Flow Network
A series on the future of NFTs
Introduction:
Since the first major cryptoasset bull cycle in 2017, we’ve seen a few waves of mainstream adoption. The first wave was smart contract platforms, followed by DeFi, and now non-fungible tokens (NFTs). NFTs have arguably had the largest cultural impact of any blockchain vertical, and they’ve struck a chord with the mainstream consumer. Everyone from YouTubers like Logan Paul, to musicians like Disclosure, and artists like Beeple has become involved.
Where did this all start and why? If we rewind a bit back to the 2017 bullrun, a project called CryptoKitties was launched. Little did we know at the time, but it would change game and lead a new sector in the crypto industry.
CryptoKitties is an NFT project which allows owners to breed and trade their digital cats. Initial comparisons (mostly criticisms at the time) were made to the meatspace1 version, known as Beanie Babies. CryptoKitties took off and due to its popularity, clogged up the Ethereum network because transaction demand was so high. This left the founders of the project no choice but to join forces with a more scalable chain, wait for ETH2 to come around, or build their own blockchain. The team opted to build their own chain, now known as Flow Network. Flow has focused on being a next-gen blockchain for creators, dApps, and digital assets. Their growth and success in the NFT space has been nothing short of impressive.
Flow & the Flow ecosystem will be the subject of our first series through BlockVenture Insights. NFTs have seen widespread adoption across the space, with Flow Network leading the charge. The chain already boasts projects like NBA Top Shot, MotoGP, VIV3, Chainmonsters, and more. Flow has arguably been one of the biggest catalysts for bringing outside attention to blockchain for their work, bringing in 800,000 users to NBA Top Shot alone thus far.2 We expect this trend to continue with the other Flow projects in the pipes.
With this series, we’ll be bringing venture style insights and product overviews in our analyses. Through the BlockVenture network, we work with over 100+ venture capital funds, hedge funds, liquidity providers, prop desks, etc. We want to bring the same analysis and discussion points we’re having on a day-to-day basis to the community. NFTs are a rapidly emerging vertical in the blockchain space, and we strive to be at the forefront of new industry catalysts. We’re excited to start covering this area more closely. If you have any product ideas, or would like to suggest the next project we should cover - feel free to email us at bvc@blockventure.com, or Tweet at us @BlockVenture.
https://www.placeholder.vc/blog/2020/6/13/a-superior-financial-system
https://www.nba.com/news/dapper-labs-creators-of-nba-top-shot-get-305m-in-funding