HomeNewsDapper Labs, Chainalysis to Fight against NFT Money Laundering

Dapper Labs, Chainalysis to Fight against NFT Money Laundering

The creator of NBA Top Shot, Dapper Labs, is coming together with the analytics firm, Chainalysis, to work on a solution to detect and prevent NFT Money Laundering and Market manipulation.

With the help of Chainalysis’ blockchain analytics tools, Dapper Labs have a close watch on the transactions and will ensure better compliance to guidelines. The Canada-based company plans to use Chainalysis’ Know Your Transaction (KYT) tool and Reactor to flag suspicious activity and investigate those interactions.

With these tools, Dapper can understand the used funds to purchase NFTs to battle criminal activity on the blockchain.

“NFTs are one of the most exciting spaces in cryptocurrency, but they will only be successful in the long-term if we can ensure a safe environment for our customers,” said Naeem Bawla, Associate Director of Compliance of Dapper Labs.

More on the Dapper-Chainalysis alliance

As the NFT ecosystem undergoes rapid growth and transformation, market leaders like Dapper Labs are bringing new and appealing experiences onto the blockchain to attract more widespread adoption.

However, it is necessary to keep a close eye on the used funds to purchase NFTs in correspondence with the growing consumer access to cryptocurrencies. And it is vital to introduce a comprehensive compliance monitoring solution that can be equipped to detect and prevent NFT money laundering, which is the sole purpose of the partnership.

Dapper’s deal with Chainalysis comes on the heels of Dapper announcing a $250 million funding round at a $7.6 billion valuation in September. Dapper Labs has empowered consumer enthusiasts with authentic engagement in the game by bringing them closer to the brands they love, engaging and engaging communities to contribute, and opening new avenues for them to be creators will 

Dapper Labs has also announced plans to launch another NFT platform that will focus on American football sports highlights. The new NFT project is planning to launch in early 2022.

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