The Dapper Labs Flow blockchain has gained a massive boost in funds after investment from some giant investment firms. Flow, developed by Dapper Labs, will receive a staggering $725 million.
This money, nearly 1 billion dollars, will help to accelerate growth and expand the entire Flow ecosystem. Significantly, this is the biggest joint fund for any blockchain and signals the massive plans for the future of this impressive blockchain.
It is unclear how many companies have invested in this Flow funding round. However, 17 have previously backed other web3 companies. These include large investment firms like a16z, Spartan Group and CoinFund.
How will the Flow Fund help?
In a statement, the company said, “The Ecosystem Fund will support existing and future developers in building applications on the Flow blockchain through investments, FLOW token grants and in-kind support. Available to developers around the globe, the fund will focus on support for gaming, infrastructure, decentralised finance, content and creators.”
Dapper Labs has also seen tremendous success in the NFT market with NBA Top Shot, CryptoKitties and others. Furthermore, the Flow blockchain is currently the third-largest blockchain for NFT sales, behind Solana and Ethereum.
The Flow blockchain created by Dapper Labs is a layer-1 blockchain purpose-built for NFTs. With this new fund and momentum building, Flow will aim to close the gap on its rivals.
Finally, Instagram announced that they would implement NFTs into their economy this week, and they selected flow as one of the blockchains available.