CryptoKitties’ Developers Lift $11 Million for “Flow” Blockchain

In the meantime, some other blockchains with smart contract capabilities, such are Kadena, EOS and Harmony, have risen up, composed to pick up …

One of the largest music companies in the world, Warner Music announced their partnership with Dapper Labs, the company that stands behind CryptoKitties, all in order to create a new blockchain called Flow.

The music giant that stands behind Ed Sheeran, Cardi B, Bruno Mars, as well as some other prominent celebrities, eventually decided to go on blockchain, joining an $11.2 million investment in above mentioned Dapper Labs.

Just for a reminder, back in 2017, in December, CryptoKitties, the app that lets users combine (or breed, as they call it) unique digital representations of kitties and trade them, almost spoiled Ethereum when they decided to single-handedly do transactions on the public Ethereum blockchain and that exploded literally overnight.

As per Jeff Bronikowski, who is the senior vice president of business development at Warner Music, if the transaction volume issues can be solved, the CryptoKitties technology, that is actually pretty much similar to Bitcoin (but for other digital assets), could be modified to generate distinctive, negotiable products featuring the company’s listing as the one of the best.

What really happened is that Dapper Labs managed to accumulate $11 million in funding for their project, including investment from Warner. The whole round is led by Andreessen Horowitz, including some other major venture firms as are Union Square Ventures, Digital Currency Group, Venrock and Accomplice who also wanted to participate.

Venrock’s employee and famous gamer, David Pakman, commented that Flow is aiming at a specific games use-case:

“Ethereum and pretty much every other Layer 1 smart contracts platform [is] attempting to build scaleable networks for transactions — like payments. Decentralized gaming and things like cryptocollectibles place different scaling requirements on blockchains that sharding fundamentally doesn’t fix. So, Dapper is building Flow to allow decentralized games to scale to tens of millions of users.”

He added that the collectibles industry needs a purpose-built blockchain in the case that major brands like Warner and the NBA decide to participate, and bring their fanbases along for the ride.

Jeff Bronikowski, SVP, Global Digital Business Development and Head of Innovation and Emerging Technology at Warner Music Group said that Warner Music is always searching for new opportunities for artists and has dedicated itself to exploring emerging technologies to enable these.

He added:

“When we met with Dapper Labs, they immediately understood our vision so we sought to solidify the partnership through this strategic investment.”

Dapper Labs really grew out from $12 million venture round they had back in 2018 and that allowed them to spin out from the parent company – Axiom Zen. A little bit later they took in an additional $15 million in VC cash, working with many of the same funds.

The company explained that Flow is especially “designed for composability where one developer can use code from one application in a wholly other one”.

They said:

“Flow empowers developers to safely and easily build on top of each others’ code, creating entirely new products and services at an accelerating pace. This feature of blockchain, known as composability, has the potential to unlock a new approach to software development.”

Ethereum, on the other hand, has been constantly progressing to the point where it meets growing demands for the network capacity. In the meantime, some other blockchains with smart contract capabilities, such are Kadena, EOS and Harmony, have risen up, composed to pick up users in the case where Ethereum might trip over in their mission to become “the world computer.” Flow is also the latest to join that line-up, but the first one that stresses keepsakes.

Also, this round should incorporate a unique construction where backers in the early stages receive equity that can be changed to tokens later for use on the chain (pending, as ever, approval by the Securities and Exchange Commission).

This is a construction that is almost identical to what is known as a convertible note, where there is debt swapped for equity. All being well, Dapper Labs plans to launch Flow in 2020.

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Will CryptoKitties New Blockchain Flow Be The Next Ethereum Killer?

Others include Andreessen Horowitz, Union Square Ventures, and Digital Currency Group who have helped game creator Dapper Labs raise over …
CryptoKitties Game Launches On The Ethereum BlockchainEthereum

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Martin Young| Sep 13, 2019 | 06:00


One of the first blockchain based games that was most renowned for ‘breaking’ Ethereum back in 2017 is set to return on its own platform. The founders are hoping to revive the viral CryptoKitties craze that was ridiculously popular two years ago – but will they succeed?


Dapper Labs Gets Big Backers

According to a report by Forbes, entertainments giant, Warner Music Group, is one of a number of investors looking into a new public blockchain for the digital moggies. Others include Andreessen Horowitz, Union Square Ventures, and Digital Currency Group who have helped game creator Dapper Labs raise over $11 million to fund a new home for their crypto cats.

