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Why can Dapper Labs become an NFT unicorn with a valuation of $2.6 billion?



From explosive applications to solid bottom layers. On March 30, Beijing time, Dapper Labs, the development team of the chain game "NBA Top Shot", announced the completion of financing of 305 million US dollars, and the post-investment valuation rose to 2.6 billion US dollars. This round of financing was led by the investment institution Coatue, and the participants included NBA stars Michael Jordan, Kevin Durant, Andre Iguodala, Kyle Lowry, Spencer Dinwiddie, etc. Previously, Dapper Labs had received $11.4 million in financing in 2020, with participation from Coinbase Ventures, Andreessen Horowitz, Animoca Brands, Union Square Ventures, and Distributed Global. Although the encryption market has entered a bull market and the amount of project financing continues to rise, Dapper Labs’ current round of financing is still ranked among the top three in the market, second only to Bitmain (US$1 billion invested in 2018) and BlockFi (US$350 million raised in 2021) . From "CryptoKitties" in 2017 to "NBA Top Shot" in 2020, Dapper Labs has become the number one unicorn in the NFT field in less than 3 years. Improve products, develop mobile games "How new technologies can quickly change the landscape between media and fans, I think "NBA Top Shot" is one of the best ways I have seen. We are very happy to see the Flow block Blockchain and use the platform to connect with fans in a new way,” said NBA star Kevin Durant, who participated in this round of investment through his holding company 35 Ventures. As the current flagship product of Dapper Labs, NBA Top Shot is undoubtedly an important reason for attracting many stars to participate in the investment. Delphi Labs launched an open source software package that can integrate Cosmos wallets into multi-chain DApps: Jinse Finance reported that Delphi Labs announced the launch of Shuttle, an open source software package that can integrate Cosmos wallets into multi-chain DApps. Delphi Labs said that Shuttle allows developers to focus on core DApp logic instead of integrating new wallets or chains. [2022/11/18 13:21:23]NBA Top Shot is an NBA player collection card platform, but what is collected is not the traditional physical player card, but a wonderful moment in a player’s career (called Moment, Moment may be a short video of a three-pointer, dunk, assist, etc.) uploaded to the blockchain to make a unique NFT, and players can buy, sell, and display NFT products. From the data point of view, NBA Top Shot has a strong market appeal, and it has created a wave of NFT collection fever among fans. At present, the highest unit price in the game is the instant NFT of the dunk shot by LeBron James (LeBron James) in the game against the Houston Rockets on February 6, 2020, and the price is quoted at 250,000 US dollars. This number has far exceeded the general physical fan card. LeBron James dunk moment Since the release of the public beta in October last year, in the past six months, the total sales of NBA Top Shot have reached nearly 500 million US dollars, with 826,000 registered accounts, of which 338,000 accounts hold NFT (i.e. generate at least one transaction). Especially in the past two months, the number of users has increased by 20 times, and the transaction volume has also shown explosive growth: the sales in March were 221 million US dollars, and the total sales in February were 232 million US dollars, compared with 44 million in January. The dollar has grown more than fivefold. Due to the surge in users and the lack of official audit staff, users' withdrawals were also blocked, and a large amount of funds were deposited in the NBA Top Shot account. This level of popularity also makes the official have to adopt certain restrictions, such as suspending website registration, and only buying 1 Moment every 2 hours. Dynamics | Ethereum users increased by 82% year-on-year and will continue to dominate the DApp ecosystem in 2020: According to Dappradar, compared with January 2019, Ethereum DApps are off to a good start in 2020, with the number of daily active-zce unique wallets The user base grew by 82%. TRON is growing in 2020, with a 33% increase in user base compared to January 2019. EOS saw an increase in January 2020 compared to January 2019, but its daily active-zce users decreased by 61%. Additionally, the largest Ethereum category, Gaming & Marketplace, saw a 163% increase in January 2020 compared to January 2019. [2/11/2020] Roham Gharegozlou, CEO and founder of Dapper Labs, told Forbes that Top Shot has tripled the size of its fraud prevention and compliance team in the past two weeks, with plans to open in the next week. Double that for eased user pressure. The funds obtained from this round of financing will also be used to further solve the above problems and add new features to Top Shot. According to Dapper Labs official disclosure, it is developing a mobile game called "NBA Hardcourt", which will land more user scenarios for "NBA Top Shot". For example, in mobile games, players can conduct team duels and bring Moments from "NBA Top Shot" to the court to provide energy for the team, or display their collections in the physical world through TV screens, VR, AR and other products Taste. The initial success of "NBA Top Shot" has inspired people's confidence in NFT. Dapper Labs also expects to use this financing to cooperate with other IP holders in the sports and entertainment fields (purchase copyrights) to replicate the successful model of Top Shot. Currently, Dapper Labs has announced partnerships with the WNBA and UFC. (Odaily Planet Daily Note: WNBA is a professional women's basketball league hosted by the American NBA; UFC is the Ultimate Fighting Championship, which is currently the world's top and largest professional mixed martial arts