NEAR Protocol Announces $100M Web3 Fund For Entertainment, Fashion, and Sports

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The Swiss non-profit behind the NEAR Protocol is to collaborate with Caerus Ventures in launching a $100 million enterprise capital (VC) fund and enterprise lab.

The NEAR Foundation mentioned it might cornerstone the VC Fund, with an preliminary closing of $50 million and a goal of $100 million for seed to collection A investments.

The proposed enterprise lab intends to draw the main engineers, builders, and enterprise builders within the Web3 house, and may even provide cross-functional help to portfolio tasks.

The growth comes on the heels of Swiss funding agency 21.co elevating $25 million in its latest funding spherical final week, placing its valuation at $2 billion.

What is the NEAR Protocol?

Founded by Alexander Skidanov and Illia Polosukhin, the NEAR Protocol is a scalable blockchain with a globally distributed neighborhood that consists of 550,000 members and a complete of 18 million accounts created.

“Our cultural passions for stay sport, film or music have traditionally been leveraged to on-ramp billions of customers to new applied sciences,” said Marieke Flament, CEO of the NEAR Foundation.

“The creators, expertise, and franchises with attain and affect spearheaded that progress and will now drive the adoption of blockchain at scale,” she added. “But this time, they and their followers may have better entry to the worth created.” 

NEAR has acquired funding from some prime VCs together with a16z, Pantera Capital, Electric Capital, Dragonfly Capital, Coinbase Ventures, Blockchain.com, and Baidu Ventures.

Meanwhile, the second annual NEARCON conference, thought-about the flagship occasion of the NEAR Protocol, is currently being held in Lisbon, from which its native token has seen a big soar in worth.

Caerus places content material creators first

Caerus was based by IMG/Endeavor expertise government Nathan Pillai, who mentioned it might again tasks that put creators, expertise, IP homeowners, on the heart of recent enterprises.

“We’re creating this partnership to assist revolutionize the present multi-layered leisure ecosystems, rising the market size whereas selling better fairness,” Pillai mentioned.

As many “use instances for a way Web3 applied sciences will change how tradition is skilled, leisure is consumed, and worth is distributed,” Pillai mentioned Caerus hopes “to be a catalyst for innovation” for tasks in sport, music, film, TV, vogue, artwork and gaming.

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