Web3 app store Magic Square is dedicating $66 million worth of its native SQR token for grants to projects listed on its platform.

The Ecosystem Grant Program consists of 120 million SQR, equivalent to 12% of the token's total supply, according to an emailed announcement shared with CoinDesk on Wednesday.

The grants will help to finance the initial marketing costs of the selected apps and games to help them improve their visibility on the platform and connect with their target audience.

SQR tokens were priced at $0.55 at the time of writing and have a total market cap of around $550 million, according to data from CoinMarketCap.

Magic Square, which counts Binance Labs and Crypto.com Capital among its backers, is an app store focused on Web3. It offers more than 1,100 apps and games and over 3.6 million unique wallets.

Read More: Web3 Attribution Platform Spindl Teams Up With AppsFlyer to Improve Blockchain Gaming Analytics

According to PANews, Web3 application store Magic Square is allocating $66 million worth of its native SQR tokens to fund projects listed on its platform. The ecosystem grant program includes 120 million SQR tokens, equivalent to 12% of the total token supply. These grants will help finance the initial marketing costs of selected applications and games, enabling them to increase their visibility on the platform and connect with their target audience.