Sunday, November 27, 2022

KuCoin Offered $100M To Support New NFT Projects

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KuCoin offered $100 million to support new NFT projects with many other companies investing in the NFT marketplaces as we can see more today in our latest cryptocurrency news.

Kucoin Ventures as the exchange’s VC arm dedicated to crypto investmetns and the NFT marketplace Windvane decided to join funds and make a “Creators fund” to support new NFT projects according to the reports by Kucoin. The announcement also came from Coinbase earlier of launching an NFT marketplace soon and the Japanese media giant Line releasing such a product dubbed LINE NFT. As the industry attracts investments from financial institutions, most exchanges doubled down on the marketplace to acquire a huge share of the growing NFT market.

NFT-Backed Loans, cryptopunks, sotheby's,

The $100 million funds will be allocated to incubate the fledging NFT projects from different fields like art, GameFi, sports, and more. The proejct will invite 99 NFT creators to join the Windvane NFT marketplace and to speed up the growth of Web 3.0 to the release stated. With the support from the fund, younger artists and creators will be able to showcase their talents in the new marketplace. Windvane will support mainstream NFT blockchains like Ethereum, FLow, and Binance smart chain and will allow users to select and buy all digital collectibles on Kucoin aggregators. By leveraging the user traffic of KuCoin, the market will promote other projects via Initial NFT offerings.

The CEO of the exchange Johnny Lyu considered the investment a critical expansion on the Metaverse which only deepens the ecosystem and consolidates the Web3 infrastrcuture:

 “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.”

KuCoin launched a $100 million fund focused on supporting teams that work on metaverse projects back in 2021. The funds aim to promote the huge usage of blockchain technology with the main focus on emerging markets like Africa and South America.

kucoin ceo
KuCoin’s CEO Johnny Lyu. Source YouTube

As recently reported, The crypto exchange KuCoin CEO says the platform is launching a mining pool aimed at providing revenue to proof-of-work miners after integrating the rigs. In a Wednesday announcement, the exchange said that its KuCoin Pool product will allow miners around the world to contribute to the BTC and BCH and share the rewards. At the moment, the miners are required to install and run all the needed hardware themselves and join the pool but KuCoin said it will introduce mining in the near future.

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