KuCoin’s venture capital arm and its nonfungible token (NFT) marketplace have announced the creation of a $100 million “Creators Fund” to enable early-stage NFT projects that are contributing to the growth and development of the Web3 economy.
The fund was established by KuCoin Ventures and the Windvane NFT marketplace to assist artists and creators in showcasing their work and scaling their businesses to new audiences, the firms announced Tuesday.
The fund’s mission is to invest in promising NFT companies that contribute to the development of Web3, the next generation of the internet driven by blockchain technology. KuCoin has launched Windvane, a new NFT marketplace that hopes to tap on the crypto exchange’s enormous user base.
Web3 and NFTs
The development of Web3 has provided a new platform for producers to create NFTs that can be used in virtual environments. Despite this, Siu, the co-founder, and chairman of venture capital firm Animoca Brands, recently said that Web3 provides an efficient mechanism for producers to collaborate for both brand recognition and financial gain.
While the nonfungible token market has recently stagnated, as seen by the plummeting resale value of Jack Dorsey’s genesis tweet NFT, the industry’s builders continue to pique venture capital’s interest.
NFT avatar startup Genies just secured a $150 million Series C fundraising round at a $1 billion value. Metaversal, a holding firm focusing on NFTs, raised $50 million in January to boost its investment capacity in the digital collectible and metaverse sectors.
