Flow, NFT-Specific Blockchain, Successfully Raises $725 Million To Develop Its Ecosystem
Just today, Dapper Labs’ Flow Blockchain has raised a $725 million ecosystem fund.
What this means is that developers and builders on the Flow Blockchain would now receive financial support.
Flow says the Ecosystem Fund will support existing and future developers in building applications on their blockchain through investments, FLOW token grants, and in-kind support.
This opportunity is open to developers around the globe and the Fund will focus on support for gaming, infrastructure, decentralized finance, content, and creators.
How This Benefits The Flow Ecosystem
Notable venture capitalist firms like Andreessen Horowitz (a16z), and Coatue offered support for the Ecosystem fund.
While this is not a criterion, it does reflect trust in the potential of the Flow Blockchain.
The Fund would attract more developers to the Blockchain and could likely increase its market share in the NFT Blockchain space.
With this new support for projects being built on Flow, rapid innovations could cause it to stand out as an alternative to the top NFT Blockchain, Ethereum.
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A Deeper Look At The Flow’s Ecosystem Fund
Flow’s ecosystem fund was supported by top industry-leading firms, most of which have backed several successful Web3 companies.
The participants include:
Andreessen Horowitz (a16z)
Digital Currency Group (DCG)
Union Square Ventures
Chairman of Coatue Ventures, Dan Rose, said:
The Ecosystem Fund is an opportunity to power the next generation of developers across the global Flow community. Coatue has already backed multiple companies building in the Flow ecosystem including Dapper Labs, Crypthulu, and Faze Technologies, and we are excited to play an active role in enabling more Web3 opportunities.Dan Rose, chairman, Coatue Ventures
David Parkman, Managing Partner at Coinfund, also said:
As web3 accelerates and sophisticated app developers search for the best platforms, Flow is perhaps the best-decentralized blockchain built for the scale, security, and ease of using most modern startups need to succeed. The Flow Ecosystem Fund will be a huge accelerator of innovation and growth on the platform and we at CoinFund are excited to work with this talented community to help drive innovation and growth.David Parkman, managing partner at CoinFund
What More Should Be Expected From Flow’s Ecosystem Fund?
Investors have mentioned that in addition to financial support, the developers in the Flow ecosystem will be able to leverage expertise via informational events, office hours, accelerators & incubators, subsidized office space, and similar initiatives.
For example, investors will provide Flow teams office space in cities such as Berlin (Greenfield One) and Asia (for AppWorks Accelerator program), and Liberty City Ventures will be providing two scholarships for college students to work on Flow-related projects.
As a Venture Partner for Bybit and BitDAO, Mirana Ventures will also help catalyze strategic collaboration opportunities for Flow projects.
More About The Flow Blockchain
Flow is an NFT-specific blockchain, built as an alternative to the Ethereum Blockchain with lower fees and improved scalability.
Originally developed by Dapper Labs, Flow starts with HotStuff, a proven Proof of Stake consensus mechanism, and adds a unique multi-node architecture to drive dramatic improvements in speed, throughput, and environmental friendliness without sharding or “layer two”.
This means Flow is the greenest Web 3 network among leading platforms. Minting an NFT on Flow costs less carbon than a post on a social networking site!
The NFT-specific Blockchain supports Web3 apps, games, and the digital assets that power them.
The announcement of Flow’s ecosystem fund comes in a macro NFT environment that’s quieted down in previous months.
But this is no challenge, according to Mike Naayem, Dapper Labs Chief Business Officer, who claims that despite the overall NFT volume going down, there’s been an uptake in NFT usage.
Naayem says “What we’re seeing with NFTs right now is probably an overcorrection from when enthusiasm outpaced where the industry used to be.”
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