The game, launched in December 2017, allowed users to ‘breed’ digital kittens on the blockchain using ETH to buy and sell them. It was so popular that it brought the then unproven network to its knees with such large scale demand. Ethereum has evolved since then but the makers of the game want to launch their own highly scalable blockchain called ‘Flow’.

Go With The Flow

According to a blog post, the developers saw flaws in solutions such as side chains or sharding which make interactivity between smart contracts significantly more complex. It added that this was ok for a payments platform but not so suited to gaming or social platforms. By using different node types, Flow has been designed to distribute the workload;

Flow has a pipelined architecture that separates the jobs typically done by a single node across five different node types, significantly reducing redundant effort and improving efficiency. To support this approach, the Flow team developed a new cryptographic technique called Specialized Proofs of Confidential Knowledge (SPoCKs) to address the Verifier’s Dilemma.

Warner has shown particular interest in the project as it may allow artists to share or sell digital products and collectibles on the blockchain and create new avenues for fans to engage with their idols. Gaming giant Ubisoft has also shown interest in the project where Dapper will be developing a race car game in which unique cars can be bought, sold and traded between players. Dapper Labs CEO, Roham Gharegozlou, added:

Imagine on flow, the possibility of a platform for billions of sports fans to trade verified, authentic and limited edition digital memorabilia in real time around the world,

As far as becoming the next ‘Ethereum killer’, well, there have been many contenders for that accolade and none have yet managed it despite having faster blockchain networks. EOS and Tron are good examples yet Ethereum still manages to outpace them in terms of development and distribution. With Serenity around the corner, the competition in the industry is heating up but it remains to be seen whether Flow will stand the test of time as Ethereum has done.

Will Flow be the next Ethereum killer? Add your thoughts below.


Images via Shutterstock

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Cryptokitties creator Dapper Labs raises $11 million and unveils Flow blockchain

Existing investors that also participated in the funding included Union Square Ventures, Venrock, Digital Currency Group, Animoca Brands, SV Angel, …

Dapper Labs, the company behind CryptoKitties and upcoming projects such as NBA Top Shot, has raised $11 million in funding. It also unveiled the development of Flow, a new blockchain built to enable decentralized applications at scale.

The largest investor in the round was Andreessen Horowitz’s crypto fund, with participation from new investors Accomplice, AppWorks, Autonomous Partners, Fenbushi Digital, and Warner Music Group.

Existing investors that also participated in the funding included Union Square Ventures, Venrock, Digital Currency Group, Animoca Brands, SV Angel, Version One, and CoinFund, among others. Angel investors who participated in this round included William Mougayar, James and Glenn Hutchins, Don Mattrick, and Nanon de Gaspe Beaubien-Mattrick.

“After almost two years of research, we’re excited to share Flow with the world,” said Roham Gharegozlou, CEO of Dapper Labs, in a statement. “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.”

Some of the types of experiences Flow will support include: artists or bands using crypto tokens to give music lovers new ways to show their fandom; games that reward players for adding value and enable interoperability with assets and identities that users can take across environments; or platforms for sports fans around the world to trade verified, authentic, limited-edition digital memorabilia in real-time.

“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, senior vice president at Warner Music Group, in a statement. “When we met with Dapper Labs, they immediately understood our vision so we sought to solidify the partnership through this strategic investment.”

In addition to the new investment, Dapper Labs is announcing partnerships with leading entertainment publishers to ensure Flow is ready for enterprise-scale use-cases. Ubisoft, well known for developing games like Far Cry, Just Dance, and Assassin’s Creed, is advising on Flow, providing valuable 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, in a statement. “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. 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.”

Animoca Brands, a renowned game developer and publisher that is currently developing a number of crypto games including F1 Delta Time and The Sandbox, will be one of the first game companies to build on Flow. These companies will contribute to making Flow a strong platform for consumer entertainment.

“We believe that crypto is the future of the gaming industry,” said Yat Siu, chairman of Animoca Brands, in a statement. “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 decentralized entertainment, which is why we will work with Dapper Labs to build fun, accessible experiences on Flow.”

Flow will launch in 2020, in time to support many of the company’s large-scale, consumer-facing entertainment, music, and gaming projects in the works. Dapper Labs has raised $40 million to date.

