The Non-fungible tokens (NFT) sector is on a high presently with massive mainstream adoption. It is the fastest-growing of all crypto subsectors, rising by 2100% to be worth $2 billion in the first quarter of the year alone.
Just as with the overall crypto space, where startups have raised $19 billion already this year, emerging companies in the NFT industry are also enjoying the dividends in terms of more funding.
Two NFT startups focused on sports, Dapper Labs and Sorare, recently raised $930 million through their combined funding rounds. More than anything, this shows that investors are still much interested in crypto companies and expect massive growth from them.
Dapper Labs, the company behind the famous crypto kitties and, more recently, NBA Top Shots which are digital basketball trading cards, announced that it raised $250 million in a Coatue-led funding round.
Other notable investors in the round include the Mary Meeker-led investment firm, Bond and Singapore sovereign wealth fund, GIC. With this new investment, the Canadian based startup is now $7.6 billion, according to a source that will rather stay anonymous.
On the other hand, the NFT-infused fantasy soccer game platform, Sorare also announced that it raised $680 million in a massive funding round led by SoftBank.
Other major participants include investment firms like Eurazeo and D1 Capital and VCs such as Atomico, IVP and Bessemer Ventures. Apart from corporate investors, soccer players such as France’s Antonine Griezmann and legendary England defender Rio Ferdinand are also involved.
According to the official sources, the company now has a $4.6 billion valuation. This makes it the most valuable private tech firm in France and one of Europe’s most valuable startups.
Notably, both firms revealed that their plans were to make use of their new funding to improve the sector and also push for the mainstream adoption of NFTs.