Flow (FLOW): What is it? Is it a good investment?

In short, Flow is a blockchain on which NFTs, Games, DeFi, and dApps can run and be developed. But of course, there is much more to discover about this development platform.

FLOW, the original digital currency used on the Flow network, is currently in decline, having seen its prices fall since reaching an all-time high of $46.16 in April 2021. On May 12, 2022, the price of the token FLOW hit an all-time low of $2.29, according to CoinMarketCap.

Despite the current downtrend that FLOW is experiencing, prominent crypto experts believe that Flow is one of the blockchain projects to keep an eye on. One of the reasons is that Flow already has a number of remarkable collaboration partners, which makes the project interesting. 

For example, NBA basketball player Andre Iguodala is one of the investors. In addition, Samsung is a partner and large blockchain investors are also happy to contribute and share in the success of this ecosystem.

If you’re also thinking about investing in FLOW coin, you’ll find more information about it in this article. And this will help you to make a wise investment decision.

How did Flow originate and who are the founders?

Flow is a project developed by Dapper Labs, the company behind CryptoKitties, one of the very first non-fungible token (NFT) projects. CryptoKitties brought the Ethereum blockchain to a halt in late 2017 due to massive congestion. As a result, Dapper Labs discovered that the current generation of blockchains is not built to meet such demand. Rather than simply find another home for its dApps, or wait for the Ethereum scaling solutions to be fully developed, Dapper Labs decided to build the kind of blockchain that they and other developers could rely on.

Dapper Labs was founded in Vancouver, Canada, in 2016. In 2019, they presented the white paper of Flow and the developers started developing their own blockchain network to build NFTs such as CryptoKitties. The preview was ready in December 2019. The beta version was ready in May 2020. September 2020 saw the pre-launch of the Flow token followed by the launch on the mainnet.

With Flow, Dapper labs not only want to open worlds, but also connect them. In the Flow ecosystem, blockchain projects can be developed that make the possibilities of crypto accessible to everyone.

Partners

For the development of the ecosystem, Dapper Labs has various partners for Flow from various industries and sectors including the blockchain industry.

In 2021, they entered into a partnership agreement with Warner Music and Dr. Seuss. Also in 2021, it was announced that LaLiga, the Spanish football league, will also be collaborating with Dapper Labs to release the NFT series on the Flow network. 

In the fall of 2021, Flow already had a total of 55 partners. This includes blockchain projects such as ANKR – a Web3 platform that can increase efficiency within blockchain projects. Currently, many of the partners with Dapper Labs in the blockchain are NFT related, such as NFT marketplace OpenSea. A number of universities also collaborate with Flow, such as Berkeley University.

Team 

Roham Gharegozlou and Dieter Dete Shirley lead Dapper Labs and Flow. Shirley is the founder of Flow. He was also the co-creator of CryptoKitties and is the CTO of Dapper Labs. He is the lead architect behind Flow’s blockchain. The team also consists of 24 members, who are mainly specialized in software engineering.

Investors

There are also a large number of well-known investors from diverse fields behind Flow, such as Andreessen Horowitz – a venture with several funds that support many tech and blockchain projects. Others include Union Square Ventures, Venrock, Google Ventures, Samsung, and the founders of Dreamworks, Reddit, Coinbase, Zynga, and AngelList, among others.

In addition, people support and invest in the Flow project of Dapper Labs in a personal capacity.  Andre Iguodala, (already mentioned at the beginning of this article) and other elite athletes such as Aaron Gordon have been involved in the project from the start. Don Mattrick, who has earned his spurs and wealth in the social gaming world, is also interested in Flow.

The Flow (FLOW) token

FLOW is the native token used in the Flow ecosystem. Flow token holders can earn rewards by using FLOW as a deposit to secure the network through validators. You can also pay the transaction costs for transactions on the Flow blockchain with the token. In addition, the token is used as a deposit for data storage and as collateral for secondary tokens.

The token is currently priced at 2.59 per US Dollar and is ranked #31 on CMC. It is available on major exchanges such as Binance, OKex, FTX, Huobi Global, and Mandala Exchange.

Flow (FLOW) contract address

Find below the contract address for FLOW:

Ethereum: 0x5c147e74D63B1D31AA3Fd78Eb229B65161983B2b

Where to buy Flow (FLOW)

You can buy Flow (FLOW) instantly from many crypto exchanges. But the best place to buy is on Binance.

Projects in the Flow ecosystem

What kind of projects has been developed in the short existence of the Flow Ecosystem? On Flowverse you will find an overview of the blockchain projects that run on Flow. Here are a few projects.

  • NBA Top Shot – This successful NFT project was the first project to run on Flow and initially revolved around the entire ecosystem.

NBA Top Shot also has another NFT collection called Moments. Here you can collect NFTs with the most memorable moments from the NBA league. 

  • Blockparty – this is an NFT platform that runs on the Flow ecosystem. This platform makes it easy for artists and brands to create NFTs for various purposes. 
  • Mynft – this is a platform where the work of artists from the west and the far east is brought together.

Is Flow (FLOW) a good investment?

With the migration of CryptoKitties to Flow, and with the increasing success of Dapper’s NBA Top Shot, among others, Flow seems to be one of the leading blockchains for NFTs. This is more likely to attract more users in the future and that will be an advantage for the FLOW token.

In terms of developments, Dapper Labs is far from finished and has indicated that it has big plans for Flow. Among other things, the company wants Flow to be used in the future for more comprehensive gaming experiences than NFTs alone. Dapper Labs calls Flow the ‘blockchain for open worlds’.

Also, it’s worthy of note that Flow has the backing of prominent companies and personalities. All these and more make one conclude that it’s wise to invest in FLOW, especially long-term. 

Flow (FLOW) price predictions

According to PricePrediction.net, the token could reach an average price of $10.08 in 2022. FLOW/USD is expected to reach an average price of $33.10 in 2025 and $212.33 in 2030.

DigitalCoinPrice predicted the price of the FLOW token to be $11.10 in 2022. Its FLOW cryptocurrency price prediction predicted that the token would reach $16.88 in 2025 and $34.98 in 2029.

Conclusion

Flow has many developments on the agenda and each development brings an expectation of a price increase. However, the crypto world is unpredictable and susceptible to the daily news. It is therefore wise to always stay informed of the FLOW news and to see what the developments are.

Don't miss a thing. Follow us on Telegram. If you love videos then also Subscribe to our YouTube Channel. We are on Twitter as MakeMoneyDotNG.

Anthony Adewuyi

Anthony Adewuyi

Anthony is a Content Writer with MakeMoney.ng. He is passionate about Finance, Business, and Tech related topics. He is a Digital Entrepreneur with vast experience in Data Analytics and Advanced Google Analytics

Articles: 151

Leave a Reply

Your email address will not be published. Required fields are marked *