Flow, the recognized non-fungible (NFT) blockchain with the NBA Top Shot, will create a fund of $725 million, network creator Dapper Labs recently announced. This fund is the largest joint commitment to the blockchain ecosystem. It will support current and future developers with investments, token flow grants, and in-kind support.
What is Blockchain Flow?
Flow is a Layer 1 blockchain that powers non-fungible token (NFT) applications including games, apps and digital assets, including the most popular NBA Top Shot. The goal is to support multiple transactions per second while reducing environmental costs, as Ethereum (ETH) is no longer enough. Today, 7,500 developers contribute to the development of the streaming environment.
The network is based on a unique multi-role architecture and is designed for scaling without partition. This allows for massive speed improvements while maintaining a developer friendly environment and “acid compatibleIn computing, ACID properties stand for atomicity, consistency, isolation, and robustness. This process ensures that a transaction is executed reliably.
The Flow cryptocurrency allows developers to build businesses that combine crypto and cryptocurrency. Applications built with the Flow blockchain help maintain control over user data. In addition, it creates new types of digital assets that can be traded on open markets and can be accessed anywhere in the world. It makes it possible to build open, community-owned economies. An interesting point is that they can be assembled like Lego blocks to run applications.
Details of the $725 million Ecoflow Fund
The new Flow fund is called the Flow Ecosystem Fund. At $725 million, it is the largest joint venture ever. The goal is to expand the blockchain ecosystem. The fund is backed by investors holding significant stakes in the network’s native currency, FLOW, as well as shares in Dapper Labs itself. They include Andreessen Horowitz (a16z), Coatue, Union Square Ventures, Greenfield One, Liberty City Ventures, CoinFund, and others.
The focus is on creating more distributed and fair Web3 opportunities for developers around the world. Participants in this fund will focus on supporting games, infrastructure, decentralized finance, content, and creators. The resources will contribute to product development and scaling, team expansion, user acquisition and operating overheads.
In addition to financial support, developers in the Flow ecosystem will be able to leverage their expertise through media events, opening hours, accelerators and incubators, supported office space, and similar initiatives.
For example, investors will provide offices for Flow teams in cities such as Berlin and Asia. Liberty City Ventures will provide two scholarships for students to work on flow-related projects. In addition, Mirana Ventures will provide strategic collaboration opportunities for Flow projects in collaboration with Bybit and BitDAO.
With global partners including the NBA, NFL, UFC and Dr Seuss, unicorn developers like Animoca and PlayCo, and startups like Genies, Fancraze and Cryptoys, Flow has seen daily transactions three times since September 2021.
The fund will cover Asia, Europe and North America, depending on the investors involved. Some have experience with accelerators or decentralized autonomous organizations (DAOs).
Will the eco-flow fund grow?
The Flow blockchain is known for its fast transaction speed and low costs. Most of its traffic comes from the Dapper NFT platform, NBA Top Shot, NFL ALL DAY, and UFC Strike. The fund seeks to go beyond Dapper products. It seeks to attract developers to the blockchain at a time when alternatives to Ethereum continue to compete for their share of NFTs.
Mikhail Naim expects the development of space towards a scenario “The winner takes moreThe best tech is likely to attract the lion’s share of users. NBA Top Shot volumes are, for the most part, down month on month since highs last spring, although usage on the platform continues to grow.
Stream vs other block chains
As for Flow’s competition with other blockchains, Naim said that Flow’s transactions have reached record levels in terms of daily transactions. It is also clear that there are many developers who are creating the next generation of Web3 applications. Additionally, avatar companies like Genies are on the rise.
According to Naim, the development is going in the right direction and the future is very promising. He realizes that some ecosystems have evolved faster than others.
Finally, the Flow blockchain ecosystem focuses on the important points. The goal is to provide developers and creators with the best support system. With so many companies supporting this project, the $725 million streaming fund appears to be on the right track.
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Those interested in investing and financial markets after Chambéry Business School, the passion for cryptocurrency was evident. The blockchain is certainly the global tool of the future.