NBA Top Shot Hosted Blockchain Flow Announced 725 million dollars Ecosystem fund backed by crypto-focused VCs including Dapper Ventures, the parent company’s investment arm, and a16z, Coatue and Digital Currency Group.
Dedicated to accelerating the development of the ecosystem, the fund will provide investment, in-kind support and FLOW token grants to eligible developers building applications on the blockchain.
Flow, a leading network best known for its NFT project, was created by Dapper Labs in 2018. The blockchain mogul sees the fund as funding to spark innovation and develop new projects based on the platform.
of flow release Indicates that ecosystem funds will be used to support “games, infrastructure, decentralized finance, content and creators” in the ecosystem. Specifically, the fund aims to provide web3 opportunities to developers around the world.
For example, Flow will provide office space to developers in Berlin and other Asian cities. These funds are primarily used in four areas: product development, product expansion, team expansion, user acquisition, and general operating costs.
CEO of Dapper Labs Roham Gharegozlou explained that the interest derived from well-known crypto institutions is a vote of trust for NFT-centric blockchains. He added that the fund will be a real game changer for the ecosystem’s “7,500+ strong and fast-growing developer community.”
As reported by ForbesFlow’s new venture will accommodate investors’ allocation decisions to distribute the fund – unlike Binance’s $1 billion fund for the Smart Chain ecosystem, where only one team was responsible for the distribution.
Flow’s growth story continues
Flow joined Ethereum, Solana and Polygon on Monday with four blockchains supporting Meta’s recent bid to bring NFTs to Instagram. It serves as the host blockchain for popular sports collectibles such as NBA Top Shot and NFL ALL DAY.
Despite persistent cryptocurrency dumps, Flow’s activity continued to thrive, Forbes said. Since September 2021, the number of daily transactions has tripled to over 700,000. The number of active accounts also surged to over 500,000 new ATH this week.
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