Warner Music collaborates with Cryptokitties developer to establish blockchain platform "Flow"

The developer of CryptoKitties, Dapper Labs, has raised $11.2 million in funding from investors including Warner Music Group. The new round of funding will be used to build Dapper Labs' blockchain platform, Flow.

Dapper Labs has raised $39.2 million to date, including investments from venture capital firm Andreessen Horowitz and digital currency group Digital Currency Group.

According to reports, investors in this round will receive equity in Dapper Labs and will have the option to convert their equity into tokens issued by Flow after approval by the U.S. Securities and Exchange Commission.

As indicated in Dapper Labs' blog, the Flow platform is highly scalable, secure, and significantly reduces development complexity, aiming to support the next generation of games, decentralized applications, and the use of crypto assets.

Dapper Labs CEO Roham Gharegozlou commented:

Imagine billions of sports fans around the world trading verified, unique, and limited edition digital collectibles in real-time.

Dapper Labs also collaborates with Warner Music and game developer Ubisoft to explore practical applications of Flow. Warner Music's EVP of Business Development, Jeff Bronikowski, stated:

We are looking for unique ways to share Warner Music content, and if we can solve the issue of slow transactions, we believe CryptoKitties technology can be used to create unique crypto goods and collectibles, offering a new way for fans to interact with artists.

It is understood that Warner Music is testing various blockchain platforms to explore how to enable fans to directly reward their favorite artists online with cryptocurrency-based tokens, without the need for third-party intermediaries.

In addition to the applications Warner Music is exploring, Dapper Labs is also collaborating with the well-known game developer behind "Assassin's Creed," Ubisoft, to develop a racing game where users can buy, sell, trade, and compete.

ABM has previously reported that Dapper Labs partnered with the NBA to launch NBA Top Shot, a digital platform based on blockchain collectibles, allowing fans to trade unique crypto collectibles.

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