NFT Creator Unveils $725M to Fund Web3 Development

  • Dapper Labs aims to draw developers to Flow from the Ethereum blockchain.
  • The web3 firm launched the NBA Top Shots and CryptoKitties NFT collection.
  • Dapper Labs’ value stood at $7.6bn in September 2021.

Web3 firms continue to attract venture capital regardless of the massive crash in the broad crypto market. On 10 May, Dapper Labs revealed about securing $725 million to enhance the Web3 developer network.

The latest investment round for the company included involvement from CoinFund, Coatue, Andreessen Horowitz, Union Square Ventures, Digital Currency Group, Liberty City Ventures, and Greenfield One. According to CrunchBase, this was the 10th time Dapper Labs resorted to venture capital, starting in early 2018. In September, the company raised $250M at a $7.6bn valuation.

Web3 Developers on Demand

The company stated that the funding was the highest joint commitment any blockchain ecosystem can see. Dapper Labs runs the Flow Blockchain. This platform manages multiple NFT collections and apps. Though it might not be large like other blockchain platforms, Flow boasts 5.8 million accounts (according to the platform explorer).

Chief Roham Gharegozlou stated that over 7,500 individuals are creating on the network. Also, he targets to lure more people to Flow over blockchains like Ethereum. Dapper Labs also asserts to have 175K active users per month and nearly one thousand running projects.

David Pakman of CoinFund stated that Flow is one of the top decentralized blockchains designed for security, ease of use, and scale, ready to house sophisticated developers looking for a reliable platform amid accelerating Web3.

The firm will use the funding to attract new developers to the Flow via FLOW coin grants and different investments. It will focus on supporting Web3 gaming, decentralized finance (DeFi), infrastructure, NFT creators and content, and possible team acquisitions and expansion.

Most individuals know Dapper for the NFT collection NBA Top Shots. It enables collectors to purchase and trade basketball-related items and cards via blockchain. The sales boomed in February 2021 before the interest faded, resulting in nearly $26M in sales in April 2022 (data from Cryptoslam).

Dapper also launched CryptoKitties, among the leading blockchain games introduced in 2017.

FLOW Price Action’

The blockchain’s governance token, FLOW, responded to the updates with an 11.3% within the previous day. The token traded at $3.96 at this publication. Flow received a boost in February after the mobile game inauguration during Beijing Winter Olympics.

Nevertheless, the latest broad market hit FLOW, losing 24% within the previous two weeks. Moreover, the alt slumped a staggering 90% since the $42.40 ATH in April 2021.

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