event.) News | EOS Dapp has 13,836 active-zce users and a transaction volume 74.25 million yuan: According to DappReview data, there are 13,836 active-zce users of EOS Dapp, with a transaction volume of 74.25 million yuan (+1%); 22,698 active-zce users of Tron Dapp, with a transaction volume of 71.66 million yuan (+91%); 14,987 active-zce users of ETH Dapp people, the transaction volume is 30 million yuan (-5%). Dapp transaction volume in the past 24 hours: the highest EOS is "Whale Exchange" (a transaction volume of 140 million yuan); the highest Tron is "WINk" (a transaction volume of 53.82 million yuan); the highest ETH is "MakerDAO" (a transaction volume of 15.06 million yuan); million yuan). [2019/12/30] "In the encryption industry, very few teams can successfully develop blockchains, wallets, and launch popular applications at the same time. The Dapper Labs team has accomplished these tasks very well. I think most people have not realized it yet. until they are on their way to success,” said Fred Wilson. He is the co-founder of venture capital firm Union Square Ventures, and participated in Axiom Zen (the predecessor of Dapper Labs) A round of investment in 2017. This round of investment, the most concerned than the investment institutions, including various sports stars. The lead investor is hedge fund Coatue, founded in 1999 and headquartered in New York. In the past 20 years, Coatue's management scale has spanned from 45 million to 19 billion US dollars. It has long-term bet on the TMT track, and its top ten companies are all in the Internet technology field. For Chinese people, Didi Chuxing, Mafengwo, Meituan Dianping, VIPKID, ByteDance, Heytea, etc. invested by Coatue are also familiar brands. More importantly, Coatue's investment philosophy has always been to only invest in "leading" companies in a certain field. In 2018, Coatue participated in investing in Bitmain, the number one mining company in the encryption mining circle. Today, Coatue leads this round of financing, which also means that Dapper Labs is regarded as the number one company in the NFT field. News | Casino game DApp Crazy House to launch on Loom Network: Loom Network (Loom), a blockchain ecosystem for games and social applications, announced on Saturday that the casino game DApp Crazy House will be built on its network. Crazy House plans to launch a variety of gambling games, including competitive tournaments, cryptocurrency prizes, and airdrops. A beta version of Crazy House's first game, Biker Bolt, a space-themed race, is currently in "demo mode" on the platform. Crazy House aims to incentivize user adoption and will be holding a 3-week Biker Bolt Championship starting this week with $450 in DAI. (Sludgefeed) [2019/10/6] The participating institutions are mainly sports stars and entertainment stars. The specific investment list is as follows: NBA stars: Michael Jordan, Kevin Durant, Andre Iguodala, Kyle Lowry, Spencer Dinwiddie, Andre Drummond, Alex Caruso, Michael Carter-Williams, Josh Hart, Udonis Haslem, JaVale McGee, Khris Middleton, Domantas Sabonis, Klay Thompson, Nikola Vucevic… MLB legends: Nolan Arenado, Tim Beckham; League (NFL) stars: Thomas Davis, Stefon Diggs, Dee Ford, Malcom Jenkins, Rodney McLeod, Jordan Matthew, Devin McCourty, Jason McCourty, DK Metcalf, Tyrod Taylor, Trent Williams; analysis | 11 new DAPP IDEX transactions on ETH Highest: According to dappradar data, as of 9:00 on November 28, there are 1,239 ETH DAPPs; 179 EOS DAPPs; and 14 TRON DAPPs. The ETH DAPPs with the largest trading volume in the past 24 hours are: IDEX (exchange, trading volume 4640.96 ETH, 1003 users); (gaming, trading volume 2466.74 ETH, number of users 90); ForkDelta (exchange, trading volume Amount of 1222.16ETH, 627 users). The EOS DAPPs with the most trading volume in the past 24 hours are: BetDice (gambling, trading volume 4595871 EOS, users 2436); EOSBet (gaming, trading volume 1686168 EOS, users 1207); Fastwin (others, trading volume 1451639 EOS, users 656). ETH DAPP has 11 new DAPPs; EOS DAPP has no new DAPP; TRON DAPP has 1 new DAPP. [2018/11/28] Other companies: 93 Ventures, Ashton Kutcher, Guy Oseary, Sound Ventures, Dreamers VC, AG Ventures; Rapper: 2 Chainz. Behind the shining of the capital, some people will ask, is Dapper Labs' valuation of 2.6 billion US dollars reasonable? My answer is: not overrated. First of all, "NBA Top Shot" created by Dapper Labs has completely changed the traditional fan economy and re-established the connection with fans. In the past, for physical cards, the NBA may charge royalties when selling cards for the first time, but it will not increase the income of the second transaction; and through Top Shot, the NBA and the Players Association can obtain commissions in both the first transaction and the second transaction. The specific implementation method is that Dapper Labs will take a 5% fee from each transaction and distribute these proceeds to the NBA and the National Basketball Players Association. According to official website data, Dapper Labs has contributed $49 million to the NBA and the Players Association so far. More importantly, Top Shot can not only bring economic value to ordinary fans, but also reflect the loyalty and participation of fans. Among the more than 3 million transactions in the past, 1 million transactions were between 10 and 50 US dollars, and the users were extremely active; in addition, 90% of the NFT transaction prices reached six figures were not resold, but For collection. Secondly, at present, "NBA Top Shot" has completely gone out of the circle and penetrated into the world of traditional fans. Taking China as an example, the number of pan fans in China reached 482 million in 2018, of which the number of core basketball fans reached 143 million, and the number of global basketball fans is about 1 billion.


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