- The latest ecosystem fund will be utilized for supporting 7,500 devs on Flow to develop latest DeFi, infrastructure, gaming and content creator products.
- Flow is an L1 blockchain developed by Dapper Labs as well as purpose-made for NFTs. Dapper Labs is the creator of the NBA Top Shot NFT collection.
- FLOW, indigenous token of Flow blockchain, was trading at the market price of $3.97, uptrending by 4.15% in past 24 hours.
Dapper Labs Add ‘FLOW’ To The Stream
The Flow ecosystem is braced to get a boost in support from a $725 Million fund which will be utilized to make investments in the growth of NFT network.
Flow is an L1 blockchain built by Dapper Labs and purpose-made for Non fungible tokens. Dapper Labs are the creators of NBA Top Shot NFT channel. Flow uses an eco-friendly PoS Consensus mechanism.
The latest fund was supported by 17 organizations that have experience supporting other Web3 organizations, involving investment giants like a16z, CoinFund and Spartan Group.
The funds will be utilized to lure devs to bring their work onto Flow rather than contender Ethereum, which is still dominating the NFT sphere in spite of escalated gas fees. Within the Flow ecosystem itself, the funds will offer support for creators, content, DeFi, infrastructure and gaming.
The ‘In-Kind’ Support
Projects awarded grants via ecosystem fund will be backed by FLOW tokens investments and what the webpage of fund calls “in-kind support.”
Roham Gharegozlou, CEO of Flow, offered clarification that most of the fund will be utilized as investment capital instead of grants for devs in a Twitter post.
As of now, Flow is the 3rd largest blockchain by NFT trade volume behind Ethereum and Solana. Not involving May, throughout this year, Flow as witnessed an average monthly trading volume of $50.3 Million, as per a data aggregator.
In a Tweet post by The First Mint LG Doucet, he offered a list of 5 latest products he thinks should be backed via funds. They involve an athlete, non cartoon and animal art, wallet integration on Shopify, video education, a mobile application, a whitelisted application to assist folks get whitelisted for a mint.
Source: https://www.thecoinrepublic.com/2022/05/11/dapper-labs-throws-big-bucks-to-back-support-flow-ecosystem-releases-725m-fund/