The Flow ecosystem is reportedly gearing towards acquiring support financially from a new $725 million fund, which will be dedicated to making investments in the growth of the NFT network. 

Specifically, Flow (FLOW) reportedly functions as a layer-1 blockchain built by Dapper Labs and purpose-made for NFTs. Dapper Labs additionally designed the well-known NBA Top Shot NFT collection. 

Flow reportedly takes advantage of an eco-friendly proof of stake (PoS) consensus algorithm to operate. 

The new fund reportedly receives support from 17 establishments that possess prior knowledge in throwing their weights behind other Web3 firms, including major investment entities such as a16z, Spartan Group, and CoinFund. 

The funds will reportedly be utilized for reeling in new developers to have their work established onto Flow as opposed to the rival Ethereum (ETH), which is still a dominating force in the NFT field regardless of its high gas fees. 

Within the Flow ecosystem itself, the funds will reportedly offer support for gaming, infrastructure, decentralized finance (DeFi), content, and creators.

Initiatives that receive grants via the ecosystem fund will be supported by FLOW tokens investments, and what the fund’s webpage calls “in-kind support.”

At the moment, Flow reportedly ranks in the third position in the list of the most major blockchains, in terms of NFT sales volume, following Ethereum and Solana (SOL). Not including May, throughout 2022, Flow has averaged $50.3 million in monthly NFT sales according to CryptoSlam, an NFT market tracker.