A major international crypto exchange KuCoin launched a USD 100m fund for artists behind early-stage nonfungible token ( NFT) projects in a variety niches.
KuCoin announced Tuesday that the new fund was launched by KuCoin Ventures as well as the exchange’s new NFT marketplace Winvane. It will support NFT projects in a variety of fields, including arts, sports, profile photos (PFPs), Asian culture and celebrities, GameFi (gaming + DeFi) and other niches.
The announcement states that the new incubation fund will be used to help young artists, which will allow them to showcase their talents on the Windvane platform. KuCoin describes the platform as “an open, democratic, decentralized NFT marketplace that is more open, free and equal than before.”
The fund will not only support young artists but will also provide capital for established NFT projects with “strong team members and innovative technology.”
“The [USD] 100M Creators Fund will support NFT creators, and projects, which will further consolidate metaverseinfrastructure. Johnny Lyu, KuCoin CEO, said that we are happy to see NFTs growing rapidly and being integrated with culture, sports, entertainment, and other celebrities.
Lyu said that KuCoin’s NFT marketplace Windvane would help to create a bridge between Web2 and HTML3 by creating a “more integrated NFT world”, where there is a low barrier to entry for new users.
KuCoin was the 6 th biggest spot crypto exchange in terms of 24-hour trading volume as at Tuesday. This was ahead of competitors such as FTX and Coinbase. Data from CoinGecko.
