The Flow ecosystem is set to get a boost in support from a new $725 million fund that will be used to invest in the growth of the nonfungible token network.
Flow (FLOW) is a layer-1 blockchain developed by Dapper Labs and purpose-made for NFTs. Dapper Labs also created the popular NBA Top Shot NFT collection. Flow utilizes an eco-friendly proof of stake (PoS) consensus algorithm.
The new fund was backed by 17 firms that have experience backing other Web3 companies, including large investment firms a16z, Spartan Group, and CoinFund. The funds will be used to attract developers to bring their work onto Flow as opposed to competitor Ethereum (ETH) which still dominates NFTs despite high gas fees. Within the Flow ecosystem itself, the funds will provide support for gaming, infrastructure, decentralized finance (DeFi), content and creators.
Today, we're announcing a $725 Million ecosystem fund to accelerate growth across the entire Flow ecosystem This is the largest joint fund made for ANY blockchain, available for both existing and future developers #onFlow Meet the Flow Ecosystem Fund: https://t.co/8Y8qaLvccz pic.twitter.com/VBKbnZdQEQ
Projects awarded grants through the ecosystem fund will be supported by FLOW tokens investments, and what the fund’s webpage calls “in-kind support.”
Flow is currently the third largest blockchain by NFT sales volume behind Ethereum and Solana (SOL). Not including May, throughout 2022, Flow has averaged $50.3 million in monthly NFT sales according to CryptoSlam, an NFT market tracker.
Host of the NFT-focused podcast The First Mint LG Doucet tweeted on Tuesday a list of five new products he believes should be supported through the funds. They include a whitelist app to help users get whitelisted for
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