KuCoin Labs, the company behind the world's sixth-largest cryptocurrency exchange by trading volume with more than 500 crypto avails listed, announced on Wednesday that information technology would exist launching a $100-1000000 metaverse fund for early on-stage projects. The coin is to exist as well available for entities that develop blockchain-based games, nonfungible tokens (NFT) and decentralized applications. In improver, KuCoin will also provide business concern incubation services, branding, incentives and business partnerships for developers selected into the fund.

Johnny Lyu, CEO of KuCoin, said the following in a prepared statement obtained past Cointelegraph:

"KuCoin Metaverse Fund will exist launched to accelerate the evolution of the internet manufacture. Nosotros hope to mature the emerging blockchain manufacture by farther strengthening the awarding of blockchain technology to the metaverse projects."

Lou Yu, the head of KuCoin Labs, added:

"The concept of metaverse has remained at the theoretical level since it was proposed in the concluding century. Information technology was non until the nascency of the blockchain that metaverse became the next migration destiny for mankind."

The concept of a metaverse, or augmented virtual reality with its ain digital economy, has been gaining traction e'er since Facebook rebranded itself as Meta final month to focus on its evolution. Presently afterward, Microsoft ventured into the metaverse with Team updates and Xbox upgrades. Then, Animoca Brands unveiled its plans for a K-pop NFT metaverse. Equally more global brands move in, the full addressable market of the metaverse is projected to take grown to over $1.5 trillion by the end of 2030. Meanwhile, debates are ongoing as to whether or non the metaverse should be centralized.