Dapper Labs Raises $11.2 Million
CryptoKitties, the blockchain exchange created by Dapper Labs, has closed their financing round. The round closed on 2019-09-13 and earned the blockchainstartup with $11.2 Billion in funds that will be used toward the development of their blockchain named “Flow”. This information came from Forbes insiders with the CryptoKitties exchange.
Forbes revealed that the financing round was managed by Andreessen Horwitz, a man who is known for assisting many venture capitals in their growth. He used his contacts to receive funding from Venrock, Union Square, DC Group, Accomplice, Warner Music and Ubisoft. This is the first time that Ubisoft or Warner Music has invested in the blockchain space. This investment earns them, and all other supporting firms will an equity stake in the upcoming blockchain Flow. Investors are provided with the option to sell off their native Flow Tokens when it’s launched, which would potentially earn them millions. However, before the coin can begin development, Dapper Labs needs to receive approval from the SEC.
All investors are also provided with the option to work with Dapper Labs to determine how the Flow Blockchain can be enabled in their respective industries. This is exciting when it comes to the gaming and music industry, which have both yet to adopt the blockchain technology. In the coming months or years, fans of Ubisoft or Warner Music could have a new way to purchase products on their respective stores. The influence this could have on a worldwide scale could be memorable and create an entirely new sub-market for blockchain operators.
Warner Music confirmed their investment after the story broke, detailing what they plan on doing with the Flow Blockchain. They noted in their confirmation that tradable merchandise from artists like Bruno Mars, Cardi B and Ed Sheeran could be implemented. Ubisoft also confirmed that they invested in Dapper Labs technologies in hopes that blockchain-specific in-game products could be traded amongst gamers. This would revolutionize the gaming industry in ways nobody could’ve ever anticipated. However, the chances of success are dependant on how many games or fans of music adopt this technology into their daily lives. Most estimate that blockchain tech cannot surpass the finance market space.
The Vice President at Warner Music, Jeff Bronikowski, stated: “We think that as people spend more time crafting their persona in the digital realm. I mean digital goods and collectables is a great way to express that fandom.”