NEAR protocol launches $100 million fund to invest in Web3 entertainment

Article Reading Time:
2 minutes.

The NEAR protocol will be the core of the fund, which has an initial funding of $50 million and a target of $100 million.

The fund's capital is intended for investment incompanies in the Web3 market. The first funds are going to be invested in a laboratory that will work with creators, talent and franchise owners to develop, validate, test and build the next generation of Internet platforms.

Caerus Ventures CEO (Near Foundation partner) Nathan Pillai 
said the investment firm aims to drive innovation in Web3, with a focus on sports, music, film, fashion and the arts.

“I believe that the creators of intellectualproperties should have a fairer share of their creations, so there should be a division between creators and fans,” says Pillai.

He added that the company is now considering investing in a streaming music service that will allow users to invest in the success of the artist:

“We want to focus on how to deepen engagement and reward people who spend a lot of time and money on entertainment.”

Near Foundation CEO Marieke Flament explained that the foundation chose Caerus because its values ​​align with NEAR's:

</p>

“We're both trying to reinvent what it means to be a creator. They have a unique, differentiated proposition and a strong investment thesis based on tokenization of entertainment.”

DappRadar recently reported that investment in blockchain games increased 135% in August compared to July to $750 million.

</p>