Blockchain and cryptocurrency Flow: Review L1-platform for NFT and GameFi

Blockchain and cryptocurrency Flow: Review L1-platform for NFT and GameFi

The Flow Blockchain is the Dapper Labs project, which has become known thanks to the Cryptokitties blockchain game. Her gameplay suggested “upbringing” and fights between the characters tied to incorrect tokens (NFT) in the Ethereum network. Cryptokitties became the first popular blockchain game and at the end of 2017 led to strong overloads of Ethereum and, as a result, the total growth of commissions in the network.

As a result, Dapper Labs decided to create their own, more scalable blockchain, “sharpened” for operations with NFT. The main Flow network was launched in 2020. The founder of the project is Diter Shirley, and the general director is Roham Garegozloou. Shirley is known as the creator of the ERC-721 standard, and Garegozlo previously headed one of the first venture funds for crypto projects called Axiom Zen.

In September 2020, as a result of the public sale of Flow coins, the developers received $ 19.5 million. In May 2022, Dapper Labs attracted $ 725 million to the ecosystem development fund. Among its participants are Andreessen Horowitz, Coatue, Greenfield One, Liberty City Ventures and others. The Fund provides grants and direct investments in the Flow cryptocurrency. The organization develops gaming and infrastructure projects, and also helps the creators of the content.

What problem does Flow solve

Many projects produce NFT in the Ethereum network, however, during periods of large loading, transaction costs exceed tens of dollars. Flow blockchain solves the problem of scaling and high commissions without cartoon.

Flow blockchain is designed to work with NFT, gaming projects and other applications. It is optimal for users who are not familiar with blockchain technologies: the addresses on the network are short, You need more gold: and its participants can do without private keys.

The platform is focused on the work of large decentralized applications that use NFT – mainly these are projects in the field of Gamefi.

Example of NFT content on NBA Top Shot

NBA Top Shot has become a good advertisement for Dapper Labs, which attracted attention to the Flow blockchain from other large brands. The platform has long headed the rating of the most popular products for collecting digital items from Dapp Radar. The success of the NBA Top Shot also allowed Dapper Labs to hold a large investrand in the spring of 2021.

In January 2022, the UFC Strike NFT platform began work-the official Dapper Strike project and the famous martial arts organization, which used many NBA Top Shot mechanics.

In August of the same year, the Flow NFL All Day application developed by Dapper Labs in partnership with the US National Football League (NFL). By the end of September, the volume of sales on the platform exceeded the NBA Top Shot indicator.According to blocks of blocks, on September 25, 2022, more than 15 million accounts have already been created on the Flow network and over 1700 smart contracts have been deployed. The ecosystem includes several dozens of active NFT projects and exceeds in the number of transactions with incorrect Ethereum tokens.

Flowing Ecosystem Management and Development System

In the fall of 2021, Flow integrated a solution for decentralized cloud storage of files from the Filecoin blockchain platform. At the same time, Dapper Labs entered into an agreement on long -term cooperation with Google Cloud, which should contribute to the scaling of Flow.

One of the acquisitions of Dapper Labs was the BRUD startup, the solutions of which are designed to add tools to the Flow ecosystem to quickly create decentralized autonomous organizations (TOO). Flow has a bounty program for this direction. Now the adoption and implementation of proposals occurs offchain.

Not only sports organizations pay attention to Flow: in the summer of 2022, META announced the imminent integration of blockchain on Instagram. According to Mark Zuckerberg, support of non -replaceable tokens is available in more than a hundred countries. A little later, META introduced National Flowing for NFT Avatars on Facebook.

Back in 2020, Dapper Labs announced plans to transfer Cryptokitties from Ethereum to Flow. This will allow you to realize new game functions and use tokens in other applications. However, the exact dates of migration are not yet known.

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