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