Dapper Labs Raises $725 Million Fund to Help Expand Flow Blockchain Ecosystem

Dapper Labs, the Web3 platform powering popular blockchain-based trading card platform NBA Top Shot, has raised a $725 million (about Rs 5,600 crore) ecosystem fund to invest in applications and development for its layer-1 blockchain ecosystem called Flow. is unveiled. The fund is the largest joint commitment made to any blockchain ecosystem, the company said in a statement. Participants include venture capital firms Andreessen Horowitz aka a16z, Coatue, CoinFund, Greenfield One, Liberty City Ventures, Digital Currency Group and Union Square Ventures.

according to a Press releaseThe funds will be used for token grants, incubator programs and other resources for “gaming, infrastructure, decentralized financeContent and Producer” in the Flow ecosystem.

Announcing the increase, Dapper Labs CEO Rohm Gharegozalou said, “We are thrilled to see such a strong vote of confidence in the Flow ecosystem from some of the world’s leading investors. web 3 Through its commitment to this fund. With their active participation and support, the Ecosystem Fund has the opportunity to be a real game-changer for the 7,500+ strong and rapidly growing developer community in the Flow ecosystem.”

Dapper Labs is the original creator of Flow, the blockchain ecosystem that powers its NBA Top Shot, NFL All Day and UFC Strike. non-fungible tokens (NFTs) Collectibles Platform. However, Flow also hosts a host of other projects – from avatar platform Genie to Jigazoo to kid-centric NFTs – and has evolved into an open, decentralized platform. web 3 Apps.

In late 2017, the company made headlines after its first game, CryptoKitties, exploded in popularity and caused a major crowdfunding crisis on the company. Ethereum network. According to some estimates, cryptocurrency Ethereum had about 1.5 million active users at its height before falling from grace and becoming inaccessible to most users due to rising transaction fees.

according to flow official websiteThe network currently hosts over 1,000 active projects and 175,000 daily active users, which is still orders of magnitude lower than Ethereum and other major Layer 1 blockchains such as Solana and BNB Chain.

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