Sports NFT platforms have racked up nearly $1 billion in funding this week alone, despite market slump
- Sorare raised $680 million yesterday in a Series B funding round.
- Dapper Labs also raised $250 million, which will be used to expand the NBA Top Shots platform.
- Sorare and Dapper Labs both plan to expand their existing marketplaces using their respective funds.
Sports-themed non-fungible tokens (
Yesterday, French NFT trading card game platform Sorare raised $680 million, alongside popular
While Sorare and Dapper Labs have obviously made the news, sports-based NFT platforms are coming up elsewhere too. In India, five-month old
Another platform called
Sorare and Dappe Labs expand
While the Indian platforms are just starting off, Sorare and Dapper Labs are expanding operations. Yesterday’s funding was part of a Series B round for Sorare and it was led by one of the biggest tech funders in the world today — Softbank.
Cointelegraph reported that Sorare plans to partner with the top 20 professional soccer leagues in the world, and 50 international football associations. NFTs will be minted for both men’s and women’s teams.
AdvertisementOn the other hand, Dapper Labs said its funding will be used to license NFT projects across sports, music and entertainment. The platform will scale up its NBA Top Shot platform, which has already seen over $10 million worth of transactions, according to Dapper’s website. NBA Top Shots ranks at number 19 in blockchain tracking platform DAppsRadar’s rankings for the top NFT platforms in the world.
Issues may arise
But despite these funding rounds, investors may want to take cognizance of the fact that the NFT space still needs regulation, not just from governments but also the platforms themselves. Earlier today, Cointelegraph reported that NBA star John Wall had been accused of ripping off artwork from popular battle royale game Fortnite.
As we reported earlier, the NFT space has also seen instances of insider trading, frauds and more. On September 15, the world’s largest NFT marketplace OpenSea admitted that one of its senior employees had been involved in a case of insider trading. “This is incredibly disappointing. We want to be clear that this behavior does not represent our values as a team,” OpenSea said in a statement.
For a more in-depth discussion, come on over to Business Insider Cryptosphere — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve.
The crypto market is climbing its way back to $2 trillion
Take this quiz to find out how well you know your famous quotes about blockchain and Bitcoin
South Korea’s crypto regulations are tightening around investors and exchanges alike
Popular on BI
- 'Harry Potter' had a chance to represent Indian kids like me, but all we got were Parvati and Padma Patil's atrocious Yule Ball outfits
- Manchester United owners are getting drawn to the world's biggest cricket league – here's why
- Elon Musk sparks another Shiba Inu rally ‘to the moon’ — other Shiba coins follow suit
- IPL teams are reportedly launching fan tokens, which will give followers a bigger say in club decisions
- Google now wants to teach you a new word daily with this new feature
- Samsung Galaxy Z Flip 3 review – foldable phones are ready for the mainstream
- COVID-19 pandemic killed 80,000-180,000 health workers till May 2021, says WHO
- Dutch investigators hack Tesla's driving storage system, finds more data than previously known