Dapper Labs, the company behind blockchain game CryptoKitties, has announced that it has received $11m in funding to launch Flow, a blockchain designed to enable the entertainment industry to launch decentralised applications at scale.
Targeting industries including music, gaming and sports, Flow is designed to make it easy for companies in the entertainment industry to use blockchain, and is set to launch in 2020.
Use cases including enabling bands to launch their own crypto tokens for fans to purchase; games that can log player identities and assets on the blockchain and sports platforms that enable fans to trade verified authentic digital memorabilia.
“After almost two years of research, we’re excited to share Flow with the world,” said Roham Gharegozlou, CEO of Dapper Labs.
“Flow is a blockchain built from the ground up to support high performance ecosystems of apps and games without compromising decentralization. Bitcoin and Ethereum show how crypto can make the world of finance more open and transparent; Flow will do the same for consumers of entertainment and culture.”
Blockchain for entertainment industry sees major industry backing
The $11m funding round has seen Dapper Labs attract considerable support from major entertainment industry players.
While the round was led by Andreessen Horowitz’s crypto fund, other investors included AppWorks, Fenbushi Digital and Warner Music Group, the latter of which is likely to make use of Flow when it launches.
“Warner Music is always searching for new opportunities for our artists and has dedicated itself to exploring emerging technologies to enable these,” said Jeff Bronikowski, SVP, global digital business development and head of innovation and emerging technology at Warner Music Group.
“When we met with Dapper Labs, they immediately understood our vision so we sought to solidify the partnership through this strategic investment.”
“The future of the gaming industry”
The gaming industry has shown particular interest in the potential of blockchain in entertainment, with publishing giant Ubisoft already providing industry feedback.
“When it comes to new technologies and innovation, Ubisoft has always favored a collaborative approach,” said Nicolas Pouard, blockchain initiative director at Ubisoft’s Strategic Innovation Lab.
“We are eager to learn more from Dapper Labs, some of the most talented pioneers in the field of blockchain-gaming, while bringing our own experience of the gaming industry and triple-A development.
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“As a player-centric technology, we believe blockchain can help make players true stakeholders and we can’t wait to see what we will achieve with this partnership.”
Some companies are also developing crypto games that will be built on Flow, with Animoca Brands planning several games, including F1 Delta Time and The Sandbox.
“We believe that crypto is the future of the gaming industry,” said Yat Siu, co-founder and chairman of Animoca Brands.
“In order to support the scale expected from games that reach and are adopted by mainstream consumers, we need a strong platform that takes into account the needs of developers and the superpowers of decentralised entertainment, which is why we will work with Dapper Labs to build fun, accessible experiences on Flow.”