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Warner Music Group invests in Dapper Labs' blockchain

Warner Music Group has joined a $11.2 million investment into Dapper Labs, a blockchain startup known for its CryptoKitties game. As part of the investment, Wartner will work with Dapper Labs to create digital assets on a new blockchain called Flow, which can allegedly handle larger transaction volumes than Ethereum, according to a report by Forbes.

A Flow prototype can currently perform about 1,000 transactions per second, with plans to boost that number to 10,000 transactions per second when the platform launches in 2020. The goal of this blockchain is to allow artists to more easily engage with their fandoms and deliver digital assets.

The existing Dapper Wallet will support the Flow blockchain, while CryptoKitties will continue to operate under Ethereum, according to a Dapper Labs' post on Medium.

"The main goal is to create new avenues where the fans of our artists can explore their fandom," Jeff Bronikowski, senior VP of business development, Warner Music, said in the report. "And engage with the artists in new and different ways that they haven't done before."

Dapper Labs is also looking at ways that "non-fungible tokens" can be used to back up real-world assets such as cars and diplomas, according to the report.