The Sei Foundation has announced the launch of a new $10 million grant fund to fuel growth in NFT and Social projects.

In a joint collaboration with Gitcoin, the Sei Foundation has unveiled a new $10 million fund dubbed the Sei Creator Fund today for both the creation of new projects and growth of existing non-fungible token (NFT) and Social projects in the Sei ecosystem.

In a blog post on Apr. 4, the foundation said the fund is designed to empower creators and builders across the spectrum of collections, applications, infrastructure, content creation, and in-real-life (IRL) events.

“The Sei Creator Fund is designed to support hundreds of projects and creators at varying stages of their development journey.” Sei Foundation

Those interested in the funding would have to be approved by the Sei community’s votes. The voting will reportedly be facilitated through a collaboration with Gitcoin, an open-source bounties platform on the Ethereum blockchain.

Sei Foundation’s latest move underscores a strategic push to bolster its ecosystem by fostering a global network of creators. However, the success of this endeavor remains uncertain, as other blockchain ecosystems have also pursued similar strategies to stimulate users’ activity.

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In late 2021, Ripple unveiled its own NFT creators fund, allocating a substantial $250 million to cultivate NFT and token projects on the XRP Ledger. At the time, Ripple was trying to bite creators, saying blockchain developers could use the XRP Ledger’s performance advantages “without the need for layer-2 protocols.”

However, the results were underwhelming, with few digital collectibles garnering significant attention in the broader crypto market, none of which managed to secure a prominent position on major NFT marketplaces.

Similarly, the Avalanche blockchain pursued a similar course, unveiling a $1 million fund exclusively dedicated to supporting meme coins minted on its platform. Nevertheless, the outcome of this initiative is yet to be seen, as meme coins typically mirror the prevailing sentiment within the market.

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