The KuCoin Metaverse Fund goal is to speed the evolution and maturation of blockchain-based metaverse projects.
Announced on November 17, the KuCoin Metaverse Fund was launched by KuCoin Labs, the exchange's investment and research arm. It will also support metaverse education programs, the company said.
The metaverse fund comes on the heels of KuCoin's April 2021 launch of a $50 million fund to support early-stage crypto projects. KuCoin CEO Johnny Lyu 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."
Citing the need to balance the demands of privacy and technology KuCoin Labs head Lou Yu said the company also intends to "establish a more private and secure Metaverse ecosystem based on Web 3.0."
21st-Century Land Rush
A limited run of 5,000 Alpha Pass NFTs are available via raffle and daily contests, or can be bought on NFT marketplace OpenSea. These will open 18 experiences, but any player will be able to run three experiences, although without play-to-earn access.