The organization behind CryptoKitties, Dapper Labs have collected $11 million in latest financing series. The fund is built to create a new blockchain, Flow. The investors who took part in the funding series include Digital Currency Group, Warner Music Group, and Andreessen Horowitz, etc. Till date, Dapper Labs has raised almost forty million dollars through rounds of financing.
All the investors will receive an equity stake in the company until Flow gets permitted. It is expected that once Flow gets permitted by SEC, the scenario may change. The investors can exchange their stakes for the native token of Flow.
David Pakman of Venrock has said Flow is focused at the explicit use case of the business. He further added Ethereum and other layers 1 platform focuses on building scalable transaction platform. While decentralized gaming and crypto-collectibles have changed scaling necessities on the blockchain, which sharding basically cannot provide solution. That is why Dapper is creating Flow to allow millions of users for decentralized gaming.
He also said the collectible industry needs to build a blockchain for a purpose and if the company like NBA and Warner joins then their fan base will follow.
Reportedly, Flow is collaborating with other companies for use cases for developing the blockchain. The music company Warner and gaming firm NBA are amongst them.
As per the spokesperson of Dapper, their blockchain Flow is developed as a developer-friendly that can support next-generation digital asset, games, and apps.
Roham Gharegozlou, chief executive of Dapper Labs, said the platform could support millions of sports fans to trade digital assets which are limited edition, verified and authentic that can be sent anywhere around the world. He further said once the token becomes available, it will not become tinted. He also added they want to build a token that will have usage than speculations.
The senior Vice chief of Warner Jeff Bronikowski has said they are searching for exceptional tradeable products that will feature their artist. He added their fanbase would find a new way to convey themselves through the blockchain technology. It will also provide them an opportunity to work with their artist in a new and different way. It is the first blockchain investment of the music company.
Dapper Labs has announced they are developing a racing game with Ubisoft. The unique cars from the game can be traded between the participants.