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Dapper Labs–USDC Integration Helps NBA Collectibles Game Clear $2M in Revenue Since June
Gamemaker Dapper Labs is using Circle's dollar-backed stablecoin USDC as a global settlement solution for its non-fungible tokens (NFTs).
By Paddy Baker
Updated May 9, 2023, 3:11 a.m. Published Sep 15, 2020, 4:15 p.m.
Gamemaker Dapper Labs is using Circle's dollar-backed stablecoin, USDC, as a global settlement solution for its non-fungible tokens (NFTs).
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The firms announced Tuesday the move allowed Dapper Labs to add fiat payment options to its website for the first time. The startup's current flagship offering, NBA Top Shot, launched in June and has clocked $2 million in revenue and 58,081 transactions, according to data shared with CoinDesk.
The game relies on NFTs, a special type of cryptocurrency where every single token is unique and individual, making them ideal for collectible cards or digital art. The embrace of USDC on Dapper's back-end is another bid by the firm to court mainstream users by reducing the friction associated with cryptocurrency payments.
Dapper Labs, which was behind the popular CryptoKitties game that choked the Ethereum blockchain in 2017, said supporting fiat currencies lets the company appeal to the broader collectibles market. Ethereum's scaling issues drove Dapper Labs to launch its own Flow blockchain earlier this year.
"We're proud to work with Circle in building an amazing payments experience for all our customers on Flow, starting with NBA Top Shot," Dapper Labs CEO Roham Gharegozlou said a statement.
Read more: Circle Gets $25M From DCG to Drive USDC Mainstream
Circle released a suite of e-commerce services earlier this year for facilitating faster payments by using USDC for settlements.
Having launched in September 2018, USDC's market cap has doubled by $1 billion in the past two months, surpassing $2 billion on Monday, according to CoinGecko.
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Foundation behind restaking protocol EigenLayer plans bigger rewards for active users
An Incentives Committee would direct programmatic token emissions, focusing allocations on participants that secure AVSs and contribute to the EigenCloud ecosystem.
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