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Solana Launches $5M Fund to Boost Its NFT Ecosystem

coinfomania.com 23 July 2021 20:06, UTC
Reading time: ~2 m

The Solana Foundation announced today that it has launched a $5 million fund to boost its NFT ecosystem.

According to the announcement, Solanaachieved the momentous milestone in collaboration with Metaplex and Audius to attract 1 billion people into the crypto industry.

Notably, the newly launched fund dubbed Creator Fund will onboard new creators and fans to crypto networks and provide a direct linkage between music creators and artists and their respective fans on the crypto network.

Furthermore, the Fund will provide fans with new software experiences and drive innovation for first business model creators.

Artists and music creators will also be able to initiate new brands in frontier categories for NFT’s, the Metaverse, and music streaming for fan enjoyment.

Partnering with Audius and Metaplex gives Solana the edge of showcasing the goodies creators stand to benefit when they embrace blockchain and crypto, as many are still new to the technology.

Meanwhile, in another development, Coinfomania reported that Solana partnered with prominent crypto firms to raise $314 million channeled at boosting Solana’s decentralized finance (DeFi) ecosystem.

Interestingly, Solana is a relatively new high-performance blockchain network for crypto app builders. However, since its launch last year the project has become one of the fastest growing blockchains in the industry, performing over 50,000 transactions every second while charging as low as $0.0002 for fees. 

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