Sei Foundation Launches Creator Fund
The Sei Foundation has recently partnered with the decentralized platform Gitcoin to launch a $10 million fund called the “Sei Creator Fund.” This fund will primarily support creators and developers within the Sei ecosystem and promote the growth of NFTs and social projects.
According to a blog post by the Sei Foundation, the fund will support a range of categories, including NFT collections, applications, infrastructure, content creation, and ongoing activities.
The Sei Foundation stated that the fund will support projects at any stage of development. Units or creators seeking funding will need to undergo voting and approval from the Sei community. These votes will take place on the Gitcoin platform.
The goal of the Sei Foundation is to cultivate creators globally with a $10 million fund and build a more vibrant ecosystem for this blockchain that focuses on “high-speed transactions.” Additionally, despite NFTs being pronounced “dead” by mainstream media last year, the Sei Foundation still believes in the potential and value of NFT projects, bringing confidence to the community.
What sets Sei blockchain apart?
Sei is a proof-of-stake blockchain based on the “Cosmos SDK” framework, tailored for transaction needs and specifically designed to meet the requirements of decentralized exchanges (DEXs) while processing blocks in an extremely short time.
The development team behind the blockchain emphasizes that Sei’s focus is to establish a chain that allows users to easily exchange assets, whether they are social platforms, games, or NFT assets. Sei aims to provide the smoothest experience possible.
Jay Jog, the Co-Founder of Sei Labs, the core developer of the Sei network, pointed out that Sei’s transaction speed is 10 times faster than Solana, confirming final transactions within a mere 250 milliseconds, after which they cannot be altered or reversed. It also has a 100-millisecond buffer to ensure protocol stability.
Fund effectiveness is not guaranteed
While launching funds to invest in promising projects is a direct method to promote ecosystem development, its effectiveness cannot be easily guaranteed based on 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 plans to spend $250 million on fostering NFT and token projects. At the time, Ripple actively attracted creators to join, but to this day, there are few NFT collection projects that have made a significant impact in the crypto market within its ecosystem.
Another recent example of a fund launch is the meme coin fund by the Avalanche blockchain. The Avalanche Foundation established a $1 million fund for meme coins. 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 future performance.
Source:
NFTPlazas, CryptoNews
