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
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US Govt Links North Korea to Axie Infinity HackRead More..
Jack Dorsey's first tweet NFT resells for only $280Read More..
Opera crypto browser now available on iOSRead More..
Beanstalk Stablecoin protocol loses $182 million in governance exploitRead More..
Jack Dorsey vs. Vladimir Tenev on Bitcoin transaction feesRead More..
Ripple claims 'a very big win' in SEC caseRead More..
Argentinian town to invest in crypto mining to fight inflation, upgrade rail infraRead More..
Pantera Capital closing fundraise for its blockchain fund after raising $1.3 billionRead More..
Homegrown blockchain co Polygon commits to go carbon neutral this yearRead More..
NBA registers four NFT trademarksRead More..
US crypto expert jailed 63 months for helping North KoreaRead More..
Fortnite developer Epic Games raises $2 billion to build for the metaverseRead More..
Indian companies storm the metaverse and NFT spaceRead More..
Coinbase is producing a movie trilogy on Bored Ape NFTsRead More..
Multiple Indian Twitter accounts hacked, NFT content postedRead More..
German police shut down $1.3 billion illegal darknet firmRead More..
Meta tests sale of virtual goods in metaverseRead More..
Bitcoin 2022 Conference: Bitcoin Maximalists attack national currenciesRead More..
Binance Gets In-Principle Approval to Operate as Crypto Broker in Abu DhabiRead More..
EU limits Russians' crypto investments to 10k EurosRead More..
Coinbase suspends UPI payments in India three days after launchRead More..
From KFC to Tesla, Dell: Crypto-curious corporations struggle to find right recipeRead More..
In Texas, crypto miners turn to solar powerRead More..
South Africa concludes technical Proof-of-Concept for its CBDC settlement systemRead More..
Terra buys $200 million in AVAX for reservesRead More..
Bitcoin will remain as a standard: Chess world champion Garry KasparovRead More..
Coinbase launches in IndiaRead More..
Meta working on virtual money 'Zuck Bucks': reportRead More..
Germany closes Russian darknet marketplace HydraRead More..
Britain paves way to accept stablecoinRead More..
Crypto industry reels from $600 million hackRead More..
NFT of Nelson Mandela's arrest warrant auctioned for $130,000Read More..
Bank of England calls for tighter regulation of cryptocurrenciesRead More..
ECB's Lagarde 'concerned' about crypto use to dodge Russia sanctionsRead More..
Crypto provides fix for some in crisis-hit AfghanistanRead More..
Bitcoin to the rescue: Cryptocurrencies' role in UkraineRead More..
Digital art in spotlight as Dubai makes crypto hub bidRead More..
G7 looks to thwart cryptoassets use as Russian sanctions dodgeRead More..
Can cryptocurrencies give Russia, others breather from economic sanctions?Read More..
Cryptocurrencies enter Russia-Ukraine conflictRead More..
Russia seeks to regulate cryptocurrenciesRead More..
Donald Trump's NFT collection to laud his own presidencyRead More..