Top Shot creator Dapper Labs has announced Flow is going for a $725M push that will draw in more projects. The fund is financed by 17 large holdings, experienced in backing various Web3 companies, including mega-investment companies such as CoinFund, Spartan Group, and Andreessen Horowitz, also known as a16z.
The creators of Top Shot informed Flow uses PoS, the eco-friendly consensus algorithm, and proof-of-stake.
This is the largest fund to back the ecosystem and will be a big boost for gaming, decentralized finance, infrastructure, creators, and content within the ecosystem of the creators of Top Shot.
Flow is a varied fund in multiple ways. In terms of location, Europe, North America, and Asia are covered. And going by the expertise that it has got on board, it is well-rounded, according to Mik Naayem of the creators of Top Shot.
Chances Of Flow Growing According To CEO Of Top Shot Developers
Mik Naayem said that the space has been gradually drifting towards a scenario where the winner takes the most. The finest technology is likely to draw in the majority of the users.
This announcement was made in a macro non-fungible token environment that has gone quiet in recent months. This is when compared to the time when the creators of Top Shot picked up $250M at a total valuation of $7.6B last September. The raise was led by Coatue, and also had Andreessen Horowitz.
The volume of NBA Top Shot has shown a general monthly decrease even since the spring heights. But usage of the platform keeps growing.
Nayeem said that though the total volumes have gone down. There has been an upsurge in its usage. He said that the present scenario is one of overcorrection from the time when enthusiasm took precedence with the reality of the industry.
Roham Gharegozlou, the CEO of Flow, confirmed that the fund will be mostly used for investment capital instead of from developer grants.