The Sei Foundation has introduced a new grant fund of $10 million to support the growth of NFT and Social projects.
In a partnership with Gitcoin, the Sei Foundation has launched the Sei Creator Fund, aimed at nurturing both new projects and existing non-fungible token (NFT) and Social projects within the Sei ecosystem.
According to a recent blog post on Apr. 4, the fund is intended to empower creators and developers in various areas such as collections, applications, infrastructure, content creation, and real-life events.
Prospective applicants seeking funding will need approval from the Sei community through a voting process facilitated by Gitcoin, an open-source bounties platform operating on the Ethereum blockchain.
The Sei Foundation’s strategic initiative highlights its commitment to building a global network of creators. However, the success of this endeavor is uncertain, given that other blockchain ecosystems have also implemented similar strategies to engage users.
In a related development, Ripple announced its own NFT creators fund in late 2021, allocating $250 million to support NFT and token projects on the XRP Ledger. Despite efforts to attract creators, the results were lackluster, with few digital collectibles gaining significant traction in the crypto market.
Likewise, the Avalanche blockchain launched a $1 million fund specifically for meme coins minted on its platform. The outcome of this initiative remains to be seen, as meme coins often reflect market sentiment.
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