The sixth-largest bitcoin exchange in terms of volume is expanding into the metaverse.
On Wednesday, KuCoin Labs, the firm behind the world’s sixth-largest cryptocurrency exchange by trading volume with over 500 crypto assets listed, announced the opening of a $100 million metaverse fund for early-stage initiatives. The funds can also be used to create blockchain-based games, nonfungible coins, and decentralized apps. Kucoin will also offer company incubation, branding, incentives, and commercial alliances to developers who are accepted into the fund.
“KuCoin Labs‘ head, Lou Yu, added: ” “Since its inception in the previous century, the notion of the metaverse has remained purely speculative. The metaverse did not become humanity’s next migratory destination until the blockchain was born.”
Since Facebook renamed itself as Meta last month to focus on its development, the notion of a metaverse, or augmented virtual reality with its own digital economy, has gained popularity. Microsoft entered the metaverse shortly after with Team updates and Xbox improvements. Then came Animoca Brands’ announcement of a K-pop NFT Metaverse. As more major companies enter the Metaverse, the total addressable market is expected to reach over $1.5 trillion by 2030. Meanwhile, the question of whether or not the Metaverse should be centralized is being debated.