Dapper Labs has secured $250 million in a funding round, the company that makes virtual basketball trading cards, said.

Coatue led the raise, which also included Google’s GV, Andreessen Horowitz, and Version One Ventures. Dapper Labs received a $7.6 billion valuation, a source with knowledge of the deal said.

Some new investors, like BOND and the Government of Singapore Investment Corporation, are also participating in the funding round.

NBA Top Shots
Dapper Labs is popularly known as the maker of NBA Top Shots. People can purchase electronic cards that represent NBA athletes and special milestones.

Users can then acquire and sell some of their digital cards to other players. The value of these digital items can increase or drop over time.

The platform is based on non-fungible tokens, or better know as NFTs, which represent ownership of a virtual item, like a work of art. Each digital card is registered as a unique token on a blockchain network.

NFTs are not “fungible,” unlike bitcoin and other cryptocurrencies. This means they cannot be exchanged with one another like gold or dollars.

NFTs are a new but fast-growing phenomenon in the cryptocurrency market.

Dapper Labs leads the way
The Dapper funding round comes just a day after soccer NFT titan Sorare secured $680 million in a raise that gave the Paris-headquartered fantasy sports platform a $4.3 billion market value.

“We have proved the concept, which is the reason why our investors are so thrilled to partner with us,” Roham Gharegozlou, Dapper Labs Chief Executive Officer, told CoinDesk in an interview.

“With NBA Top Shot and a compelling array of products to come, Dapper Labs is now leading the way,” BOND general partner Mary Meeker said in quotes by Sportico.

Last week, digital collectibles platform for electronic music, RCRDSHP, closed a seed investment round led by Dapper Labs.