KuCoin Labs, the research arm of crypto exchange KuCoin, recently announced a $100Mfund to invest in metaverse projects. The firm will use funds to invest in GameFi, NFT, and decentralized infrastructure projects.
KuCoin said that it will also provide business incubation services, branding, incentives, and business partnerships for developers selected into the fund. Crypto exchange KuCoinhe is the world’s 6th-largest cryptocurrency exchange by trading volume with over 500 crypto assets listed.
Source: Kucoin
The metaverse integrates aspects of online gaming, augmented reality (AR), virtual reality (VR), social media, and cryptocurrencies to enable users to interact virtually. Metaverse will develop online spaces where people interactions are more multidimensional than the current technology supports. People in the metaverse will be able to immerse themselves in a space where the digital and physical worlds converge.
By offering a collective virtual experience, metaverse has introduced new opportunities to gamers, creators, and artists.
Well, the concept of metaverse has been gaining traction ever since Facebook rebranded itself as Meta demonstrating its focus on virtual reality and augmented reality. Following the trend, Microsoft ventured into the metaverse with Team updates and Xbox upgrades, and Animoca Brands announced its plans for a K-pop NFT Metaverse.
As more big tech players move in, the total addressable market of the Metaverse is estimated to grow more than $1.5 trillion by the year 2030.
Johnny Lyu, CEO of Kucoin said that the Fund will be used to accelerate the evolution of the Internet industry and that Kucoin will help to mature the emerging blockchain industry by further strengthening the application of blockchain technology to the metaverse projects.
A part of the fund will also be used to develop metaverse education programs to help the younger generation in exploring its potential.
