Dapper Labs, the Vancouver-based company behind the hugely popular NBA Top Shot blockchain-based game, has completed a very successful $11.4 million funding round. This investment will power the continued expansion of the Flow blockchain. It will further unlock an entirely new ecosystem that combines the best of Telegram mini-apps with the capabilities and robustness of EVM (Ethereum Virtual Machine) blockchains. Prior to this latest funding round, Dapper Labs raised $250 million at a $7.6 billion valuation back in September 2021. Moreover, in April 2023 they won another $5 million to further fund their blockchain-based cloud gaming infrastructure.
Andreessen Horowitz led the funding round, further highlighting the high investor confidence in Dapper Labs. Their vision and ability to execute and innovate in the blockchain gaming space are phenomenal. Dapper Labs is leveraging its experience with NBA Top Shot and the Flow blockchain to create a comprehensive ecosystem for developers and users alike.
Dapper Labs has raised a new funding round to continue development of the Flow blockchain. They envision an ecosystem that brings the immediate, near-zero barrier to entry of Telegram mini-apps together with the rich, complex capabilities of EVM blockchains. This industry-wide initiative removes many barriers to establish a supportive and flexible environment for developers to innovate and deploy new blockchain-based applications. Concurrently, it’s able to make sure users have a frictionless experience.
Dapper Labs is the creator of NBA Top Shot, a crypto-collectibles game using the Flow blockchain. The virtual player-card based game allows users to buy, sell and trade officially licensed NBA digital collectibles. These collectibles are officially licensed and exist as non-fungible tokens (NFTs). During the pandemic, NBA Top Shot found itself with a different sort of user base, having recently gone viral. This influx was essential for the expansion of the Flow blockchain ecosystem.
Flow, another blockchain developed by Dapper Labs, is supposed to handle high-throughput applications like games and digital collectibles. While in its testnet phase, Flow created more than 2 million wallets, a true testament to its scalability and ability to handle mass adoption. Flow’s architecture makes it ideal for disruptive, consumer-scale decentralized applications, from games to metaverses and beyond.
With Community 3, Dapper Labs is creating an ecosystem that will take the virality potential of Telegram mini-apps and match them with the market-leading EVM blockchain environment. This strategy draws on the unique power of each platform. The goal has been to produce a more visually appealing and user-friendly interface and experience. Dapper Labs brings all these elements together to unfold the features to appeal to a wider audience. They want to encourage groundbreaking innovation among blockchain gaming projects.
Dapper Labs is not only a leader in blockchain gaming, they’ve proven that they can succeed. Evangelized by their first hit product NBA Top Shot and the explosive growth of the Flow blockchain, their successes are on full display. The company’s vision and potential was further solidified by their recent ability to attract investment from notable forerunners Andreessen Horowitz.
Dapper Labs announced $5 million raised back in April 2023 to develop its own blockchain-based cloud gaming infrastructure. This investment was all about improving the Flow blockchain’s ability to support and grow cloud gaming applications on the chain. They primarily used the funds to improve the performance and scalability of the Flow network. This upgrade boosts its value as a platform for game developers even further.
We at Dapper Labs are creating an amazing ecosystem as we speak. This will combine the viral appeal of Telegram mini-apps with the widely recognized powerful EVM blockchain environment. This ecosystem unlocks the potential of today’s developers, connecting them to a powerful yet easy-to-use platform for building and deploying blockchain-based applications. Along with that, it enriches user journeys with more dynamic and rewarding experiences. Together these features will incentivize millions of developers and users to embrace the Flow blockchain. Beyond that, they’ll raise the profile of Dapper Labs’ products far and wide.
Dapper Labs most recently raised $250 million in September 2021, giving the company a valuation of $7.6 billion. This new funding round highlighted the company’s explosive growth and its status as a leader within blockchain gaming. We employed that capital to further develop the Flow blockchain and expand the NBA Top Shot ecosystem. Beyond that, we dipped our toes into the thrilling, uncharted waters of the new digital collectibles frontier.
Dapper Labs’ Flow blockchain has played no small role in the success of NBA Top Shot and other blockchain-based applications. Its unique architecture and focus on scalability makes it particularly well-suited for high-throughput applications like games and digital collectibles. The Flow blockchain is still maturing, with active development of new tools and features designed to make the blockchain faster, more secure, and easier for developers to use.
Dapper Labs meanwhile is constructing an ecosystem — one that’s ultimately looking to connect the dots between traditional gaming and the promise of blockchain tech. Dapper Labs is committed to delivering a more inclusive, accessible and empowering experience for developers and players alike. They will do so by combining the accessibility of Telegram mini-apps with the powerful functionality of EVM blockchains. This ecosystem of developers, players and creators has the power to accelerate the adoption of blockchain gaming and unlock new horizons of creativity and innovation.
