Kucoin is a cryptocurrency platform, which announced the launch of a “Kucoin Metaverse Fund” worth $100 million to empower upcoming Metaverse projects. Kucoin aims to incubate early Metaverse projects.
The platform launched a Metaverse Trading Board on 9 September, and the fund is simply an upgrade. Kucoin focuses on Metaverses and new cryptocurrency technologies, such as GameFi, DeFi, NFT, decentralized infrastructure, and innovative projects.
The fund also aims to support the younger generation in exploring its potential by offering education about the Metaverse. It also seeks to use the Metaverse to support education.
“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.”
Kucoin CEO, Johnny Lyu
Kucoin labs will also offer incentive and full-scale support on several things in addition to finances, these are,
- Primary market investment,
- Business partnership,
- Market management,
- Go-to-market strategy,
- Promote the global mass adoption of blockchain, especially in emerging markets like Africa and South America.
The exchange CEO, Johnny Lyu, stated that the next chapter of the internet is the Metaverse. It will change everything, the way we socialize, work, shop, entertain ourselves and connect. Therefore, the launch of the Metaverse fund is to accelerate this evolution of the internet industry.
Lyu further stated that Kucoin hopes to stabilize the blockchain industry and cause a decrease in the market’s high volatility. Strengthening Metaverse projects is one of the ways to help achieve this.
According to Lou Yu, head of Kucoin Labs, the Metaverse is a theoretical concept proposed within the past centuries and is now coming into existence. It is happening sooner than anyone expects. Blockchain and Bitcoin have helped to accelerate the birth and growth of the Metaverse.
Blockchain has ushered in a new era for humankind, previously possible only through imagination and sci-fi fantasies. The Metaverse is humanity’s next big destiny.
The truth is, it will reverse and disrupt our lifestyles. However, it is inevitable. The dilemma comes between technological advancement, brainwashing, being stuck in a world out of reality, and individual privacy protection. Kucoin is therefore set to establish a more secure and private Metaverse ecosystem on Web 3.0.
The Metaverse tokens that Kucoin lists for trading are,
- The Sandbox ( SAND)
- Decentralized Land( MANA)
- Axie Infinity (AXS)
Despite the insignificant bear market today and yesterday, 16-17 November, Metaverse tokens seem to be doing unusually well within the past 24hours. Most of the tokens have a 10% gain, for example, $SAND.
Kucoin Labs is also adopting a business model that is Metaverse friendly. In addition to the Metaverse Trading Board, the exchange has a virtual office built through a collaboration with Bloktopia.
Supporting incubation Metaverse projects is a great idea. There are many bluechip projects in the crypto space that lack adequate funding. Kucoin helping out these projects will help stabilize the projects. It will also help stabilize the Metaverse markets.
However, Metaverse tokens seem very stable and are doing unusually well, together with NFTs. Crypto games with a Metaverse never stop rising, for example, Axie Infinity (AXS).
A brief overview of the video clip on $REALM’s official website gives a dive into the Metaverse. Mark Zuckerberg also shares a video on Meta’s YouTube channel explaining the possibilities of the Metaverse.
Imagination is the limit in these worlds. Therefore, the limit is close to impossible. However, Kucoin should make sure to find a way to break Metaverse addiction in the future.
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