Dapper Labs, the company behind NFTs and gaming-focused blockchain Flow, has launched a $725 million fund to support its ecosystem. It is the largest stimulus fund used to support the development of the blockchain ecosystem. Flow hosts NBA Top Shot and various other NFTs and gaming projects.
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Dapper Labs, the company behind NFTs and gaming-focused blockchain Flow, has raised $725 million to support the growth of its blockchain ecosystem.
Flow Announces $725M Ecosystem Fund
Dapper Labs has raised $725 million to grow Flow’s decentralized application ecosystem.
In a Tuesday press release, Dapper Labs, the company behind Flow, one of the leading gaming blockchains, announced that it has raised a record $725 million to support and grow its Web3 ecosystem. Investors in the fund include venture capital heavyweights such as Andreessen Horowitz, Digital Currency Group, Union Square Ventures and Coatue. Most of them have invested heavily in the network’s token FLOW and stake in Dapper Labs.
According to the press release, the funding will be used for token grants, incubator programs and other resources to support “games, infrastructure, decentralized finance, content and creators” in the Flow ecosystem. Announcing the raise, Dapper Labs CEO Roham Gharegozlou said:
“We are delighted to see some of the world’s leading Web3 investors cast such a strong vote of confidence in the Flow ecosystem through their commitment to the Fund. With their active participation and support, the Ecosystem Fund has the opportunity to be part of the Flow ecosystem A real game changer with a strong and rapidly growing developer community of 7,500+.”
Flow is a high-throughput blockchain known for hosting the popular NFT game NBA Top Shot. Dapper Labs launched Flow in 2019 after two years of development, aiming to build a more scalable platform for its games and NFT projects. In late 2017, the company made headlines after its first game, CryptoKitties, became a hit and sparked a severe congestion crisis on Ethereum. According to some estimates, CryptoKitties had around 1.5 million active users at its peak, then hit rock bottom due to Ethereum’s soaring transaction fees, leaving most users inaccessible.
According to Flow’s official website, the network currently has over 1,000 active projects and 175,000 daily active users, still orders of magnitude lower than Ethereum and other leading Layer 1 blockchains such as Solana and BNB Chain. In today’s news, the network’s FLOW token surged from around $3.91 to $4.50, but has since pulled back. It was trading at $4.04 at press time.
Disclosure: At the time of writing, the author of this article owns ETH and several other cryptocurrencies.
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