OpenSea is planning to work with its ventures division and to provide generous contributions to startup programs and support community-based projects, via new grants plan.
According to recent announcement made by popular NFT trading platform OpenSea, it has introduced a new Investment and community grants program that is aimed to support newly forged projects and rising companies in the crypto sector that will contribute to the development of Web 3.0 and NFT scene.
Details on the Plan
The announcement mentioned that OpenSea ventures will provide major assistance such as, fund contributions, critical and financial advice, technical help and contacts with similar companies that are thriving in the sector. This lead of this new program will be co-founder of OpenSea, Alex Attalah and as mentioned before, the company will be providing connections to its partners and investors that include, Anomica Brands, Katie Haun and a couple of others.
Additionally, the investment side of things will be focusing on four main crucial aims that include both fungible and non-fungible tokens to ascend towards a new multichain space, new NFT-powered protocols, Web 3.0 Gaming and other social media-based projects that will provide access to OpenSea and several other types of trading platforms.
Web 3.0 Support
Projects that originate from the Web 3.0 development community will also be supported by the grants plan. Projects from the community that are working towards improved accessibility, creation of new utilities regarding and developing educational material will be directly supported by OpenSea. Support for momentary projects that can be introduced in around two quarters of time after receiving support will also be included, however, OpenSea has stated that this factor will grow to newer levels in the future.
As for the selection criteria, OpenSea will share important details and come up with a review team that will be carefully choosing projects that deserve the grants and investments.
OpenSea and the NFT Space
The NFT space has swollen to insane levels with many new projects arriving at the space every day. According to DappRadar, the NFT market had generated nearly $25Billion in trading volumes last year, highlighting the evolution that the market has experienced, with OpenSea leading the market with the most sales on its platform.
OpenSea also set a record back in January, having the most trading volume recorded in just a month of time, setting up around $5Billion in trading split between Ethereum and Polygon.
