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KuCoin raises $100 million investment fund for Web3

 


Crypto exchange KuCoin's venture capital arm has partnered with its proprietary NFT marketplace to set up a $100 million Creators Fund to provide investment capital for early-stage NFT projects.


Accordingly, KuCoin Ventures and NFT marketplace Windvane have teamed up to use their investment fund to help artists and creators scale their businesses and bring their digital art to the widest possible audience. In order to achieve this, the investment fund intends to support promising NFT projects that contribute to the construction of Web3, i.e. the next generation of the Internet based on blockchain technology.


Windvane is a marketplace for trading non-fungible tokens (NFTs), which belongs to the crypto exchange KuCoin and explicitly aims to take advantage of the trading platform's customer base. As of press time, KuCoin is the fifth largest crypto exchange overall according to CoinMarketCap, showing the potential of this strategy.


The rise of Web3 has opened up entirely new avenues for artists and creators to certify their art and content as NFTs that can provide real value within the virtual world. Yet Siu, the co-founder and chairman of venture capital investor Animoca Brands, recently told Cointelegraph that Web3 is an efficient way for creators and artists to build a brand while making commercial profit.



However, the rapidly growing NFT market has slowed down a bit recently, as can be seen from the fact that the very first tweet by Twitter boss Jack Dorsey , which was certified as NFT, has meanwhile lost its resale value. Nevertheless, the market remains very attractive for investors and financiers. For example, the NFT startup Genies recently closed a financing round of USD 1 billion.

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