Cryptocurrency News

NFT-Focused Flow Launches $725M Ecosystem Fund in Collaboration with a16z, DCG, and others

By May 16, 2022 No Comments

Key takeaways:

  • Web3 company Flow has launched a $725 million ecosystem fund to support teams and projects building on the Flow blockchain
  • The ecosystem fund was launched in partnership with prominent crypto investors, such as a16z, Dapper Ventures, and Digital Currency Group
  • Transactions on Flow have more than tripled since September 2021, mostly due to the growth of the NFT sector

Joint ecosystem fund to “power the next generation of developers” on Flow

Flow, a leading NFT blockchain ecosystem and home to popular collectibles platforms such as NBA Top Shot and NFL All Day, announced the launch of a $725 million ecosystem fund last week. According to the company’s press release, the Web3 platform will support blockchain developers building on the Flow blockchain via capital investments, FLOW token grants and in-kind support.

The $700M+ initiative was launched in collaboration with some of the most prominent firms in the cryptocurrency investment community, including a16z, Digital Currency Group (DCG), and Dapper Ventures, to name a few. 

Dapper Labs CEO Roham Gharegozlou said in a statement that the newly-launched ecosystem fund has the “opportunity to become a real game-changer for the 7500+ strong and fast-growing developer community in the Flow ecosystem.”

The capital will be distributed across the Flow ecosystem to support a myriad of different use cases, including blockchain infrastructure, the development of robust decentralized finance offering, content, and the growth of the creator economy. More specifically, the funds will go towards product scaling and development, talent acquisition, and general “operating expenses.”

In addition, teams building on Flow will be able to participate in informational events, blockchain incubators, and take advantage of “subsidized office space and similar initiatives.”

The Flow blockchain is one of the fastest growing ecosystems in the crypto space, in large part thanks to the explosive growth of the non-fungible token (NFT) sector in the past year. Flow has seen its daily transaction count triple since last September on the tailwind of 25% month-over-month (MoM) growth in the same time period.