According to a press statement made by KuCoin, the exchange’s VC arm dedicated to crypto investments and its NFT marketplace Windvane are putting out $100 million as a “Creators Fund” to fund and incubate early-stage NFT startups.
The announcement follows Coinbase’s earlier announcement that it would start its NFT marketplace soon. Also, Line’s release of a similar product dubbed Line NFT.
Major crypto exchanges have all doubled down on their marketplaces to gain a larger portion of the rapidly increasing NFT business as the industry attracts investments from financial institutions.
The $100 million fund will be used to foster new NFT ventures in a variety of industries. Which, includes art, sports, GameFi, celebrities, and others.
According to the press release, this project will invite 99 NFT artists to join the Windvane NFT marketplace in order to speed the expansion of Web 3.0.
Young artists and producers will be able to present their abilities in a…
“democratic, decentralized NFT marketplace” thanks to the fund’s backing.
On KuCoin cross-chain aggregators, Windvane will support mainstream NFT blockchains like as ETH, BSC, and FLOW, allowing users to select and purchase all digital valuables.
The marketplace will assist promote projects INO by leveraging KuCoin’s user traffic (Initial NFT Offering).
This investment, according to the exchange’s CEO, Johnny Lyu, is a critical expansion into the Metaverse. Thereby, strengthening the KuCoin ecosystem and consolidating the exchange’s Web.3 infrastructure.
Lastly, In November 2021, KuCoin created a $100 million fund to support teams working on metaverse concepts.
The fund also wants to encourage blockchain technology’s widespread adoption. That’s, with a particular focus on emerging regions such as South America and Africa.
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