Dapper Labs, the company behind NFT and game-focused Web3 coin project Flow (FLOW), has raised $725 million to support the growth of the Blockchain ecosystem.
Web3 coin project announced massive ecosystem fund
Dapper Labs has raised $725 million to grow Flow’s decentralized apps ecosystem. In a press release Tuesday, Dapper Labs, the company behind Flow, one of the leading gaming blockchains, announced that it has raised a record-breaking $725 million to support and grow the Web3 ecosystem.
The fund’s investors include venture capital weights such as Andreessen Horowitz, Digital Currency Group, Union Square Ventures and Coatue. Many already have significant investments in the network’s FLOW token and Dapper Labs equity.
According to the press release, the money will be used for token grants, incubation programs and other resources to support “games, infrastructure, decentralized finance, content and creators” in the Flow ecosystem. Announcing the fund, Dapper Labs CEO Roham Gharegozlou said:
We are excited to see such a strong vote of confidence in the Flow ecosystem on Web3 through the commitment of some of the world’s leading investors to this fund. With their active involvement and support, the Ecosystem Fund has the opportunity to be a real game changer for the 7,500+ strong and fast growing developer community in the Flow ecosystem.
What you need to know about Flow
Flow is a high-throughput Blockchain best known for hosting the NFT game NBA Top Shot. Dapper Labs released Flow in 2019 after two years of development to create a more scalable platform for gaming and NFT projects.
In late 2017, the company made headlines after the popularity of its first game, CryptoKitties, exploded and triggered a major congestion crisis in Ethereum. By some estimates, CryptoKitties had around 1.5 million active users at its peak before Ethereum fell out of favor and became inaccessible to most users due to rising transaction fees. For CryptoKitties, you can take a look at this article of Kriptokoin.com.
According to data on Flow’s official website, the network currently hosts more than 1,000 active projects and 175,000 daily active users. This is still much lower than Ethereum and other leading Tier-1 Blockchains like Solana and BNB Chain.
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