Dapper Labs, the Web 3 platform behind famous blockchain-based trading card platform NBA Top Shot, has announced a $725 million (approximately Rs. 5,600 crore) ecosystem fund. Lest, to invest in applications and growth for its Flow layer-1 blockchain ecosystem. According to the business, the investment represents the greatest combined commitment made to any blockchain ecosystem. Moreover, Andreessen Horowitz aka a16z, Coatue, CoinFund, Greenfield One, Liberty City Ventures, Digital Currency Group, and Union Square Ventures are among the participants.
According to a news release, the funds will be used to assist the Flow ecosystem’s games. As well as infrastructure, decentralised finance, content, and artists. Lest, through token grants, incubation programmes, and other resources.
Today, we're announcing a $725 Million ecosystem fund to accelerate growth across the entire Flow ecosystem
This is the largest joint fund made for ANY blockchain, available for both existing and future developers #onFlow
Meet the Flow Ecosystem Fund: https://t.co/8Y8qaLvccz pic.twitter.com/VBKbnZdQEQ
— Flow (@flow_blockchain) May 10, 2022
Dapper Labs raises $725 million
Announcing the raise, Dapper Labs CEO Roham Gharegozlou said. “We are thrilled to see such a strong vote of confidence in the Flow ecosystem. From some of the world’s leading investors in Web 3 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.”
Dapper Labs is the creator of Flow, the blockchain technology that supports its non-fungible token (NFT) collectibles platforms NBA Top Shot, NFL All Day, and UFC Strike. Flow, on the other hand, is home to a range of other projects, from avatar platform Genies to Zigazoo’s kid-centric NFTs, and has matured into an open, decentralized platform for Web 3 apps.
The startup grabbed news in late 2017. After its debut game, CryptoKitties, went viral and caused a significant congestion crisis on the Ethereum network. CryptoKitties had over 1.5 million active users at its peak. According to some estimates. Before falling out of favor. And being inaccessible to most users due to Ethereum’s increasing transaction fees.
According to Flow’s official website. The network has over 1,000 active projects. Also, 175,000 daily active users. Which is still orders of magnitude less than Ethereum. And other top Layer 1 blockchains like Solana and BNB Chain.