Draft:Dapper Labs
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Submission declined on 2 March 2023 by Robert McClenon (talk).
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This draft has been resubmitted and is currently awaiting re-review. |  |
Comment: This draft is written from the viewpoint of the company, focusing on what the company says about itself. Corporate notability is based on what independent reliable sources have written about the subject.Not every business corporation is notable, and this draft does not establish corporate notability. You may ask for advice about corporate notability at the Teahouse. Robert McClenon (talk) 02:08, 2 March 2023 (UTC)
| Company type | Private |
|---|---|
| Industry | Web3 |
| Headquarters | |
Key people | Roham Gharegozlou (CEO, Founder), Dieter Shirley (CTO, Co-Founder), Mik Nayeem[1] |
| Website | dapperlabs |
Dapper Labs is a private blockchain, NFT and digital entertainment company known for developing CryptoKitties, NBA Top Shot and the Flow blockchain.
History
[edit]In 2018, it was announced that CryptoKitties would be spun off into its own company, Dapper Labs. Dapper Labs raised $15 million from several venture capital firms and angel investors, with the investment round being led by Venrock.[2] The success of CryptoKitties resulted in significant congestion on the Ethereum network where the game is housed, which prompted Dapper Labs to develop its own blockchain, named Flow.[3]
Dapper Labs' first NFT product was the NFT standard, ERC-721, with creation led by CTO Dieter Shirley.[4][5] Dapper Labs also developed the Dapper Wallet, allowing the purchase of NFTs with credit cards.[4]
Dapper Labs has created multiple marketplaces for major sporting leagues, selling video highlights in the form of digital collectibles via non-fungible tokens on the Flow blockchain. Most notably, the company partnered with the NBA and NBPA to create NBA Top Shot.[6][7] The company has also worked with the NFL and NFLPA (NFL All Day),[8][9] WNBA and WNBPA (WNBA Moments),[10] LaLiga,[11] and the UFC (UFC Strike).[12] Outside of sports, Dapper Labs built a marketplace for Genies[13] and worked with Dr. Seuss Enterprises on Seussibles!, a series of NFT collectibles.[14]
Litigation and investigation
[edit]In 2021, a class action lawsuit (Friel v. Dapper Labs) was filed against Dapper Labs, in which plaintiffs Gary Leuis, Jeeun Friel, and John Austin[15] alleged that NBA Top Shot Moments are unregistered securities.[16][17] In February 2023, the federal judge presiding over the case declined to dismiss the suit, writing that it is "facially plausible" that Moments are securities.[18] A settlement was eventually reached in June 2024, where the company agreed to pay US$4 million and change their business practices. More specifically, Dapper Labs decentralized the Flow blockchain, allowed Moments to be displayed, bought, and sold on other marketplaces, corrected withdrawal delays including updating customer wallets, enhanced AML/KYC protocols, increased withdrawal limits, and partnered with new payments and custody providers. The settlement also forced the company and its CEO, Roham Gharegozlou, to release control of reserve Flow tokens to the Flow Foundation and required Dapper Labs to train employees regarding marketing in compliance with securities laws.[19]
In 2024, Fortune reported that Dapper Labs was investigated by the Securities and Exchange Commission for unstated reasons. The investigation was terminated on September 29, 2023 and the SEC declined to release a set of recommendations associated with the report.[18]
Recognition
[edit]In 2022, Dapper Labs was recognized on CNBC's Disruptor 50 list,[1] Fast Company's Most Innovative Companies list,[20] and was awarded "Best in Sports Technology" at the Sports Business Awards.[21]
References
[edit]- ^ a b "Dapper Labs: 2022 CBNC Disruptor 50". CNBC. 17 May 2022. Retrieved 8 December 2022.
- ^ Takahashi, Dean (1 November 2018). "CryptoKitties creator Dapper Labs raises $15 million to build more blockchain cats". VentureBeat. Retrieved 7 December 2022.
- ^ "Two Years After Crashing the Ethereum Network, CryptoKitties Is Moving to New Blockchain". Daily Hodl. 22 May 2020. Retrieved 7 December 2022.
- ^ a b Laporte, Nicole (8 March 2022). "How Dapper Labs is making Web3 safe for normies with help from the NBA, UFC, and La Liga". Fast Company. Retrieved 7 December 2022.
- ^ "ERC-721 NON-FUNGIBLE TOKEN STANDARD". Ethereum.org.
- ^ Dean, Sam (16 November 2021). "Goodbye, Staples Center. Hello, Crypto.com Arena". Los Angeles Times. Retrieved 7 December 2022.
- ^ Perez, A.J. (20 May 2022). "NBA Top Shot Reaches $1B in Sales Amid NFT Market Downturn". Front Office Sports. Retrieved 8 December 2022.
- ^ Shea, Bill (29 September 2021). "NFL, NFLPA unveil NFT deal with Dapper Labs, producer of NBA Top Shot". The Athletic. Retrieved 7 December 2022.
- ^ Shea, Bill (18 August 2022). "'NFL All Day' is here: Can the NFL's version of NBA Top Shot work amid an NFT downturn?". The Athletic. Retrieved 7 December 2022.
- ^ Takahashi, Dean (25 August 2021). "Dapper Labs creates NFT-based WNBA Moments on Top Shot". VentureBeat. Retrieved 8 December 2022.
- ^ Fried, Ina (22 September 2021). "Dapper Labs raises $250M, strikes NFT deal with LaLiga". Axios. Retrieved 8 December 2022.
- ^ Dorsey, Avon (21 January 2022). "The UFC Taps Dapper Labs for Its First Foray Into the Metaverse". Hypebeast. Retrieved 8 December 2022.
- ^ Bambysheva, Nina (28 April 2021). "Dapper Labs Reveals Plans For Next NFT Marketplace After NBA Top Shot". Forbes. Retrieved 7 December 2022.
- ^ Chu, Gillian (December 19, 2021). "Dr. Seuss Enterprises Releases 'Seussibles!' NFTs". Hypebeast.
- ^ Lawler, Richard (February 22, 2023). "Was trading NBA Top Shots actually like trading stocks? A lawsuit will decide". The Verge. Retrieved 24 October 2024.
- ^ Quiroz-Gutierrez, Marco (April 24, 2023). "Trial of former OpenSea product manager could broaden regulators' definition of 'insider trading'". Fortune. Retrieved 24 October 2024.
- ^ Quiroz-Gutierrez, Marco (February 22, 2023). "Judge rules Dapper Labs can't dodge lawsuit on whether Top Shot NFTs are securities". Fortune.
- ^ a b Weiss, Ben (April 11, 2024). "The SEC investigated NBA Top Shot developer Dapper Labs, but decided to close case in September". Fortune. Retrieved 24 October 2024.
- ^ Rohrer, Eden L.; Hinkes, Andrew M.; Nichols, Jr., D. Mcnair; Durham, Joshua (June 12, 2024). "Does the Dapper Settlement Offer Rules of the Road for NFT Issuers?". National Law Review. Retrieved 24 October 2024.
- ^ "The World's Most Innovative Companies of 2022". Fast Company. 2022. Retrieved 24 October 2024.
- ^ Lemire, Joe (May 19, 2022). "Dapper Labs, With a Nod to NBA Top Shot, Takes Best in Sports Technology at Sports Business Awards". Sports Business Journal. Retrieved 24 October 2024.
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