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HomeNFT NewsKuCoin-backed companies open $100M Web3 developer funds

KuCoin-backed companies open $100M Web3 developer funds

This fund will help early-stage NFT projects contribute to the development and growth of the Web3 economy.

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KuCoin-backed companies launch $100M Web3 developer fund

Crypto exchange KuCoin’s venture capital arm and nonfungible token (NFT) marketplace have launched a $100 million “Creators Fund” to help bootstrap early-stage NFT projects at the intersection of art, sports and GameFi.

KuCoin Ventures and the Windvane NFT marketplace have created the fund to help artists and creators showcase their work and scale their business to wider audiences, the companies announced Tuesday. The fund will support promising NFT projects that contribute to the development Web3, which is the next generation of the internet powered with blockchain technology.

Windvane is a new NFT marketplace from KuCoin that aims to tap into the crypto exchange’s large user base. According to CoinMarketCap, KuCoin was fifth in volume among crypto exchanges at the time of writing.

The rise of Web3 gives creators a new platform to create NFTs with real utility in virtual worlds. Yet Siu, the co-founder and chairman of venture capital firm Animoca Brands, recently told Cointelegraph that Web3 provides an efficient way for creators to work collaboratively for both name recognition and economic benefit.

Related: The future of the internet: Inside the race for Web3’s infrastructure

‘This is the Mona Lisa of the digital world’, This is what Sina Estavi who bought the NFT in March 2021 told then

Jack Dorsey’s first tweet was converted to a NFT last yr & sold for $2.9 million. Now, it may be resold for less than $14,000. pic.twitter.com/fvDU37lgmV

— Naresh Nambisan (@nareshbahrain) April 17, 2022

While the nonfungible token market has slowed recently, as evidenced by the plunging resale value of Jack Dorsey’s genesis tweet NFT, the industry’s builders continue to attract significant interest from venture capital. As Cointelegraph reported, NFT avatar startup Genies recently closed a $150 million Series C funding round at a valuation of $1 billion. In January of this year, NFT-focused holding company Metaversal raised $50 million to expand its investment capacity in the digital collectible and metaverse sectors.

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Henry Hicks
Henry Hickshttps://nonfungibletalk.com
NFT and Crypto Enthusiast. Loves Travelling and Exploring the Metaverse!
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