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Dapper Labs to venture into the DAO space with Brud acquisition

05 Oct 2021 : 13:10
2 min read
  • Dapper Labs wants to enter the decentralized autonomous organization (DAO) sector
  • The acquisition of virtual influencer company Brud will allow it to expand into the DAO space
  • Dapper Labs raised $250 million last month to bring its total valuation to $7.5 billion

Dapper Labs has become popular in the NFT space, but it is now expanding its business to other areas of the crypto industry.

Dapper Labs acquire Brud

Dapper Labs, one of the leading NFT companies, has revealed that it has purchased virtual influencer startup Brud and will be bringing the entire 32-person team aboard. The acquisition would allow it to expand beyond its current business model of nonfungible tokens.

The company became popular after developing the NBA Top Shot NFT marketplace. However, it is now looking to enter the Decentralized Autonomous Organization space.

 

Brud is known for developing digitally rendered social media influencer characters. Its Lil Miquela influencer character has become quite popular. Dapper Labs didn’t provide details of the acquisition

Dapper Labs creates a DAO unit

The acquisition of Brud will allow Dapper Labs to enter the DAO ecosystem. According to the Dapper Labs team, it is creating a new business unit called Dapper Collective. The unit is set to focus on helping communities build decentralized autonomous organization (DAOs) through its Flow Blockchain.

Dapper Collective will be led by Brud CEO Trevor McFedries. Amanda Schwartz, vice president of operations and strategy at Dapper Labs, stated that “We believe decentralization of these communities through DAOs really strengthens the content that they will produce.”

McFedries and his Dapper Collective team will work with original IP and online platforms to find more ways to transition creators and users into owners. Thus, giving them greater ability to influence and share their stories with the world.

Dapper Labs is currently valued at $7.5 billion after the company raised $250 million last month. It has already partnered with the Spanish LaLiga and the American National Football League (NFL) to develop NFT marketplaces.


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