Cryptocurrencies are fast gaining traction in the world of finance. In today's digital world, people are increasingly buying into the concept of cryptocurrency as a new mode for monetary transactions as well as for investments.
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April 20, 2022
A $100 MILLION WEB3 DEVELOPER FUND HAS BEEN LAUNCHED BY KUCOIN-BACKED BUSINESSES.
The fund will help early-stage NFT innovations that help the Web3 economy grow and thrive.
KuCoin’s venture capital arm and nonfungible token (NFT) marketplace have announced the creation of a $100 million “Creators Fund” to enable early-stage NFT initiatives at the convergence of art, sports, and GameFi to get off the ground.
According to the firms, the fund was established by KuCoin Ventures and the Windvane NFT marketplace to assist artists and creators in showcasing their work and scaling their businesses to new audiences. The fund’s mission is to help innovative NFT initiatives contribute to the development of Web3, the next generation of the internet-driven by blockchain technology.
KuCoin has launched Windvane, a new NFT marketplace aimed at tapping on the crypto exchange’s vast user base. According to CoinMarketCap, KuCoin was the sixth most popular cryptocurrency exchange by volume at the time of writing.
The development of Web3 has provided a new platform for producers to produce NFTs with real-world applications. Siu, the co-founder, and chairman of venture capital company Animoca Brands said that Web3 is an effective method for producers to collaborate for both brand recognition and financial gain.
While the nonfungible token market has slowed recently, as indicated by the falling resale value of Jack Dorsey’s genesis tweet NFT, the industry’s builders continue to pique venture capital’s attention. NFT avatar startup Genies just secured a $150 million Series C fundraising round, valued at $1 billion. Metaversal, a holding firm specializing in NFTs, raised $50 million in January of this year to extend its investment capacity in the digital collectibles and metaverse sectors.