How Dapper Labs works
What is Dapper Labs
The blockchain technology business Dapper Labs specialises in developing and deploying non-fungible tokens (NFTs) and decentralised apps (dApps). The business was established in 2018 and has its headquarters in Canada’s Vancouver.
The blockchain-based game CryptoKitties, which enables users to gather, breed, and trade virtual cats, is the most well-known product of Dapper Labs. After being released in late 2017, the game immediately became viral, with some CryptoKitties fetching as much as $100,000.
Since then, Dapper Labs has created several well-known blockchain-based games, such as NBA Top Shot, which enables players to accumulate and exchange digital basketball highlights in the form of NFTs.
Flow is a blockchain protocol developed by Dapper Labs that aims to be quick, safe, and developer-friendly. Many well-known dApps and NFT marketplaces use Flow, and Dapper Labs intends to keep developing the platform to enable a broad spectrum of decentralised apps.
The history of Dapper Labs
A group of business owners and developers that were curious about the possibilities of blockchain technology for developing novel forms of digital experiences launched Dapper Labs in February 2018. CEO Roham Gharegozlou, CTO Dieter Shirley, and Chief Cryptography Officer Don Song were a few of the company’s founders.
CryptoKitties, a blockchain-based game that let users gather and breed virtual cats using Ethereum smart contracts, was the company’s first significant offering. After its November 2017 launch, the game swiftly gained popularity, with some CryptoKitties fetching prices in the tens of thousands of dollars.
In a fundraising round headed by Andreessen Horowitz in which Union Square Ventures and Venrock also participated, Dapper Labs raised $12 million in March 2018. The money was used by the business to hire more employees and create fresh goods.
The National Basketball Association (NBA) and Dapper Labs collaborated to develop NBA Top Shot, a blockchain-based platform for collecting and selling officially licenced NBA highlights as non-fungible tokens (NFTs). This relationship was launched in 2019. In October 2020, NBA Top Shot was made available in beta. Since then, it has become a huge hit, with certain NFTs fetching millions of dollars.
In a funding round led by Coatue Management and including a number of additional investors in March 2021, Dapper Labs secured $305 million. In addition, the business disclosed intentions to grow its staff and create fresh goods and services for its Flow blockchain platform.
With a growing portfolio of solutions and collaborations with well-known firms and organisations, Dapper Labs is currently among the top businesses in the blockchain and NFT sectors.
How Dapper Labs works
The blockchain technology business Dapper Labs specialises in developing and deploying non-fungible tokens (NFTs) and decentralised apps (dApps). The company’s main priorities are developing engaging user experiences and the infrastructure required to enable them.
To accomplish its objectives, Dapper Labs makes use of a number of crucial technologies, including blockchain, smart contracts, and cryptography. Flow, the company’s core blockchain technology, aims to be quick, safe, and developer-friendly.
Hierarchical Proof of Stake (HPoS), a novel consensus method, is used by the proof-of-stake blockchain Flow. This enables Flow to retain high levels of security and decentralisation while processing a huge number of transactions rapidly and effectively.
Smart contracts are another tool that Dapper Labs utilises to develop new categories of decentralised software and services. On the blockchain, smart contracts are self-executing programmes that enable developers to build complicated apps that can communicate with one another in a secure and trustless way.
NBA Top Shot, a blockchain-based platform for gathering and selling properly licensed NBA highlights as NFTs, is one of Dapper Labs’ most well-known products. Users of NBA Top Shot can purchase, sell, and trade NFTs in an anonymous and safe manner because of the usage of the Flow blockchain as its foundation.
Decentralised applications, blockchain technology, and NFTs are the foundation of the new digital economy that Dapper Labs is working to create. The business wants to develop engaging user experiences that are open, safe, and available to everyone.
Can Dapper Labs be trusted
Dapper Labs has established a strong reputation within the blockchain and NFT industries and has been trusted by millions of users around the world. The company has built a number of popular and successful products, including CryptoKitties and NBA Top Shot, which have been widely used and enjoyed by players and collectors.
One of the key reasons for Dapper Labs’ success is its focus on security and transparency. The company uses advanced cryptography and other security measures to protect users’ data and assets, and it is committed to maintaining high levels of transparency in its operations.
Dapper Labs also has a strong track record of working with partners and customers to ensure that their needs are met and that their data is kept secure. The company has established partnerships with a number of major brands and organisations, including the NBA, and it has a growing network of developers and creators who use its products and services.
While no company can guarantee 100% security or trustworthiness, Dapper Labs has taken steps to minimise risk and establish itself as a reliable and reputable player in the blockchain and NFT industries. Users who are interested in using Dapper Labs’ products or services should take the time to do their own research and make an informed decision based on their own needs and risk tolerance.