Crypto News

Dapper Labs Valued At $2.6 Billion Amidst Major NFT Market Cap Increase

NFT market cap increases amidst Dapper Labs $2.6 Billion valuation

Long Beach (CoinChapter): NFTs continue to be the fastest surging entity within the crypto industry. In less than three months the combined market cap of all major NFT projects has increased by 1,785%. With Dapper Labs recently being a $2.6 billion valuation.

One of the biggest names involved in NFTs has been digital artist Beeple. His most high profile piece sold for more than $69 million, a record for a single NFT.

There have been a number of celebrities to jump into the NFT world including the likes of Patrick Mahomes, Mark Cuban, and Lindsay Lohan. In the world of sports however, Dapper Labs’ NBA Top Shot is is at the top of the food chain.

Just five months into its open beta, NBA Top Shot has handled more than three million transactions and $460 million in sales. This, of course, has led to much more investor interest in the blockchain collectibles company.

Dapper Labs Raises $305 Million

Dapper Labs’ latest round of funding raised $305 million and was led by investment firm Coatue. According to Forbes, someone with knowledge of the deal says Coatue valued the company at $2.6 billion. “It’s just more fuel in the tank,” Roham Gharegozlou, Dapper Labs’ CEO told Forbes. He also characterized the funding as “a big bet on open platforms.”

Additionally, gaming company Atari recently joined in as well, giving retro-gamers a chance to re-live amazing times with classic games ‘Centipede’ and ‘Pong.’ They aren’t alone in this space however.

There are numerous NFT projects to rise in recent months

THETA, ENJ, and SAND are some of the numerous NFT or blockchain gaming projects to rise in recent months. As a result, NFT marketplaces like Rarible and OpenSea have seen sales rise massively over the past three months.

Marketplaces, insurance, fractionalization, trading, and indices are considered to be the most heavily invested areas within the market. Should this continue, two NFT sectors are likely benefit the most from it: NFT marketplaces, blockchain gaming studios, and layer one blockchains targeting NFTs.

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Corey Hansford CoinChapter
Corey Hansford

Corey has been involved in media and writing since graduating from the illustrious Howard University with a degree in Broadcast Journalism. While relatively new to the cryptocurrency world, he has been writing since 2012 with most contributions coming in the sports world on websites such as LakersNation.com and DodgerBlue.com. Corey is also an avid sports fan who closely follows the Lakers, Cowboys, Dodgers, WWE, and UFC.

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