company which is responsible for several other technology investments. Coatue has sealed a lucrative deal for Dapper Labs. National NBA names like Michael Jordan, Kevin Durant, and Klay Thompson are just a few on the extensive list. It doesn’t stop with basketball. Entertainment industry notables like Will Smith, Ashton Kutcher, and Shawn Mendes are included as well.
Dapper Labs, the company behind NBA Top Shot, first gained fame for the video game CryptoKitties. Now, with NBA Top Shot’s significant ascent, Dapper Labs continues to solidify its rise with an extra $305 million investment.
With the increasing international presence of UFC, and their collaboration with Dapper Labs, the highlight reel moments that will inevitably be captured on it should be projected to generate even more millions for the company.
What Are NBA Top Shot Collectibles?
NFTs are the craze in the fresh world of digital assets. They use advanced cryptographic technology to make sure that a digital asset is yours forever.
NBA Top Shot uses these same tokens to capture NBA highlight moments. Instead of artworks, however, they’re turned forever as collectible cards in video format.
In the span of 6 months, these captured moments that were once worth $175,000 have increased to $20 million. Given how young the industry is and how it exploded into the mainstream, NFTs are looking primed for more.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.