KuCoin has announced the creation of a new $100 million fund. KuCoin Ventures and the exchange’s new NFT marketplace, Windvane, jointly manage the KuCoin Creators Fund. The fund will support new NFT initiatives concentrating on the arts, sports, avatars, Asian culture, and GameFi, according to a press release issued by KuCoin on Tuesday.
In addition, 99 NFT inventors will be invited to Windvane by the fund. Ethereum, BNB Chain, and Flow are among the blockchains supported by the platform. KuCoin claims it wants to assist projects in using the platform to launch their own Initial Coin Offerings (ICOs).
The fund’s launch will “further consolidate the Metaverse infrastructure,” according to the exchange’s CEO, Johnny Lyu. He also believes that the goal of Windvane is to “bridge Web2 and Web3 by supporting more creators to launch their NFTs or projects and creating a more integrated NFT world with a lower barrier to entry for users.”
KuCoin, the world’s fifth-largest centralised cryptocurrency exchange by volume, is the latest in a long line of cryptocurrency exchanges and other crypto-focused businesses aiming to capitalise on the growing interest in NFTs and the Metaverse. Hundreds of millions of dollars have been invested in NFT-related funds and capital raises in recent months, with KuCoin launching a $100 million “Metaverse Fund” in November.
Meanwhile, Epic Games, the creator of Fortnite, raised $2 billion last week to focus on the Metaverse. While trade volumes on platforms such as OpenSea and Metaverse-related currencies have decreased this year due to the ongoing bear market in the crypto market, the amount of money flowing into the space shows no signs of decreasing.
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