Sei Foundation Launches Creator Fund
In recent news, Sei Foundation has partnered with decentralized platform Gitcoin to launch a $10 million fund called the “Sei Creator Fund.” This fund aims to support creators and developers within the Sei ecosystem and promote the growth of NFTs and social projects.
According to a blog post by Sei Foundation, the fund will support various areas including NFT collections, applications, infrastructure, content creation, and ongoing activities.
Sei Foundation stated that the fund will support projects at any stage of development. Units or creators seeking funding will need to go through the approval process, which involves a vote from the Sei community. These votes will take place on the Gitcoin platform.
The goal of Sei Foundation is to nurture creators globally through this $10 million fund and create a more vibrant ecosystem for their blockchain, which is known for its “high-speed transactions.” Furthermore, despite the mainstream media’s skepticism towards NFTs last year, Sei Foundation remains confident in the potential and value of NFT projects, providing the community with renewed faith.
What sets Sei blockchain apart?
Sei is a proof-of-stake blockchain based on the Cosmos SDK framework. It is specifically designed to meet the demands of decentralized exchanges (DEX) and process blocks in a very short amount of time.
The development team behind the blockchain emphasizes that Sei’s focus is to create a seamless asset exchange experience for users. Whether it’s social platforms, games, or NFT assets, Sei aims to provide the smoothest experience possible.
Jay Jog, co-founder of Sei Labs, the core developer of the Sei network, highlights that Sei’s transaction speed is 10 times faster than Solana, confirming final transactions within a mere 250 milliseconds (which cannot be modified or reversed afterward) and maintaining protocol stability with a 100-millisecond buffer.
Effectiveness of the fund is not guaranteed
While launching a fund to invest in promising projects is a direct method to promote ecosystem development, its effectiveness cannot be easily guaranteed, as seen in the experiences of other blockchain ecosystems.
For example, Ripple, the issuer of XRP, launched its own NFT creator fund at the end of 2021, with a planned expenditure of $250 million to foster NFT and token projects. Despite actively attracting creators to join, there are still very few NFT collections from Ripple’s ecosystem that have gained a significant presence in the crypto market.
Another recent example is the Avalanche blockchain, where the Avalanche Foundation established a $1 million Meme Coin Fund. However, the effectiveness of this fund remains to be seen, as the value of meme coins is easily influenced by market sentiment and trends, making it difficult to predict their future performance.
Source:
NFTPlazas, CryptoNews