Flow Blockchain announced it was creating a $725 million ecosystem fund to support programs ranging from FLOW token grants to office space and incubator programs. Backers of the program include Andreessen Horowitz (a16z), Coatue, Greenfield One, Liberty City Ventures, Digital Currency Group, and Dapper Ventures.
Flow Blockchain is probably best known for NFT sports collectible platform NBA Top Shot, but soon grew to include NFL All Day, and UFC Strike. Flow now hosts other projects—for example Genies—and has evolved into an open, decentralized platform for Web3 apps.
The fund will be decentralized, Mik Naayem, Dapper Labs’ co-founder and chief business officer, told Decrypt. Each backer will support its own projects and make its own decisions. Dapper will just try to make connections for the team.
There are already some unique ideas brewing in the ecosystem. Greenfield One will offer office space in Berlin and AppWorks Accelerator program will offer space in Asia. Liberty City Ventures will give college scholarships for students to work on Flow-based projects.
Nayeem told Decrypt that the Flow community has already nurtured several Web3 pioneers, some that are already have earned unicorn — a billion dollar valuation — status. In April, Genies raised $150 million, earning a $1 billion valuation. Soccer media firm OneFootball raised $300 million largely based on plans to launch NFTs.
There was more good news this week for Flow enthusiasts. Coinbase reported that it would be listing the Flow token, according to a company announcement on Twitter.
Investors hope Flow will benefit from the Coinbase effect, a trend of price lifts soon after a token is listed on the exchange.
The listing of Flow may be tied to Coinbase’s recent pledge to bring more tokens to the exchange.