Entertainment Platform from Dapper Labs Raises $11 Million from A16Z and Warner Music
Dapper Labs has announced a capital raise of $11 million for their newest product ‘Flow’. Flow is an entertainment platform developed by Dapper Labs along with Ubisoft, that aims to build blockchain-based games, authenticate collectibles, and develop fan tokens for musicians, as reported by Ledger Insight, September 13, 2019.
Go with the Flow
The team behind Crypto Kitties is now building a blockchain-based entertainment suite that caters to the video game and music industry amongst others.
Jeff Bronikowski, head of innovation at Warner Music, is reportedly always looking for opportunities for their artists and has set up a dedicated wing to explore emerging technology that can allow these opportunities to materialize.
Possibly the biggest takeaway from this is the partnership with Ubisoft for the game development segment. IOTA and Parascom Games partnered for a platform, and Waves partnered with The Abyss. None of the platforms targeting gaming have been able to pull off a partnership with a stalwart like Ubisoft. This could actually be the platform that puts blockchain-based gaming on the map.
Ubisoft is committed to player-centric technology, and this is one of the primary reasons for the interest in developing a distributed gaming network. Warner Music is just as big in their own industry, boasting clients such as Ed Sheeran, Coldplay, and Metallica.
Big Brands Will Propel the Space
Dapper Labs is building a significant amount of goodwill by showing their ability to partner with some of the largest companies in the world.
Utilizing the existing marketing channels of these giant brands is a sure-fire way to kick-start major adoption. Of course, this involves the project being a success as this is obviously more important for Dapper Labs than it is for Warner Music or Ubisoft.
However, a16z is one of the largest and most successful funds in the world. Their investment shows that there may be a strong outline for the product already. Blockchain-based gaming has been a promising segment, and it continues to grow as the mania behind collectibles picks up again.