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Usha Yadav
May 11, 2022
by Usha Yadav

NFT Blockchain Flow Announces the Launch of a $725 Million Ecosystem Fund

NFT Blockchain Flow
Dapper Labs has raised $725 million to support the growth of its blockchain ecosystem, which includes the NFT and gaming-focused blockchain Flow.

Ecosystem Fund of $725 Million Announced by Flow

Dapper Labs has raised $725 million to expand Flow's decentralized application ecosystem.

Dapper Labs, the company behind Flow, one of the most popular gaming blockchains, announced on Tuesday that it had raised a record-breaking $725 million to sustain and build its Web3 ecosystem. Venture capital heavyweights like Andreessen Horowitz, Digital Currency Group, Union Square Ventures, and Coatue are among the fund's investors. The majority have already made considerable investments in FLOW, the network's cryptocurrency, and Dapper Labs stock.

According to the press release, the funds will assist the Flow ecosystem's "games, infrastructure, decentralized finance, content, and artists" through token grants, incubation programmes, and other resources.

After two years of development, Dapper Labs introduced Flow in 2019 to create a more scalable platform for gaming and NFT initiatives. The startup made news in late 2017 as its debut game, CryptoKitties, skyrocketed in popularity and caused a severe Ethereum congestion crisis. CryptoKitties had over 1.5 million active users at its peak, according to some estimates, before falling out of favor and being inaccessible to most users due to Ethereum's increasing transaction fees.

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NFT Blockchain Flow Announces the Launch of a $725 Million Ecosystem Fund
Usha Yadav
Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

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