Published on: 21/04/2022
KuCoin launches $100 million ‘Creators Fund’ to help NFTs projects
Leading global crypto exchange platform KuCoin announced on April 19 the launch of their “Creators Fund”. The fund is worth $100 million and was released via its dedicated venture capital arm KuCoin Ventures alongside NFT marketplace Windvane.
KuCoin’s Creators Fund aimed to support a variety of early-stage NFT projects, such as sports, arts, GameFi, and even celebrities, among others. Additionally, KuCoin said they were keen on developing the Web3 ecosystem through its newly launched fund.
Company CEO Johnny Lyu explained in a statement that the fund also marked KuCoin’s expansion into Web3 and NFTs in an effort to propel the company’s development process.
“At the current stage of KuCoin’s comprehensive and in-depth expansion of the Web 3.0 and NFT fields and deepening the KuCoin ecosystem, the launch of a $100 million ‘Creators Fund’ will undoubtedly bring a strong impetus to our development process,” Lyu added.
More on KuCoin’s fund
As the name suggests, KuCoin’s Creators Fund is intended to help both creators and projects to set forth their work via Windvane, KuCoin’s NFT marketplace. Moreover, the company has also revealed that there would be 99 NFT creators slated to join Windvane.
According to Lyu, the company was keen on bridging Web2 and Web3 by sustaining creators. Moreover, KuCoin’s NFT marketplace is hoped to encourage the launch of more NFTs and related projects through an integrated, low-entry cost for users.
“The $100M ‘Creators Fund’ will support NFT creators and projects, which will further consolidate the metaverse infrastructure. KuCoin NFT Marketplace—Windvane would like to bridge Web 2.0 and Web 3.0 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,” Lyu said.
In doing so, KuCoin will seek to implement cryptocurrency features such as decentralization and token-based economics into Windvane. In implementing these features, the company will prioritize and prioritize users’ data security and full control over sensitive information.
Other than data and security, KuCoin said Windvane would leverage KuCoin’s user traffic to help promote NFTs in the initial offering stage.
Through KuCoin’s very own NFT marketplace, the company’s global objective is to revolutionize the industry, in addition to supporting creators and their projects
“With its user-first and community-driven mission, Windvane will support Web 3.0 creators globally to revolutionize the NFT industry,” KuCoin Ventures chief investment officer Justin Chou added.
Reportedly, Windvane would support the use of other big NFT blockchains, including Ethereum, Binance Smart Chain, and Flow, ensuring seamless digital collectible transactions.
Previously in November 2021, KuCoin also launched a $100 million support fund for teams developing projects in the metaverse. The fund was also created to market the use of blockchain technology in two select regions, namely South America and Africa.
KuCoin was not the first in the cryptocurrency market to do so. Last month, Visa rolled out the company’s “Creator Program”, which was created to help and empower artists with their businesses via NFTs.
Visa head of crypto Cuy Sheffield dubbed the program a “game-changer”. He said he acknowledged the huge potential of NFTs to become an “accelerator for the creator economy”.
“The Visa Creator Program is geared towards entrepreneurs working in art, music, fashion and film who are serious about incorporating NFTs into their business model, whether they’ve just minted their first NFT or have several successful drops under their belt,” Sheffield said in a company announcement.