Warner Music has collaborated with Dapper Labs to create a new blockchain going by the name of Flow. It should be noted that Dapper Labs is the company in the shadows of Cryptokitties. As per a report in the Forbes Magazine on Thursday, Dapper Labs has drummed up a neat USD 11 million in terms of funding for the new blockchain project, which includes a lump sum investment from Warner Music.
The round was piloted by Andreessen Horowitz along with several other giant venture firms such as Union Square Ventures, Digital Currency Group, and Accomplice.
It is reported that ‘Venrock’s David Pakman wrote to a publisher via email that reads in part, “Ethereum and pretty much every other ‘player’s smart contract platform is attempting to build scalable networks for transactions such as payments. Decentralized gaming and things like crypto-collectibles place different scaling requirements of blockchains that sharding fundamentally does not fix. So, dapper is coming up with Flow in order to allow the decentralized games to scale to tens of millions of users.”
Packman has opined that the collectibles industry is in need of a utility-driven blockchain if big brands like Warner Music and the NBA are to be involved and bring their fan bases along for the ride. The Dapper Labs emanated out of a USD 12 billion venture conducted in 2018 that saw it branch out from its parent Axiom Zen. It then moved to add a further USD 15 million in VC money and has since then been working with many of other several funds.
Dapper Labs insists that Flow, its new blockchain project is particularly geared for composability, citing that a developer may employ the code from one application to generate another very different one.
Part of Dapper Labs statement reads, “Flow empowers developers to safely and easily build on top of each other to create entirely new products and services at an accelerating speed. This feature of blockchain known as compressibility has the capability to avail a new approach to software development. “
Over the past decade, Ethereum has in a segue manner evolved in a bid to meet the ever-increasing demands for network capacity. Meanwhile, other blockchains with smart contract potentials such as Kadena, EOS, and Harmony have also come up and jammed up competition for users bases. Flow is the latest blockchain project to come up and join the league of other blockchains seeking to compete with Ethereum as the world computer.
It is worth noting that the round compassed a specific structure that allows backers to achieve equity, which in turn can be converted to tokens for employ on the chain. However, the above arrangement Is yet to be ratified by the Securities and Exchange Commission.