Dapper Labs Raises $11M From Warner Music And Others to Launch Flow
Warner Music is partnering with Dapper Labs, the firm behind CryptoKitties, for developing a new blockchain called Flow.
As per a report by Forbes on Thursday, Dapper Labs has raised $11 million in funding for this initiative, which also includes an investment from Warner Music. The round is conducted by Andreessen Horowitz, along with other big venture firms like Digital Currency Group, Union Square Ventures, Venrock, as well as Accomplice.
David Pakman from Venrock told CoinDesk that Flow’s aim is for definite games use-case:
“Ethereum and pretty much every other Layer 1 smart contracts platform [is] attempting to build scalable networks for transactions — like payments. Decentralized gaming and things like crypto collectibles place different scaling requirements on blockchains that sharding fundamentally doesn’t fix. So, Dapper is building Flow to allow decentralized games to scale to tens of millions of users.”
Pakman also said that the collectibles industry requires a purpose-focused blockchain if big brands like the NBA and Warner are to participate and bring their fanbases along for the same.
In 2018, Dapper Labs raised a $12 million venture round, which enabled it to become independent from its parent firm, Axiom Zen. Later in the year, it additionally raised $15 million in VC cash, working with those of the same funds.
Built for developers
Dapper Labs stated that Flow is particularly developed for “composability” where it allows a developer to use code from one application in a completely different one. Their technical primer read:
“Flow empowers developers to safely and easily build on top of each others’ code, creating entirely new products and services at an accelerating pace. This feature of blockchain, known as composability, has the potential to unlock a new approach to software development.”
Furthermore, Ethereum has been progressively evolving as per the continually growing demands for network capacity. Other blockchains having support for smart contract, like EOS, Kadena, and Harmony have come into existence, ready to pick up users if Ethereum fails to meet its goal of becoming “the world computer.” To join this line-up, Flow has entered the industry, with an emphasis on collectibles.
If everything goes well, Dapper Labs intends to launch Flow in 2020.
- Binance Launches Bitcoin-Pegged Token BTCB May Accelerate Bullish Market’s Coming?
- What Is A Blockchain Wallet?
- How The Public Sector Can Be Transformed By Blockchain In The Future?
- Can Blockchain be Hacked?
- The 2nd Largest Bank In US, Bank OF America Is Keen On Hiring Blockchain Experts
- Satoshi Enters The Oxford Dictionary As The Latest English Word
Hottest Blockchain News Daily
Get our latest news and posts in your inbox.