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Cryptokitties maker Dapper Labs secures $11.2M to develop blockchain Flow, scores deals from …

… has secured $11.2 million in a new round funding from investors including Andreessen Horowitz, Digital Currency Group, and Warner Music Group.

Dapper Labs, the firm behind viral blockchain game CryptoKitties, has secured $11.2 million in a new round funding from investors including Andreessen Horowitz, Digital Currency Group, and Warner Music Group. The new proceeds will be used to develop Dapper Labs’ new blockchain, called Flow, and build apps on it, according to a report by Forbes.

Flow is built “as a developer-friendly blockchain… to support the next generation of games, apps, and… digital assets.” The platform is a public blockchain similar to ethereum, which allows anyone to build on it, and a token is required to use it

Under the deal, accredited investors will receive a traditional equity stake in Dapper Labs but with an option to convert their stakes into Flow’s native token after the firm has received the approval of the U.S. Securities and Exchange Commission.

Dapper Labs is currently looking into the use cases for Flow via its partnerships with Warner Music. The entertainment giant’s senior vice president Jeff Bronikowski said the firm is exploring ways to make unique tradeable merchandise featuring its roster of talents such as Bruno Mars, Cardi B, and Ed Sheeran. Dapper is the first blockchain investment of Warner Music.

The main goal is to create new avenues where the fans of our artists can explore their fandom… and engage with the artists in new and different ways that they haven’t done before,” Bronikowski said.

Warner Music plans to use Dapper Lab’s Flow blockchain to authenticate unique digital objects (non-fungible tokens) such as digital album art signed by artists.

Imagine on flow, the possibility of a platform for billions of sports fans to trade verified, authentic and limited edition digital memorabilia in real time around the world,” Roham Gharegozlou, Dapper Labs CEO, said.

Dapper also partnered with Assassin’s Creed and Animoca Brands developer Ubisoft to create a racing game, in which unique cars can be traded among players.

Last month, Dapper Labs also teamed up with the United States National Basketball Association (NBA) and its affiliated union the National Basketball Players Association (NBPA) to launch a new digital platform for blockchain-based collectibles, called NBA Top Shot. The competitive game enables fans to sell, buy, trade, and own exclusive digital NBA collectible on blockchain.

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Warner Music investing in Cryptokitties devs

The group includes Andreessen Horowitz, Digital Currency Group, Venrock and Union Square Ventures. Dapper Labs received an investment of 11.2 …

Warner Music has invested in a new blockchain created by the developers of Cryptokitties. The platform is called Flow and should be able to handle much more transactions than the Ethereum blockchain. Warner Music could be offering digital merchandise, like unique virtual items that are part of a collecting game.

“The main goal is to create new avenues where the fans of our artists can explore their fandom and engage with the artists in new and different ways that they haven’t done before.”

Jeff Bronikowski, Senior vice president of business development at Warner Music (Forbes, September 12th 2019)

Additionally the music company is thinking of a new way to invest in artists. Cryptocurrencies could be used to enable a new method for tipping singers, bands and DJs. The company could be using Flow, but according to Forbes they are also looking into two different blockchain platforms.

Warner Music blockchain investment

The investment by Warner Music in Dapper Labs was rather small. According to Forbes it was less than 1 million dollars. Thankfully blockchain developer Dapper Labs managed to get the interest of a group of investors. The group includes Andreessen Horowitz, Digital Currency Group, Venrock and Union Square Ventures. Dapper Labs received an investment of 11.2 million dollars.

This initial investment will be used to finish the Flow blockchain. In addition a couple of apps will be developed for it. The investors also have the option to convert securities into tokens that can be spent on the network. First Dapper Labs will need to get its regulatory approval from the United States Securities and Exchange Commission (SEC).

Music and crypto hyping up

The relationship between music and crypto doesn’t go much further than paying for services or ordering tickets online. But things could very soon change. South Korean K-pop label SM Entertainment is eyeing a blockchain project to attract fans in a new way. Recently Spotify hit the news when Facebook announced its Libra stablecoin. Their CEO said the blockchain technology would allow artists to earn money in a new way.

There aren’t many connections between the music industry and blockchain technology just yet. However, it does make a lot of sense to implement blockchain technology into the music making business. Writers, singers, band members, producers, record labels and everybody in between could be paid for every time a song is being streamed on a blockchain music platform.


Also published on Medium.

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