KuCoin Ventures, the venture capital arm of KuCoin, and the cryptocurrency exchange’s NFT marketplace have teamed up on a $100 million fund targeting NFT creators. According to a press release, the fund will focus on early stage NFT projects in arts, sports, PFPs, Asian culture, celebrities and GameFi.
An initial cohort of 99 NFT makers will join the cryptocurrency exchange’s NFT marketplace titled Windvane. There the makers receive support for their projects.
KuCoin CEO Johnny Lyu said the “Creators Fund” will help develop the KuCoin ecosystem. The ultimate goal is to bridge the gap between Web2 and Web3, create a more integrated NFT world, and help more NFT creators launch their projects. Another focus is on keeping costs low and other barriers to entry for users.
The Windvane NFT marketplace is brand new, decentralized and offers coining, trading, storage and management services. Currently, it supports many of the best blockchains, including Ethereum, Binance Smart Chain, and FLOW. The hope is that Windvane will become a one-stop shopping center for the world’s best NFTs.
Justin Chou, KuCoin Ventures’ Chief Investment Officer, said Windvane, through its Creator’s Fund, will help NFT makers revolutionize Web3. The Creators Fund launched on April 19.
NFT Creators Funds Are Increasingly Popular
KuCoin Ventures and Windvane’s Creators Fund is not the only one of its kind emerging. In the past month, VISA launched a program to integrate creatives into NFTs. Like KuCoin, VISA promised to bring in a small cohort of promising NFT makers and support them through an incubation process. As part of the VISA program, creators would receive a stipend at the end of the program to help them launch their projects.
KuCoin’s press release reveals another trend: cryptocurrency exchanges launching NFT marketplaces. So far, FTX US and Binance have been operating marketplaces and both have featured top projects. The Golden State Warriors dropped their 2022 NBA Playoff NFT set on FTX US, and Binance teamed up with Mike Tyson to drop a mystery box NFT collection.
Even Coinbase, after a long wait, has moved its NFT marketplace to closed beta.
Both new marketplaces and creator funds are promising news for NFT advertising. More marketplaces could indicate more demand, and creators will have the opportunity to reach more people through their NFTs. When it comes to creator funds, NFT talent can use these programs to integrate themselves into the NFT space, learn the ins and outs of the industry, and even dive deep into technical content.
Time will tell how successful KuCoin’s Creators Fund and marketplace are, although given the speed at which the NFT space is moving, it wouldn’t be surprising if new projects emerge or debut on it soon.