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The new KuCoin Fund will support early NFT projects.
New KuCoin Fund to Support NFT Space
KuCoin has launched a new $100 million fund.
KuCoin Creators Fund is jointly run by KuCoin Ventures and Windvane, the exchange’s new NFT marketplace.Every Tuesday’s press release From KuCoin, the fund will specifically support emerging NFT projects with a focus on art, sports, avatars, Asian culture and GameFi.
The fund will also invite 99 NFT creators to join Windvane. The platform supports multiple blockchains, including Ethereum, BNB Chain, and Flow. KuCoin said it wants to help projects use the platform for their own initial NFT offerings.
The exchange’s CEO Johnny Lyu said the launch of the fund will “further consolidate the Metaverse infrastructure” and Windvane’s goal is to “build a bridge between Web2 and Web3.” By supporting more creators to launch their NFTs or projects, and creating a more integrated NFT world, the barrier to entry for users is lower. ”
KuCoin, currently the fifth most traded centralized cryptocurrency exchange in the world, is just the latest in a long line of exchanges and other cryptocurrency-focused companies looking to double down on the growing interest in NFTs and the Metaverse. Hundreds of millions of dollars have been allocated to various NFT-related funds and fundraising efforts in recent months, with KuCoin launching a $100 million “Metaverse Fund” in November. Meanwhile, last week, Fortnite Creator Epic Games raises $2 billion to focus on Metaverse. While trading volumes in markets such as OpenSea and Metaverse-related tokens have taken a hit this year amid an ongoing slump in the cryptocurrency market, the pace of money pouring into the space shows no signs of slowing down.
Disclosure: At the time of writing, the author of this article owns ETH and several other cryptocurrencies.
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