Crypto Analytics

NBA Top Shot Creator Raises $725M to Boost Flow Blockchain Usage

  • The fund is the company’s largest joint commitment to a blockchain ecosystem
  • The Flow blockchain has more than 7,000 developers

Dapper Labs, the Web3 platform powering blockchain-based trading card platform NBA Top Shot, unveiled a $725 million ecosystem fund to fuel community growth.

The fund is the largest collective commitment to a blockchain ecosystem, the company said in a statement Tuesday. Participants include venture capital firm a16z, Coatue, CoinFund, Greenfield One, Liberty City Ventures, Digital Currency Group and Union Square Ventures.

“When [Web3] With accelerated and demanding app developers looking for the best platforms, Flow is perhaps the best decentralized blockchain built for the scalability, security and ease of use most modern startups need to thrive,” said David Pakman, Managing Partner from CoinFund, in a statement.

The fund provides support for existing and future developers to build applications on the Flow blockchain through investments and FLOW token grants. It will focus on supporting games, infrastructure, decentralized finance, content and developers, and the capital can also be used for team expansion, user acquisition and general operational costs.

A spokesman for the company did not immediately respond to a request for comment.

Originally developed by Dapper Labs, Flow is a consumer blockchain that the company says has been transacting three times a day since September 2021.

Flow has more than 7,000 developers building on top of the blockchain. The protocol has approximately 1,000 active projects and 175,000 monthly active users. The Web3 platform makes NBA top shotwhich allows users to own, sell and trade NFTs of NBA and WNBA games and players, and NFL all daywhich offers licensed NFL video NFTs (non-fungible tokens).

According to Blockworks data, FLOW has a market cap of around $1.5 billion. The price is up 8.2% to $3,999 in the last 24 hours as of Tuesday noon.

Dapper Labs closed a $250 million round in September that the company says will be used to support additional branded sports, entertainment and music products. Coatue and a16z also invested at the time.

The investment is the latest in a series of digital asset investments for a16z that have recently started a crypto research lab. The company was one of 18 investors who backed Elon Musk’s $44 billion bid to buy Twitter, pledging $400 million. It also ran a $25 million seed round to fund the launch of the NFT-focused Co:Create protocol.

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NBA Top Shot Creator post raises $725 million to increase flow blockchain usage is not financial advice.

Source: Crypto News Austria

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