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Dapper Labs Closes Token Sale With $18M Earnings

Dapper Labs Closes Token Sale With $18M Earnings

Dapper Labs recently announced the close of its token sale wherein it amassed up to $18 million prior to launching its blockchain-based NBA Top Shot collectible game.

According to the announcement, up to 13,000 participants joined in the endeavor.

The token sale consisted of two main parts, namely a community sale and an auction. The community sale ensured a decentralized allocation of user tokens. Each user received 10,000 tokens, subject to a lock-up period of two years.

For the first year, unlocked tokens reached to 50%. At the end of year two, the remaining amount will also be unlocked. At this phase, Dapper Labs raised nearly $9 million, wherein roughly 2,500 users participated in the community sale from over 100 countries.

During the auction, all participating users registered to provide bids in a maximum of 2 days for 2% of the tokens within the genesis block. Dapper Labs offered this unique feature. Thus, users were able to survey the remaining token allocations.

The phase 2 auction experienced a lock-up period for almost a year. 100% of the tokens will certainly be unlocked at the end of the second year. In this phase, about $9.5 million were raised with a $0.38 closing price per token.

NBA Top Shot games drive consumer adoption to a mainstream audience. With this in mind, Dapper Labs enabled validators, developers, and participants to engage in its FLOW blockchain network. More so, they can earn loyalty rewards and buy other in-game products.

Collins Adane is a writer who follows the crypto industry closely. He loves fish stew and Real Madrid. He believes in cryptocurrency’s potential to transform the money landscape in his native country Ghana.