- The seed round attracted VCs like Pantera Capital, Patron, and Solana Ventures, among others.
- Fast Break Labs seeks to use the funds to develop and deploy its fantasy basketball game.
- Titled Virtual Blockchain Association, the game involves trading NFTs of digitally-created players.
Fast Break Labs, a web3 startup that aims to bring fantasy basketball on the blockchain, has raised $6 million in a Pantera Capital and Patron-led seed round. The company unveiled this news through a press release on February 23, noting that its plans involve creating a game that allows players to trade NFTs of digitally created players.
According to the news release, the funding round also attracted investors like Solana Ventures and South Park Commons. Angel investors like Riot Games co-founder Marc Merill, Brooklyn Nets boss Joe Tsai, and Sacramento Kings co-owner Aneel Ranadive, among others, also invested in Fast Break Labs.
Commenting on the startup’s plans, Fast Break Labs CEO Charles Du said,
We’re setting out to create a sports game that offers all basketball fans an opportunity to have a true ownership experience. While we're primarily focused on creating a new and fun experience, it was also really important to us to give power back to gamers by allowing them to shape the direction of the game and accrue the economic benefits.
The Virtual Blockchain Association
Fast Break Labs said it would use the obtained funds to develop and deploy its fantasy league, the Virtual Blockchain Association (VBA). The startup also seeks to expand its team.
Built atop the Solana blockchain, the game will be similar to other play-to-earn games. Gamers will need to buy a pack of NFTs to get started. The NFTs will serve as the players on a team’s rosters. This game will allow basketball fans to strategize as general managers (GMs) of their virtual basketball teams and compete for rewards through simulated games.
For increased accessibility and ease of use, VBA combines traditional fantasy sports UI with web3 technology. Wishful GMs will also be able to connect the real and digital worlds and create original storylines for their VBA players.
The first NFT pack of digital collectable players will reportedly drop in March for the first 2,000 GMs. These players will participate in VBA’s early Alpha, also known as Season0. Fast Break Labs, however, failed to disclose details about the pricing of the NFTs.
Explaining why Pantera Capital invested in Fast Break Labs, Paul Veradittakit, a partner at the firm, cited the startup’s vision of democratizing the ownership, control, and economics of sports gaming. He added that he is a fantasy sports enthusiast and wants to see the startup continue increasing engagement across the intersection of collectibles, sports, and gaming on the blockchain.
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