a16z, Coatue and USV Invest in $725M Developer Fund for Dapper’s Flow Blockchain

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The web3 world continues to discover that building a developer ecosystem is much more difficult than building a platform.

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Blockchain Flow, launched by NBA Top Shot creator Dapper Labs, is looking for new cryptocurrency developers and has created a special ecosystem fund to attract more developers. The fund, which is backed by the venture arm of Dapper and Dapper investors Andreessen Horowitz, Coatue, Union Square Ventures, Coinfund, Digital Currency Group and Cadenza Ventures, among others, aims to incentivize more crypto developers to choose Flow as the blockchain they are building. projects with investments, tokens and development support.

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Dapper Labs CEO Roham Garegozlow says the platform employs more than 7,500 people. One of the fund’s main goals will be to ensure that popular projects choose Flow over more popular alternatives such as Ethereum, which have disadvantages in use but offer projects an extensive network of crypto-rich NFT buyers.

Dapper has become one of the most successful venture capital projects in the crypto ecosystem, having raised $250 million in September at a $7.6 billion valuation.

NBA Top Shot Maker Dapper Labs Raises Another $250M

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But Dapper’s fortunes haven’t played out as loudly as other NFT firms in the year since its NBA Top Shot product caught fire. After an initial surge of interest just over a year ago led to a surge in transaction volumes on the platform, setting a single-day sales record of over $45 million last February, the platform has been quieter. Last month, the platform generated $26 million in sales, according to the tracker. Cryptoslam, still a decent amount, but a far cry from the $3.5 billion that OpenSea received in the same period. Flow has attracted a number of other projects to its platform from third-party developers and Dapper itself, but even NFL All Day’s hyped marketplace has struggled to find access to Top Shot – last month, the NFT football project recorded about $ 7.5 million in sales. in accordance with Cryptoslam.

The success of Flow largely depends on how more newbies bring consumer attention to the crypto-collectible realm. The Ethereum NFT ecosystem is cash-filled but offers a number of usability pitfalls that make it difficult for techs to adopt. The Flow blockchain is built on compromises that overvalue friction reduction for users. One of Dapper’s goals is to ensure that other popular NFT platforms are no better off capitalizing on consumer interest and creating their own consumer grade blockchains – Bored Apes manufacturer Yuga Labs recently hinted that it could create its own blockchain as its metaverse ambitions expand.

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Credit: techcrunch.com /

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