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The new KuCoin fund will assist early-stage NFT initiatives.
New KuCoin Fund to Support NFT Space
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 launch from KuCoin, the fund will particularly look to assist rising NFT initiatives specializing in arts, sports activities, avatars, Asian tradition, and GameFi.
The fund will even invite 99 NFT creators to Windvane. The platform helps a number of blockchains, together with Ethereum, BNB Chain, and Flow. KuCoin says it needs to assist initiatives use the platform for their very own Initial NFT Offerings.
The alternate’s CEO Johnny Lyu mentioned that the fund launch would “further consolidate the Metaverse infrastructure” and that the purpose for Windvane is to “bridge Web2 and Web3 by supporting more creators to launch their NFTs or projects and creating a more integrated NFT world with a lower barrier to entry for users.”
KuCoin, at present the world’s fifth-largest centralized cryptocurrency alternate by quantity, is just the most recent within the lengthy record of exchanges and different crypto-focused corporations trying to double down on the rising curiosity in NFTs and the Metaverse. In latest months, tons of of thousands and thousands of {dollars} of capital have been allotted to varied NFT-related funds and capital raises, with KuCoin launching a $100 million “Metaverse Fund” in November. Last week, in the meantime, Fortnite creator Epic Games raised $2 billion to give attention to the Metaverse. While buying and selling volumes on marketplaces like OpenSea and Metaverse-related tokens have taken successful this 12 months amid an ongoing stoop within the crypto market, the speed of funding pouring into the house is displaying no indicators of slowing down.
Disclosure: At the time of writing, the creator of this piece owned ETH and several other different cryptocurrencies.
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