NFT Trailblazer Dapper Lab Registers to Lobby with the U.S Government
Dapper Lab is a big name within the NFT space, having partnered with 2 major sports franchises in the U.S. Back in 2020, Dapper Lab partnered with the NBA and launched the NBA NFT market place Top Shot. Here, NBA sports fans can collect or trade NBA NFTs that are video clips of NBA scoring moments. Dapper Lab also has a partnership with the NFL, which began back in 2019. NFL sports fans can collect digital video highlights of the NFL’s biggest plays of the season.
Dapper Lab and the Flow Blockchain
Away from U.S sports franchises, Dapper Lab is also behind the Flow (FLOW) blockchain. Flow is a blockchain designed to deliver speed and throughput improvements, while ensuring the preservation of a “developer friendly, ACID-compliant environment”. The platform targets games, apps, and the digital assets that power them. The team have also been behind CryptoKitties and Dapper Wallet.
When considering Dabber Lab and its position within the blockchain and NFT spaces, it’s not surprising that the team is looking to stay ahead on the regulatory front.
At the turn of the year, news hit the wires of Dapper Lab becoming the first company to register to lobby NFTs with the U.S government.
Dapper Lab’s move comes amidst heightened regulatory scrutiny, which has pressured the crypto market. Unlike the crypto market, however, the NFT market place has flourished at the turn of the year. While this is good news for the likes of Dapper Lab, it also means that NFTs will also appear on the radar of regulators around the world.
The Shift in the Regulatory Landscape Continues
Regulatory uncertainty has been on the rise since late 2021. The increased level of activity is reminiscent of 2018, which hurt Bitcoin (BTC) and the broader crypto market.
Investor profiles differ significantly today, with “Whales” delivering much-needed support at the times of market stress.
Nonetheless, downside risks remain should crypto market leaders fail to navigate through the regulatory quagmire. U.S Congress already has the cryptos market and crypto mining in its sights. Last week, we reported news of a U.S Congress sub-committee on Capitol Hill preparing a hearing on cryptos, crypto mining and their impact on the environment.
With this year already shaping up to be a stellar year for the NFT market, Dapper Lab’s lead will be critical in shaping the NFT regulatory landscape in the year ahead.
Just this week, we reported on India’s RBI setting up a FINTECH division to monitor cryptos, including NFTs. In what has proven to be a busy week, the IMF also raised concerns over cryptos and the interconnectedness with the global financial markets. The IMF’s views were aligned with those of the Bank of England, which had raised its concerns late last year.
FLOW Price Action
At the time of writing, FLOW was up by 1.12% to $8.025. Near-term, a move back through a current month high $9.45 would support a return to $10.00 levels. A break back through to $10.00 would then bring December’s high of $12.64 into play. FLOW had struck an ATH $44.60 back in April of last year.Source