KuCoin, known to be the world’s sixth-largest exchange by volume, with more than 500 crypto assets listed, is launching a $100 million fund aimed at empowering early-stage metaverse projects.
The money will also be available for entities that develop blockchain-based games, nonfungible tokens (NFT) and decentralized applications. In addition, KuCoin will also provide business incubation services, branding, incentives and business partnerships for developers selected into the fund.
The announcement also mentions that the fund will also support a metaverse education program. It stated, “Moreover, this fund will also support the metaverse education programs to assist the younger generation in exploring its potentials.”
What you should know
A metaverse is a space generated by the convergence of virtual worlds, augmented reality and internet services. By offering a collective virtual experience, KuCoin has introduced new opportunities to creators, gamers and artists. The Netflix hit movie, ‘ready player one,’ gives a proper description of how a metaverse works.
The fund is also meant to support the global mass adoption of blockchain technology especially in emerging markets like Africa. It stated, “In addition to financial support, KuCoin Labs will also provide a full-scale of support and incentive in terms of incubation, primary market investment, business partnership, branding, market management, and go-to-market strategy. It will promote the global mass adoption of blockchain, especially in emerging markets like Africa and South America.”
The race to deliver the ultimate virtual reality experience is heating up as the concept of a metaverse with its own digital economy, has been gaining traction ever since Facebook rebranded itself as Meta last month to focus on its development. Shortly afterwards, Microsoft ventured into the metaverse with Team updates and Xbox upgrades. After, Animoca Brands, the company behind the SAND token, unveiled its plans for a K-pop NFT metaverse.
What they are saying
Johnny Lyu, CEO of KuCoin, said, “As the next chapter of the Internet, Metaverse is poised to change the way we work, connect, shop, entertain and have social interactions. ‘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 head 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. It’s no doubt that Metaverse will reverse our lifestyle. However, there’s also a dilemma between individual privacy protection and technological advancement. Therefore, KuCoin Metaverse Fund is set to establish a more private and secure Metaverse ecosystem based on Web 3.0.”
As more global brands are buying into the idea of a metaverse, the total addressable market of the metaverse is projected to have grown to over $1.5 trillion by the end of 2030 according to data from PwC.
KuCoin’s native token, KCS, currently trades at $23.48, down 1.28%, as of the time of this writing.