The venture capital arm and non-fungible token market of cryptocurrency exchange KuCoin have launched a $100 million “Creators Fund” to help fuel early-stage NFT projects at the intersection of art, esports and GameFi.
KuCoin Ventures and NFT marketplace Windvane have created the fund to help artists and creators showcase their work and scale their business to a broader audience, the companies announced Tuesday. The fund’s mandate is to support promising NFT projects that contribute to the development of Web 3.0, which refers to the next iteration of the Internet powered by Blockchain technology.
Windvane is a new KuCoin NFT marketplace that aims to tap into the cryptocurrency exchange’s large user base. At press time, KuCoin was the fifth largest cryptocurrency exchange by trading volume, according to data from CoinMarketCap.
The rise of Web 3.0 has provided creators with a new place to coin NFTs that have real utility within virtual worlds. However, Siu, co-founder and chairman of venture capital firm Animoca Brands, recently told Cointelegraph that Web 3.0 offers creators an effective way to work collaboratively for both name recognition and financial gain.
‘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 resolved for less than $14,000. pic.twitter.com/fvDU37lgmV
— Naresh Nambisan â™‚ï¸ (@nareshbahrain) April 17, 2022
‘This is the Mona Lisa of the digital world’, This is what Sina Estavi said who bought the NFT in March 2021
Jack Dorsey’s first tweet was turned into an NFT last year and sold for $2.9 million. Now, it can be resold for less than $14,000.
Although the market for non-fungible tokens has slowed recently, as evidenced by the NFT resale value plummeting from Jack Dorsey’s first tweet, developers in the sector continue to attract significant venture capital interest.. As Cointelegraph reported, NFT avatar startup Genies recently closed a $150 million Series C funding round at a $1 billion valuation. In January this year, NFT-focused holding company Metaversal raised $50 million to expand its investment capacity in the digital collectibles and metaverse sectors.
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