KuCoin Labs Launches $100 Million Venture Capital Fund To Empower Early-Stage Metaverse Projects
KuCoin Labs, the corporate behind the world’s sixth-largest cryptocurrency exchange by buying and selling quantity with greater than 500 crypto property listed, introduced on Wednesday that it could be launching a $100 million metaverse fund for early-stage initiatives. The cash can be obtainable for entities that develop blockchain-based video games, nonfungible tokens, and decentralized functions. In addition, Kucoin may even present enterprise incubation companies, branding, incentives, and enterprise partnerships for builders chosen into the fund.
Johnny Lyu, CEO of Kucoin, stated the next in a ready assertion obtained by Cointelegraph:
“KuCoin Metaverse Fund will be launched to accelerate the evolution of the Internet industry. We hope to mature the emerging blockchain industry by further strengthening the application of blockchain technology to the metaverse projects.”
Lou Yu, the pinnacle of KuCoin Labs, added:
“The concept of metaverse has remained at the theoretical level since it was proposed in the last century. It was not until the birth of the blockchain that metaverse became the next migration destiny for mankind.”
The idea of a metaverse, or augmented digital actuality with its personal digital economic system, has been gaining traction ever since Facebook rebranded itself as Meta final month to concentrate on its improvement. Shortly afterward, Microsoft ventured into the metaverse with Team updates and Xbox upgrades. Then, Animoca Brands unveiled its plans for a Okay-pop NFT Metaverse. As extra world manufacturers transfer in, the overall addressable market of the Metaverse is projected to develop to over $1.5 trillion by the top of 2030. Meanwhile, debates are ongoing as as to whether or not the Metaverse must be centralized.