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KuCoin-backed companies raise $100 million Web3 developer fund

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Crypto exchange KuCoin’s venture capital arm and non-fungible token (NFT) marketplace have launched a $100 million “Creators Fund” to fund early-stage NFT projects at the intersection of art, esports and game-fi support.

KuCoin Ventures and NFT marketplace Windvane set up the fund to help artists and creators showcase their work and bring their businesses to a wider audience, the companies announced Tuesday. The fund’s mandate is to support promising NFT projects contributing to the development of Web3, which refers to the next iteration of the internet based on blockchain technology.

Windvane is a new NFT marketplace by KuCoin that aims to tap into the crypto exchange’s large user base. At the time of writing, KuCoin was the fifth largest crypto exchange by volume, according to CoinMarketCap.

The rise of Web3 has given developers a new place to create NFTs that have real utility in virtual worlds. But Siu, the co-founder and chairman of venture capital firm Animoca Brands, recently told Cointelegraph that Web3 provides an efficient way for developers to collaborate to drive both awareness and commercial value.

Related: The Future of the Internet: In the Race for Web3 Infrastructure

While the non-fungible token market has slowed recently, as evidenced by the declining resale value of Jack Dorsey’s Genesis tweet NFT, the industry’s builders continue to attract significant interest from venture capital. As Cointelegraph reported, NFT avatar startup Genies recently closed a $150 million Series C funding round with a valuation of $1 billion. In January of this year, NFT-focused holding company Metaversal raised $50 million to expand its investment capacity in digital collectibles and Metaverse.