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Dapper Labs
Media & Entertainment
Dapper Labs is a Vancouver-based blockchain company known for creating CryptoKitties and NBA Top Shot, and for developing the Flow blockchain designed specifically for consumer applications and digital collectibles.
-$175.73
97.32%
30 days ago
$180.57
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Dapper Labs was founded in 2018 by Roham Gharegozlou, spinning out of a prior blockchain gaming studio, and rose to prominence with CryptoKitties, a blockchain-based game launched in 2017 that let users breed, collect, and trade unique digital cats represented as non-fungible tokens (NFTs) on the Ethereum blockchain, a project widely credited with popularizing the NFT concept and, at its peak popularity, generating enough transaction volume to noticeably congest the Ethereum network, an early demonstration of both the appeal and the technical scalability challenges of consumer-facing blockchain applications running on existing general-purpose blockchains. Drawing on the technical lessons learned from CryptoKitties' congestion issues, Dapper Labs developed its own blockchain, called Flow, specifically designed to support consumer-scale applications with better performance and targeting lower transaction costs than Ethereum could offer at the time, and built its most commercially successful product on top of Flow: NBA Top Shot, a platform launched in partnership with the National Basketball Association that sells and lets fans trade officially licensed digital collectibles, called "Moments," featuring video highlight clips from NBA games, represented as NFTs. NBA Top Shot achieved enormous popularity and trading volume during the 2020-2021 NFT market boom, helping Dapper Labs reach a peak valuation of roughly $7.6 billion, though like most of the NFT and broader crypto collectibles market, Top Shot's trading volume and secondary market prices declined substantially from their 2021 peak as speculative interest in NFTs cooled industry-wide. The company has pursued additional licensed digital collectible partnerships beyond the NBA, including with other sports leagues and entertainment properties, while continuing to develop the Flow blockchain as broader infrastructure intended to support consumer applications beyond just Dapper Labs' own products. The company has raised substantial venture funding from investors including Andreessen Horowitz, Coatue, and Union Square Ventures.
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