Dapper Labs has funded $725 million to support the expansion of its blockchain ecosystem, which includes the NFT and gaming-focused blockchain Flow.
Ecosystem Fund of $725 Million Announced by Flow
Dapper Labs has received $725 million to expand Flow’s decentralized application ecosystem.
Dapper Labs, the company behind Flow, one of the most popular gaming blockchains, revealed on Tuesday that it had funded a record-breaking $725 million to sustain and build its Web3 ecosystem. Venture capital giants including Andreessen Horowitz, Digital Currency Group, Union Square Ventures, and Coatue are among the fund’s investors. The majority of them have already made considerable investments in FLOW, the network’s cryptocurrency, and Dapper Labs stock.
As per the press statement, the funds will be utilized to assist the Flow ecosystem’s games, infrastructure, decentralized finance, content, and artists via token awards, incubation programs, and other resources. Dapper Labs CEO Roham Gharegozlou announced the rise by 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.”
Flow is a high-throughput blockchain that hosts the popular NBA Top Shot NFC game. After two years of development, Dapper Labs introduced Flow in 2019 to provide a more scalable platform for its gaming and NFT initiatives. The startup made news in late 2017 as its debut game, CryptoKitties, skyrocketed in popularity and caused a severe Ethereum congestion problem. CryptoKitties had over 1.5 million active users at its peak, according to some estimates, before falling out of favor and being unavailable to most users owing to Ethereum’s increasing transaction costs.
As per Flow’s official website, the network has over 1,000 active projects and 175,000 daily active users. On the announcement, the network’s FLOW token rose from roughly $3.91 to $4.50, although it has already been retraced. At the time of publication, it was trading at $4.04.