KuCoin, a major international crypto exchange, has announced the creation of a USD 100 million fund to help artists working on early-stage non-fungible token (NFT) projects in a number of fields.
According to a statement released on Tuesday by KuCoin Ventures and the exchange’s new NFT marketplace Windvane, the new fund will promote NFT ventures in industries like as arts, sports, profile photos (PFPs), Asian culture, celebrities, GameFi (gaming + DeFi), and other niches.
The new incubation fund, according to the release, would assist young artists in particular, allowing them to showcase their skills on the Windvane platform. “A lot more open, free, egalitarian, and democratic decentralized NFT marketplace,” KuCoin said of the platform.
The fund will invest in established NFT projects with “strong teams and innovative technologies” in addition to helping young and new artists. The fund’s goal is to help the NFT area grow in general, as well as contribute to the creation of a varied Web 3.
“The [USD] 100 million ‘Creators Fund’ will fund NFT creators and projects, allowing the metaverse infrastructure to be further consolidated.” KuCoin CEO Johnny Lyu said, “We are thrilled to watch the rapid development of NFTs and their integration with sports, culture, games, celebrities, and other areas.”
Lyu went on to say that KuCoin’s new NFT marketplace Windvane will attempt to bridge the gap between Web2 and Web3 by establishing “a more integrated NFT environment” with a low barrier to entry for new users.
According to CoinGecko data, KuCoin was the 6th largest spot crypto exchange by 24-hour trading volume on Tuesday, ahead of competitors like as FTX and Coinbase.
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