The company behind the NFT-focused blockchain Flow, Dapper Labs, is creating a $725 million fund to attract developers to the network.
An array of venture companies participated in the so-called ecosystem fund, including Andreessen Horowitz, Coinfund, Digital Currency Group (DCG), Coatue Ventures, Dapper Ventures, Fabric Ventures, Spartan Group, and Union Square Ventures.
These companies have pledged funds to assist developers in creating new Flow-based apps in sectors including gaming, infrastructure, decentralised finance (DeFi), and content creation.
“We are happy to see such a strong vote of confidence in the Flow ecosystem from some of the world’s leading web3 investors in this fund,” Dapper Labs CEO Roham Gharegozlou said in a statement on Tuesday.
Flow has risen to attention in recent years as a scalable blockchain for a variety of NFT applications. According to Block Research, the blockchain is home to about 200 NFT applications, including well-known brands such as NBA Top Shot and NFL All Day.
In September 2021, Dapper Labs received more than $250 million.
