The Flow ecosystem is about to get a lift in help from a brand new $725 million fund that might be used to put money into the expansion of the nonfungible token community.
Flow (FLOW) is a layer-1 blockchain developed by Dapper Labs and purpose-made for NFTs. Dapper Labs additionally created the favored NBA Top Shot NFT assortment. Flow makes use of an eco-friendly proof of stake (PoS) consensus algorithm.
The new fund was backed by 17 companies which have expertise backing different Web3 firms, together with giant funding companies a16z, Spartan Group, and CoinFund. The funds might be used to draw builders to deliver their work onto Flow versus competitor Ethereum (ETH) which nonetheless dominates NFTs regardless of excessive fuel charges. Within the Flow ecosystem itself, the funds will present help for gaming, infrastructure, decentralized finance (DeFi), content material and creators.
Today, we’re saying a $725 Million ecosystem fund to speed up progress throughout the complete Flow ecosystem
This is the most important joint fund made for ANY blockchain, obtainable for each present and future builders #onFlow
— Flow (@flow_blockchain) May 10, 2022
Projects awarded grants by the ecosystem fund might be supported by FLOW tokens investments, and what the fund’s webpage calls “in-kind support.”
Flow is presently the third largest blockchain by NFT gross sales quantity behind Ethereum and Solana (SOL). Not together with May, all through 2022, Flow has averaged $50.3 million in month-to-month NFT gross sales in accordance with CryptoSlam, an NFT market tracker.
Host of the NFT-focused podcast The First Mint LG Doucet tweeted on Tuesday an inventory of 5 new merchandise he believes needs to be supported by the funds. They embody a whitelist app to assist customers get whitelisted for a mint, a cell app, video training, pockets integration on Shopify, and non-cartoon, animal, and athlete artwork. He added that Flow wants “actual INNOVATION, not just roadmaps that copy ETH projects.”
$725M coming to $Flow ecosystem
Products we want constructed:
And precise INNOVATION, not simply roadmaps that replicate ETH tasks
— LG DOUCET (@LgDoucet) May 10, 2022
Although Flow is operated by Dapper Labs, which has produced among the greatest NFT merchandise during the last two years, its NFT gross sales nonetheless lag behind bigger layer-1 ecosystems. This could also be on account of weaker community results and a smaller ecosystem of decentralized apps (Dapps) working on it. The new ecosystem fund goals to sort out that shortcoming.
Other Dapper Labs NFT merchandise embody CryptoKitties, one of many first NFT video games, UFC Strike, NFL All Day, and Cheeze Wizards.
Related: Otherside NFTs fall under mint value whereas cheaper ETH sees gross sales quantity enhance
FLOW has a market cap of $1.4 billion and is up 20% over the previous 24 hours to $4.01 in accordance with CoinGecko knowledge.