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Developers of Cryptokitties Receive Heavy Investments from the World’s Biggest Organizations

Dapper Labs, the developer of one of the world’s first blockchain based virtual game, Cryptokitties, is looking forward to move up the ladder and has also received some heavy investments from the world’s leading organizations.

The company has continued working on Cryptokitties even after spinning out of the parent company, Axiom Zen, and has also received an investment of $15 million, led by Venrock, followed by contributions from Google’s GV and Samsung Next.

What could be the reason behind receiving funds this huge? Well, the answer to that follows in our article.

After receiving funds worth of $12 million from a16z and Union Square Ventures, Dapper Labs has successfully gained attention of the big fish in the industry, summing up a total of $27 million of funds.

The partner in Venrock’s New York City office, Mr. David Pakman explained why he felt the urge to fund Dapper Labs was not a bad idea after all, stating:

For the first time we can make scarce digital items, and I think that can usher in a mega-market of digital collectibles.

Pakman believes it has not happened before that such rare digital items could be made, this has given rise to receiving funds of that caliber and this could lead its way into a mega-market for sure.

Venrock is not known for investing in blockchain or crypto related activities, it surely finds some potential in the Cryptokitties, where Pakman assumes that blockchain allows users to perform activities online which they could only do offline and that is gathering things not readily available.

The idea of Cryptokitties has gotten the big names in the technical industry thinking, and has urged them to consider investing in such unique projects as they see fair potential in them. Pakman explains why this idea interests him personally:

I look for activities that consumers are already doing in very large numbers and then look for the digital equivalent.

Pakman describes his desire to make things in reality digitally available for users, similar to the development of the Cryptokitties.

Dieter Shirley, the chief technical officer and the author of the ERC-721 token standard, explained how the expertise and intellect of Mr. David Pakman can help Dapper Labs grow from being a regular startup to making its name as an established company in the technical industry. And the recent $27 million funding received by the Dapper Labs is a clear enough indication that prominent developments are on their way and the business only looks to expand from here. Also, a full stop hasn’t been put yet to the funding for this year, so keep that in mind too.

Dieter Shirley did not speak of what’s coming this time from the Dapper Labs but he might have mentioned that its coming soon and we’re talking weeks here, not months or years. To affirm this information by Mr. Shirley, we can also find a teaser page uploaded on Dapper Lab’s official website. Oh, the suspense…

In the case of Cryptokitties, Mr. Shirley has confirmed that the game will not be regularly released by the end of November. However, the funding received by the company will surely be invested to develop more innovating experiences for the users .Excited? Me too.

Mr. Shirley said in the interview:

Ultimately, our mission here is to bring a billion people to the blockchain. We think blockchain has real value for consumers but we’re never going to get them to see that value by explaining it.

He is assured himself that the need to move to blockchain is real for consumers as it gives consumers the value they deserve and without any practical proof, that need cannot be explained to them. Hence, Dapper Labs looks to build more in this industry where it can attract more consumers.

Cryptokitties is a major development itself as one of the first blockchain based game in the industry, but the company is looking to step up its game by developing more traditional games and for this purpose, they hired new experts from world renowned gaming organizations like, EA Sports, Ubisoft and Zynga in order to expand the business to the top-most level.

Also, the decentralized system of the company is equally appreciable which has provided teams the freedom to build without any permission from the authorities.

Moreover, the company is also looking to expand geographically as they look to start a new subsidiary in the US. The opportunity in this new industry is crystal clear to almost everyone and slowly, more investments are expected to follow. Dapper Labs has looked on to form partnerships with different organizations and for different purposes with each partner.

Therefore, the investments received by the company will prove to be most favorable for the younger generation, as Mr. Shirley believes that they are the closest to technology at the moment. He’s not wrong, you know?

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Jaudat Sulehri

A management student, sports enthusiast and a writer. Jaudat gives his insights on the cryptocurrency in the world of trade and blockchain technology in particular. He also holds investments in XRP and BCH. Email: jaudat@blockpublisher.com or contact the editor at editor.opinions@blockpublisher.com

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