DapperLabs’ NFT blockchain Flow announces $725 mn Ecosystem Fund to drive Web3 innovation

By Sharan Kaur Phillora

May 12, 2020

Flow, one of the leading blockchains in the Web3 arena, has announced the launch of a new fund designed to spur innovation among those building apps, games, and digital assets in the Web3 space.

Here’s what we know:

Flow was originally developed by Dapper Labs, a Fast Company 2022 Most Innovative Company, and the company behind blockchain game hits like CryptoKitties and NBA Top Shot. Flow is currently the leading blockchain for NFT transactions.

The fund is the largest joint commitment made toward any blockchain ecosystem, the company said in a statement. Participants include venture capital firm Andreessen Horowitz aka a16z, Coatue, CoinFund, Greenfield One, Liberty City Ventures, Digital Currency Group, and Union Square Ventures.

According to a press release, the money will be used for token grants, incubator programs, and other resources to support the “gaming, infrastructure, decentralized finance, content and creators” in the Flow ecosystem.

Flow says it will dole out the fund’s coffers to new and existing devs building products for the Flow blockchains, specifically focusing on those in the infrastructure, decentralized finance, gaming, and digital content space. The fund will be available to developers globally.

Announcing the Flow Ecosystem Fund, Roham Gharegozlou, CEO of Dapper Labs, 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 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 7500+ strong and fast-growing developer community in the Flow ecosystem.”

About the author

Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.

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