Michael Jordan and Will Smith have joined a $305 million fundraising round for NBA Top Shot creator Dapper Labs.

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Basketball star Michael Jordan and Hollywood celebrity Will Smith are among the participants in Dapper Lab’s new round of investment.

Dapper Labs, the developer of NBA Top Shot, has raised about $305 million in a recent investment round from investors.

According to a report on Tuesday, the funding round included former and present NBA stars such as Michael Jordan, Alex Caruso, and Kevin Durant. The Chernin Group and Will Smith’s venture capital company Dreamers VC were among the other founders.

Dapper Laboratories’ value has recently risen to $2.6 billion as a result of this new funding round. As previously recorded by Cointelegraph, as of the end of February, NBA Top Shot had grossed $230 million in revenue.

According to a Dapper Labs spokesperson cited by Business Insider, NBA Top Shot’s overall gross reached $483 million in March trading numbers, with more than 802,000 users on the site.

Indeed, the NBA Top Shot boom is a component of the latest buzz around non-fungible tokens, or NFTs. Earlier this month, an NFT collector allegedly turned down a $1 million bid for an NBA Top Shot NFT that he had purchased for $100,000 in January.

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Dapper Labs CEO Roham Gharegozlou reported on the platform’s success:

“NBA Top Shot is successful because it taps into basketball fandom — it’s a new and more exciting way for people to connect with their favorite teams and players.”

Following the popularity of NBA Top Shot, Gharegozlou claims that Dapper Labs is aiming to apply the “same charm” to other sports franchises. Dapper Labs signed a contract with MMA promoter Ultimate Fighting Championship in February 2020. (UFC).

Dapper Labs have developed CryptoKitties, one of the first NFT ventures to gain traction in the cryptocurrency room. The digital cats breeding game is the biggest Ethereum-based decentralised programme at the height of the CryptoKitties craze.

Meanwhile, NFTs seem to be getting more popular, with Saturday Night Live recently introducing a rap sketch in their regular satirical tone to clarify the latest multimedia collectable phenomenon.


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