Saturday, July 13, 2024

Top Shot creator unveils $725M fund to support Flow ecosystem

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The Flow ecosystem is about to get a lift in support from a brand new $725 million fund that will probably be used to spend money on the expansion of the nonfungible token community.

Flow (FLOW) is a layer-1 blockchain developed by Dapper Labs and purpose-made for NFTs. Dapper Labs additionally created the favored NBA Top Shot NFT assortment. Flow makes use of an eco-friendly proof of stake (PoS) consensus algorithm.

The brand new fund was backed by 17 corporations which have expertise backing different Web3 firms, together with massive funding corporations a16z, Spartan Group, and CoinFund. The funds will probably be used to entice builders to deliver their work onto Flow as opposed to competitor Ethereum (ETH) which nonetheless dominates NFTs regardless of excessive fuel charges. Inside the Flow ecosystem itself, the funds will present support for gaming, infrastructure, decentralized finance (DeFi), content material and creators.

Tasks awarded grants via the ecosystem fund will probably be supported by FLOW tokens investments, and what the fund’s webpage calls “in-kind support.”

Flow is at present the third largest blockchain by NFT gross sales quantity behind Ethereum and Solana (SOL). Not together with Could, all through 2022, Flow has averaged $50.3 million in month-to-month NFT gross sales in accordance to CryptoSlam, an NFT market tracker.

Host of the NFT-focused podcast The First Mint LG Doucet tweeted on Tuesday an inventory of 5 new merchandise he believes needs to be supported via the funds. They embody a whitelist app to assist customers get whitelisted for a mint, a cell app, video training, pockets integration on Shopify, and non-cartoon, animal, and athlete artwork. He added that Flow wants “precise INNOVATION, not simply roadmaps that replicate ETH tasks.”

Though Flow is operated by Dapper Labs, which has produced among the largest NFT merchandise during the last two years, its NFT gross sales nonetheless lag behind bigger layer-1 ecosystems. This can be due to weaker community results and a smaller ecosystem of decentralized apps (Dapps) working on it. The brand new ecosystem fund goals to deal with that shortcoming.

Different Dapper Labs NFT merchandise embody CryptoKitties, one of many first NFT video games, UFC Strike, NFL All Day, and Cheeze Wizards.

Associated: Otherside NFTs fall under mint value whereas cheaper ETH sees gross sales quantity increase

FLOW has a market cap of $1.4 billion and is up 20% over the previous 24 hours to $4.01 in accordance to CoinGecko knowledge.