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Crypto exchange KuCoin\u2019s venture capital arm and nonfungible token (NFT) marketplace have launched a $100 million \u201cCreators Fund\u201d to help bootstrap early-stage NFT projects at the intersection of art, sports and GameFi.<\/p>\n
KuCoin Ventures and the Windvane NFT marketplace have created the fund to help artists and creators showcase their work and scale their business to wider audiences, the companies announced Tuesday. The fund\u2019s mandate is to support promising NFT projects that are contributing to the development of Web3, which refers to the next iteration of the internet powered by blockchain technology. <\/p>\n
Windvane is a new NFT marketplace from KuCoin that aims to tap into the crypto exchange\u2019s large user base. At the time of writing, KuCoin was the fifth largest crypto exchange by volume, according to CoinMarketCap. <\/p>\n
The rise of Web3 has given creators a new venue to mint NFTs that have real utility inside virtual worlds. Yet Siu, the co-founder and chairman of venture capital firm Animoca Brands, recently told Cointelegraph that Web3 provides an efficient way for creators to work collaboratively for both name recognition and economic benefit. <\/p>\n
Related: <\/em><\/strong>The future of the internet: Inside the race for Web3\u2019s infrastructure<\/em><\/strong><\/p>\n \u2018This is the Mona Lisa of the digital world\u2019, This is what Sina Estavi who bought the NFT in March 2021 told then <\/p>\n Jack Dorsey\u2019s first tweet was con\u00adverted to a NFT last yr & sold for $2.9 mil\u00adlion. Now, it may be resold for less than $14,000. pic.twitter.com\/fvDU37lgmV<\/a><\/p>\n\n