The company behind cryptokitties, Dapper Labs, has today announced garnering of $11 million in funding to develop a new blockchain that will allow decentralized apps at large scale known as Flow.
The funding round was led by Andreessen Horowitz and a participation by Warner Music Group. Other major venture companies like Accomplice, AppWorks, Autonomous Partners, Fenbushi Digital, among others also participated.
Dapper CEO Roham Gharegozlou, revealed that the project has been under research for two years and that Flow has been developed from scratch to boost high performance of applications as well as games while at the same time adhering to decentralization. Gharegozlou explained that just like the way Bitcoin has opened the financial sector, Flow aims to do the same in the world of entertainment as well as culture.
According to a report by Forbes, Flow aims at supporting artists as well as bands through crypto tokens to offer their fans with new ways of fandom. When it comes to games, Flow will also reward players who add value and allow composability with assets as well as identities.
The head of innovation at Warner Music, Jeff Bronikowski, explained that the company is always active in identifying fresh opportunities for artists especially in the emerging technology front. Bronikowski explained that his company and Dapper Labs have similar visions hence the strategic investment. Based on this agreement, Warner has reportedly invested about $1 million in terms of convertible security. Bronikowski also explained that the new blockchain platform can be utilized to develop unique as well as tradeable merchandize if the transaction volume challenges will be solved.
Flow is said to have a high transaction volume compared to the Ethereum blockchain where it developed its cryptokitties game.
Bronikowski gave a hint that the new platform will bring a new way to share Warner Music’s content and new way of engaging with the signed artists He explained that the new platform will help the company to form a new avenue where the fans can engage with the artists in a different way than before.
Forbes reports that the funds raised will specifically be used to finish the new blockchain platform as well as develop apps on it. Accredited investors will also be awarded part of the company’s stock.