The venture capital branch of KuCoin (a crypto exchange), as well as the NFT (non-fungible token) marketplace, have initiated a Creators Fund of up to $100M to assist in the growth of the early-stage projects of NFTs taking into account the GameFi as well as sports. Windvance NFT marketplace and KuCoin Ventures have established the respective fund to assist the creators and artists to showcase the work thereof along with expanding their business to a vast majority of the spectators, as declared on Tuesday by the platforms.
The focus of the fund is to assist the progressive NFT programs having a significant participation in Web3-based development, which paves the way toward the next phase of the internet run on the behalf of blockchain technology. Windvance counts to be an exclusive NFT marketplace powered by KuCoin that is centered around gaining a large audience for the crypto exchange.
At present, the position of KuCoin among the crypto exchange is fifth in terms of volume, as asserted by CoinMarketCap. An elevation in the Web3 space has provided the creators with the latest opportunity for minting NFTs having a utility across the digital worlds. The chairman and co-founder of Animoca Brands, Yet Siu, recently disclosed that Web3 offers creators an effective method to operate in partnership for the benefits related to both the economy as well as name recognition.
A considerable upturn has been witnessed in the trade of NFTs (non-fungible tokens) in the previous year. In this race, some prominent names in several areas including sports, showbiz, as well as the music industry have endeavored to try their luck as well. Formerly, Jack Dorsey (the former CEO of Twitter) sold his initial tweet on the social media platform after converting it into NFT for nearly $2.9M.
While the NFT market has seen a gradual decrease recently, with the resale of the earliest tweet NFT of Jack Dorsey on Twitter witnessing a continuous decline in its price, the builders of the industry are even now alluring substantial interest out of venture capital. It was previously reported that Genies (an NFT startup venture) recently accomplished its funding round of Series C with a valuation of up to $1 billion.
This January, Metaversal (a holding firm focused on NFTs) collected more than $50M to spread the span of its capacity for investments across the metaverse as well as digital collectibles sectors.
