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The brand new KuCoin fund will help early-stage NFT initiatives.
New KuCoin Fund to Help NFT House
KuCoin has launched a brand new $100 million fund.
The KuCoin Creators Fund is collectively run by KuCoin Ventures and the alternate’s new NFT market, Windvane. Per a Tuesday press release from KuCoin, the fund will particularly look to help rising NFT initiatives specializing in arts, sports activities, avatars, Asian tradition, and GameFi.
The fund may also invite 99 NFT creators to Windvane. The platform helps a number of blockchains, together with Ethereum, BNB Chain, and Circulate. KuCoin says it desires to assist initiatives use the platform for their very own Preliminary NFT Choices.
The alternate’s CEO Johnny Lyu stated that the fund launch would “additional consolidate the Metaverse infrastructure” and that the intention for Windvane is to “bridge Web2 and Web3 by supporting extra creators to launch their NFTs or initiatives and making a extra built-in NFT world with a decrease barrier to entry for customers.”
KuCoin, presently the world’s fifth-largest centralized cryptocurrency alternate by quantity, is barely the most recent within the lengthy record of exchanges and different crypto-focused companies trying to double down on the rising curiosity in NFTs and the Metaverse. In current months, a whole lot of thousands and thousands of {dollars} of capital have been allotted to numerous NFT-related funds and capital raises, with KuCoin launching a $100 million “Metaverse Fund” in November. Final week, in the meantime, Fortnite creator Epic Video games raised $2 billion to deal with the Metaverse. Whereas buying and selling volumes on marketplaces like OpenSea and Metaverse-related tokens have taken a success this yr amid an ongoing hunch within the crypto market, the speed of funding pouring into the house is exhibiting no indicators of slowing down.
Disclosure: On the time of writing, the writer of this piece owned ETH and a number of other different cryptocurrencies.
