Can You Invest in Dapper Labs Stock?
Dapper Labs stock may be a market hit for investors. And it’s possible that an initial public offering will come sooner rather than later. The Canadian blockchain technology company is securing hundreds of millions in private funding as their popular products are exploding on the market. Therefore, is a Dapper Labs IPO coming in the near future? Let’s take a closer look at this business who is at the forefront of the NFT craze.
Is Dapper Labs Stock Coming to the Market?
Dapper Labs was founded in Vancouver, British Columbia in February of 2018. However, it’s recently soared into the spotlight due to its popular creation, NBA Top Shot.
Non-fungible tokens (NFTs) are the latest craze in the investment space next to cryptocurrencies. And Dapper Labs is leading the charge.
It’s their mission to help blockchain technology realize its real-world potential. The company believes blockchain will “reshape how we use and interact with digital worlds.”
So, why are investors so eager for Dapper Labs stock to hit the market? It all starts with NBA Top Shot.
In fact, NBA Top Shot is the largest decentralized application (dApp) in the world. It gives customers the ability to own and sell NBA highlights.
The most expensive NFT sold on the site to date went for $208,000. In addition, there have been more than three million transactions worth over $500 million in total sales.
As you can see, the interest is exploding and investors are chomping at the bit over a potential Dapper Labs IPO. But at this current moment, the company is rapidly growing and private funding is coming in from a wide range of investors.
Dapper Labs recently secured $305 million in private funding that was led by private equity firm Coatue Management. Investors include many current and former NBA players, including the legendary Michael Jordan and superstar Kevin Durant.
This brings Dapper’s private funding to a total of $357 million. Originally, the private funding was expected to be around $250 million at a valuation of about $2 billion.
Dapper Labs IPO Potential
The potential for a Dapper Labs IPO is clear. And CEO Roham Gharegozlou has to know it. However, it’s still early days for the company.
Dapper is driving a new era of digital investing and piling up massive sales in the process. Unfortunately, it may be some time before Dapper Labs stock is available.
Since October of 2020, NBA Top Shot has amassed more than 800,000 accounts. Users purchase virtual cards in the form of a floating digital cube that includes an NBA highlight and a non-fungible token. It’s all backed by blockchain technology that certifies your purchases.
Common virtual cards can go for less than $10 apiece. Iconic moments, on the other hand, are going for hundreds of thousands of dollars.
Along with its private funding, Dapper Labs is partnered with Warner Music Group (Nasdaq: WMG), Ubisoft (OTC: UBSFY) and UFC. While Dapper Labs stock is not available, you can invest in a few of its partners.
Dapper Labs Products and Market Potential
It’s very rare to say the sky is the limit for a fairly new company with an unproven track record. Furthermore, NFTs are new to the market and there’s a lot of skepticism coming from traditional investors. But that isn’t stopping traders from considering the potential of Dapper Labs stock.
Dapper Labs has the financial support and sales to prove its worth. Outside of NBA Top Shot, the company also owns the second largest dApp in the world, CryptoKitties.
Customers collect and breed digital cats in the “world’s most successful blockchain game.” It currently has over $40 million in sales.
Dapper is also building a digital UFC collectibles platform that will be similar to NBA Top Shot. It’s already gaining interest due to the UFC’s iconic knockouts of the past that will certainly be available to own.
Investing in NFTs
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You will want to keep a close watch for a Dapper Labs IPO in the near future. The potential of Dapper Labs stock is through the roof due to the company’s popular NFT products.
About Corey Mann
Corey Mann is the Content Manager of Investment U. He has more than 10 years of experience as a journalist and content creator. Since 2012, Corey’s work has been featured in major publications such as The Virginian-Pilot, The Washington Post, CNN, MSNBC and more. When Corey isn’t focusing on Investment U, he enjoys traveling with his wife, going to Yankees games and spending time with his family.