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The Sei Foundation has recently announced the launch of a new $10 million grant fund to support NFT and Social projects within the Sei ecosystem.
The Sei Creator Fund, created in partnership with Gitcoin, aims to fuel the growth of both new and existing non-fungible token (NFT) and Social projects. This fund is intended to empower creators and builders across various aspects such as collections, applications, infrastructure, content creation, and in-real-life events.
To access the funding, interested parties will need to be approved by the Sei community through votes facilitated by Gitcoin, an open-source bounties platform on the Ethereum blockchain.
This move by the Sei Foundation reflects a strategic effort to enhance its ecosystem by fostering a global network of creators. While the success of this initiative remains to be seen, other blockchain ecosystems have also taken similar steps to drive user engagement.
In a similar vein, Ripple introduced its own NFT creators fund in late 2021, allocating $250 million to support NFT and token projects on the XRP Ledger. However, the results were not as expected, with few digital collectibles gaining significant traction in the crypto market.
Likewise, the Avalanche blockchain launched a $1 million fund to support meme coins minted on its platform. The outcome of this initiative is still unknown, as meme coins often reflect market sentiment.
Overall, the Sei Creator Fund presents an exciting opportunity for creators and builders to access funding and support for their projects within the Sei ecosystem. It will be interesting to see how this initiative contributes to the growth and development of NFT and Social projects in the crypto space.
