NBA Top Shot’s host blockchain, Flow, gets a $725 million boost thanks to a new ecosystem fund backed by its developer’s firm’s investment arm, Dapper Ventures, and a group of investors. leading investors including Andreessen Horowitz, Coatue and Digital Currency Group, among others. .
The joint venture will provide the more than 7,500 blockchain developers with extensive support, including accelerators and incubators, investments and grants of FLOW tokens with the aim of accelerating the growth of Flow in various fields such as games and the decentralized finance.
Flow’s fund is just the latest in a series of nine- and ten-figure incentive programs aimed at further adoption. Prominent such efforts include Binance’s $1 billion fund for its Binance smart chain and NEAR’s $800 million DeFi-focused fund. But instead of having a team distributing the funds, Flow’s new vehicle will adapt to the individual allocation decisions of participating investors.
“I think that’s really important because it allows for diversity of thought and I think it will lead to a much more diverse ecosystem,” says Mik Naayem, Chief Commercial Officer of Dapper Labs. “[The fund] creates a way for us to support any type of entrepreneur in a way that is somehow tailored to them.
For example, Greenfield One will provide office space for Berlin-based developers. Liberty City Ventures will provide two scholarships for students to work on Flow-related projects. Miranda Ventures will bring strategic collaboration opportunities for Flow projects with cryptocurrency exchange Bybit and BitDAO, one of the largest decentralized investment funds backed by Bybit and Peter Thiel, according to the announcement.
Naayem says the initiative has been in development for a few months, but the launch of the fund comes at a time when rising interest rates and geopolitical tensions are pushing cryptocurrencies, along with stocks and commodities, to new multi-month lows. Flow’s native token, FLOW, has lost more than 25% over the past week, outpacing the losses of major cryptocurrencies, bitcoin and ether, which fell nearly 20% over the period.
Despite the volatility, Flow’s business is thriving. Flow has seen daily transactions triple since September 2021 to over 700,000, and the number of active accounts on the network hit a new all-time high of over half a million this week, according to the blockchain analytics platform. flow scan. Some of Flow’s most popular projects include sports collectibles such as NBA Top Shot and NFL ALL DAY.
On Sunday, CoinDesk announced that Instagram plans to test NFT integrations with a few blockchains, including Flow. Naayem was unable to provide additional details, but essentially confirmed the pilot, saying, “We are grateful to have been included in this initial list. It should be a big moment for the industry.