Dapper Labs, the creator behind <a href="https://www.cryptoknowmics.com/news/nba-top-shot-to-launch-its-first-wnba-moments-as-nft-this-week/">NBA Top Shot</a> and CryptoKitties announced its partnership with the blockchain analytics firm Chainalysis to detect and prevent NFT money-laundering and market manipulation.
<h2><strong>Chainalysis Partners With Dapper Labs</strong></h2>
According to an official <a href="http://www.itnewsonline.com/PRNewswire/Chainalysis-Brings-Leading-Compliance-Solution-to-Dapper-Labs/789109" target="_blank" rel="nofollow noopener">press release</a>, Dapper Labs will use Chainalysis’s KYT (Know Your Transaction) and Reactor compliance tools which flags suspected criminal activity and enable deeper investigations into those transactions.

Chainalysis KYT flags risky and illicit activity in real-time while Chainalysis Reactor enables deeper investigations into those transactions. With these tools, Dapper Labs can track the funds that were used to purchase NFTs to combat criminal activity on the blockchain as the NFT startup expect that mainstream adoption of non-fungible tokens will give rise to illicit activities.

The NFT platform overall plans to use Chainalysis’ <a href="https://www.cryptoknowmics.com/news/chainalysis-reveals-706-surge-in-crypto-transactions-in-asia-as-institutional-adoption-rises/">tools</a> to flag suspicious activities related to non-fungible tokens and investigate those interactions.

Naeem Bawla, associate director of compliance at Dapper Labs, said:
<blockquote><em>“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. We’re thrilled to partner with Chainalysis to keep potential bad actors off our platform, combat money laundering, and at the same time, stay on top of the quickly evolving local and global regulatory and compliance space.”</em>

<strong>Launching Another NFT Platform</strong></blockquote>
In addition to the partnership, Dapper Labs also <a href="https://www.nfl.com/news/nfl-nflpa-and-dapper-labs-announce-new-nft-deal-to-create-exclusive-digital-vide" target="_blank" rel="nofollow noopener">announced</a> plans to launch another NFT platform that will focus on American football sports highlights and is expected to launch in early 2022 and plans to use the proceeds to continue to scale and support "major additional brand-driven sports, entertainment and music-based products coming online and being developed on the Flow blockchain."

While the financial terms of the partnership remain undisclosed, the move comes amid Dapper Labs' recent investment round after raising $250 million from Coatue, a16z, Google Ventures, Version One Ventures, BOND, and GIC

Chainalysis Partners With Dapper Labs to Monitor NFT Activity

Dapper Labs announced is partnership with the blockchain analytics firm Chainalysis to detect and prevent NFT money-laundering and market manipulation.

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

Chainalysis Partners With Dapper Labs to Monitor NFT Activity

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