Dibbs acquired a seed funding of $2.8 million. The NFT vendor will scale operations to cover new locations and include other sports and card types.
There’s a lot of buzz surrounding NFTs lately. Millions of dollars are being splurged daily to acquire digital arts, collectibles, and the likes. It sure doesn’t seem like the NFT craze will fade off soon. Startups like Dibbs are keeping up the steam.
Dibbs To Expand NFT Operation with New Funding
The Los-Angeles based company has secured fresh funding, according to Forbes. Dibbs raised about $2.8 million in seed capital to facilitate expansion. New York-based Courtside Ventures led the funding. The company is renowned for partnering with start-ups in the sports, digital media, fitness, and gaming industries. JDS Sports, Founder Collective, and notable sports personalities supported it.
The injected capital will enhance the reach and expand the company’s operation beyond the country’s shores. It also targets other sports and more varieties of cards.
Dibbs prepares to launch its app next month, but it has already amassed an impressive number of users. About 4,000 users are already onboard, while 35,000 joined the waiting list.
Can’t afford a whole card? Go Fractional
Card collectibles are selling for jaw-dropping figures amidst the NFT hysteria. Logan Paul’s pokemon cards recorded $3.5 million in sales in one day. They also sold a Luka Doncic rookie card for $4.6 million this month. New entrant, BBC’s Doctor Who, announced plans to launch its own trading card.
The current frenzy means that these whopping figures may appear to be a bargain in the next few years.
Dibbs aims to ensure that NFT enthusiasts who can’t afford these enormous sums are not left out. They will allow for cards to be sold in fractions rather than as a whole. This way, users can lay claims to coveted collectibles.
The card, however, will be escrowed to a third-party vault until it somehow has enough to buy out the other stakes.
Continuous Growth Trajectory for NFTs
The NFT markets have experienced explosive growth and show no signs of slowing down.
NBA Topshots remain a force to reckon with in the industry. It has held on to the top spot on Cryptoslam‘s ranking. The NFT has generated over $210 million in the last 30 days.
Second-placed CryptoPunks continues to gain momentum. A CryptoPunk alien was sold for 4200 ETH ( $7.56 million at the time) on March 11, 2021. The record-breaking sale saw its momentarily displace NBA Topshots on the 24-hour sales.