Warner Music has partnered with Dapper Labs, the company behind CryptoKitties, to create a new blockchain flow.
According to Forbes, Dapper Labs has raised $11 million in funding for the project, including Warner Group. This round of financing was led by Andreessen Horowitz (A16z), and other large venture capitalists such as Union Square Ventures (USV), Digital Money Group (DCG), Venrock and Accomplice were also involved.
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According to Venrock's David Pakman, Flow will target specific game applications:
“Ethereum and other layer-1 smart contract platforms are almost always trying to create scalable trading networks. Decentralized games and encrypted collections have different scalability requirements for blockchains, and fragmentation simply cannot. Solve this problem. Therefore, Dapper will create Flow, and hope to expand the users of decentralized games to 10 million."
Pakman believes that if big brands like Warner and the NBA want to get involved and bring their fans in, the collectibles industry needs a dedicated blockchain system.
Dapper Labs grew up in a $12 million venture capital venture in 2018, and this round of investment allowed it to be independent from its parent company, Axiom Zen. Later that year, it received another $15 million in cash investment, which was basically the same as the previous round.
According to Dapper Labs, Flow is designed for "composability", and developers can use code from the same application in completely different applications.
"Flow allows developers to build securely and easily on top of each other's code and create new products and services faster. This feature of the blockchain is called composability and has the potential to unlock new ways of software development. ”
In the face of growing network demand, Ethereum has been slow. At the same time, other blockchains with smart contract functions, such as Kadena, EOS and Harmony, also hope to solve the same problem. If Ethereum encounters setbacks in its goal of becoming a "world computer," it will lose a large number of users. Flow is the latest company to join the ranks, but it is also the first company to focus on collectibles.
It is also worth noting that this round of financing also covers a unique structure in which the initial equity acquired by investors can be converted into tokens for later use in the blockchain (as before, the SEC still has to be Approved). This is similar to the common convertible bond structure in the VC sector. If all goes well, Dapper Labs will launch Flow in 2020.