KuCoin-backed companies launch $100M Web3 developer fund

KuCoin-backed companies launch $100M Web3 developer fund

Crypto change KuCoin’s enterprise capital arm and nonfungible token (NFT) market have launched a $100 million “Creators Fund” to assist bootstrap early-stage NFT initiatives on the intersection of artwork, sports activities and GameFi.

KuCoin Ventures and the Windvane NFT market have created the fund to assist artists and creators showcase their work and scale their enterprise to wider audiences, the companies introduced Tuesday. The fund’s mandate is to help promising NFT initiatives which can be contributing to the event of Web3, which refers back to the subsequent iteration of the web powered by blockchain expertise.

Windvane is a brand new NFT market from KuCoin that goals to faucet into the crypto change’s massive consumer base. At the time of writing, KuCoin was the fifth largest crypto change by quantity, based on CoinMarketCap.

The rise of Web3 has given creators a brand new venue to mint NFTs which have actual utility inside digital worlds. Yet Siu, the co-founder and chairman of enterprise capital agency Animoca Brands, just lately advised Cointelegraph that Web3 supplies an environment friendly manner for creators to work collaboratively for each identify recognition and financial profit.

Related: The way forward for the web: Inside the race for Web3’s infrastructure

While the nonfungible token market has slowed just lately, as evidenced by the plunging resale worth of Jack Dorsey’s genesis tweet NFT, the trade’s builders proceed to draw vital curiosity from enterprise capital. As Cointelegraph reported, NFT avatar startup Genies just lately closed a $150 million Series C funding spherical at a valuation of $1 billion. In January of this yr, NFT-focused holding firm Metaversal raised $50 million to increase its funding capability within the digital collectible and metaverse sectors.