KuCoin-backed firms launch $100M Web3 developer fund

Crypto alternate KuCoin’s enterprise capital arm and nonfungible token (NFT) market have launched a $100 million “Creators Fund” to assist bootstrap early-stage NFT tasks 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 businesses introduced Tuesday. The fund’s mandate is to assist promising NFT tasks which might be contributing to the event of Web3, which refers back to the subsequent iteration of the web powered by blockchain know-how.

Windvane is a brand new NFT market from KuCoin that goals to faucet into the crypto alternate’s massive consumer base. On the time of writing, KuCoin was the fifth largest crypto alternate by quantity, in line with CoinMarketCap.

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

Associated: The way forward for the web: Contained in the race for Web3’s infrastructure

‘That is the Mona Lisa of the digital world’, That is what Sina Estavi who purchased the NFT in March 2021 informed then

Jack Dorsey’s first tweet was transformed to a NFT final yr & offered for $2.9 million. Now, it might be resold for lower than $14,000.

— Naresh Nambisan ‍♂️ (@nareshbahrain) April 17, 2022

Whereas the nonfungible token market has slowed lately, as evidenced by the plunging resale worth of Jack Dorsey’s genesis tweet NFT, the business’s builders proceed to draw vital curiosity from enterprise capital. As Cointelegraph reported, NFT avatar startup Genies lately closed a $150 million Sequence 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.

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