Kucoin Provided $100 Million to Support Early NFT Projects

Written by C, Fiona

Last updated: 2022-04-21

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More companies are investing in their NFT market. Cryptocurrency exchange Kucoin is the latest brand to redouble its efforts in NFTs.

What Is KuCoin? How To Use the Exchange?

Kucoin Ventures

According to media reports released by Kucoin, Kucoin Ventures is the venture capital Department of the exchange specializing in cryptocurrency investment. Windvane, its NFT market, will spend $100 million as a “creator fund” to support and incubate early NFT projects.

The news came after coinbase announced earlier that it would soon launch its NFT market and Japanese social media giant line released such products called line NFT. As the industry attracts investment from financial institutions, major cryptocurrency exchanges have redoubled their efforts on their market platforms to gain a greater share of the fast-growing NFT market.

The $100 million fund will be allocated to incubate new NFT projects from various fields, including art, sports, gamefi, celebrities and so on.

According to the press release, the project will invite 99 NFT creators to join the windvane NFT market to accelerate the development of Web 3.0. With the support of the fund, young artists and creators will be able to show their talents in a “democratic and decentralized NFT market”.

Windvane will support mainstream NFT blockchains, such as eth, BSC and flow, allowing users to select and purchase all digital collections on Kucoin cross chain aggregator. By taking advantage of Kucoin’s user traffic, the market will help promote the project ino (first NFT release).

Expansion of Metaverse

Johnny Lyu, CEO of the exchange, believes that this investment is an important expansion of metaverse, deepening Kucoin’s ecosystem and consolidating its web 3 infrastructure.

“Windvane hopes to connect Web 2.0 and Web 3.0 by supporting more creators to launch their NFT or projects, creating a more complete NFT world and providing users with a lower entry threshold.”

Kucoin has launched a $100 million fund in November 2021 to focus on supporting teams engaged in metadata projects. The fund also aims to promote the large-scale use of blockchain technology, focusing on emerging markets such as South America and Africa.