NFT blockchain Flow launches $725 mln Blockchain Ecosystem
DapperLabs' NFT blockchain Flow announced the launch of a $725 million ecosystem fund to push innovation in the web3 space
By Shashank Bhardwaj
Originally developed by Dapper Labs, leading NFT blockchain Flow has announced that it will launch a new fund to promote innovation in games, apps, and digital assets in the web3 sector. The fund can be accessed by developers globally who are into Defi, blockchain gaming, and digital content.
Dapper Labs is the company behind the highly successful game Cryptokitties and NBA Top Shot, and its NFT blockchain project Flow is the leading blockchain facilitating NFT transactions. Flow has named the new fund Flow Ecosystem Fund. The fund, aimed at expanding the blockchain ecosystem, is being touted as the largest joint initiative ever.
The fund raised a total capital of $725 million from leading names in the investment space, including a16z, Greenfield One, Coinfund, Union Square Ventures, Digital Currency Group, and Coatue. These companies already have a stake in Dapper Labs equity and Flow network’s token FLOW.
Dapper Labs CEO Roham Gharegozlou announced the raise, saying, “We are thrilled to see such a strong vote of confidence in the Flow ecosystem from some of the world’s leading investors in Web3 through their commitment to this fund. With their active participation and support, the Ecosystem Fund has the opportunity to become a real game-changer for the 7,500+ strong and fast-growing developer community in the Flow ecosystem.”
The fund would be used to incubate the Flow ecosystem and help developers involved in building new products for Flow blockchains. The press release said that the funds will be used to support incubator programs, token grants, and other resources for supporting ‘gaming, infrastructure, decentralized finance, content, and creators.’
Flow is a high-throughput blockchain that hosts many NFT projects, including the popular NFT collection NBA Top Shot. The project was built by Dapper Labs in 2019 to provide a more scalable platform than Ethereum for its gaming and NFT projects. Flow’s official website says that the network currently hosts 1,000 active projects and 175,000 daily users.
Shashank is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash