TRON Foundation is launching a $300 million fund in collaboration with APENFT and WINKLink.
The fund’s primary goal is to boost GameFi ecosystem growth on the TRON network.
Justin Sun, who founded TRON and has recently become an avid digital art collector, thinks GameFi is the next big thing in crypto.
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The fund will invest and incubate GameFi and NFT projects over the next three years.
TRON Foundation Backs GameFi
TRON Foundation is launching a GameFi fund.
The company will invest $300 million into GameFi and NFT-focused protocols built on the TRON platform over the next three years.
GameFi is an umbrella term referring to the gamification of finance and the rise of blockchain-native play-to-earn games. It’s often discussed interchangeably with NFTs, provably scarce unique assets that live on a blockchain and can be used to tokenize music, digital art, and other forms of content.
The TRON Arcade fund is founded in collaboration with APENFT and WINKLink and represents one of the biggest funds in its category.Commenting on the move, TRON founder and CEO Justin Sun said:
“GameFi is going to be the next big thing that makes the DeFi, NFT, and larger crypto space easy to understand and be involved in […] TRON is excited to be partnering with APENFT and WINKLink to build a robust GameFi ecosystem that is accessible to all.”
TRON’s planned move into the GameFi space comes at peak hype time for blockchain-based video games. The indisputable market leader is the Ethereum-based video game Axie Infinity, which recently hit 1 million daily active players, recorded $1.1 billion in NFT sales, and reached an all-time high market valuation of over $3.1 billion.
The fund’s primary goal is to boost the growth of the GameFi and NFT sectors within the broader TRON ecosystem.
APENFT is a crypto project committed to registering world-class artworks as NFTs. WINKLink, meanwhile, is the first decentralized oracle providing TRON smart contracts with reliable real-world data feeds.
The two projects are already working on a joint prototype product scheduled to be completed in Q3 and made available in Q1.
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The Tron Foundation has launched its non-fungible token (NFT) fund dubbed the “Just NFT Fund,” an initiative that is targeted to be the Ark Funds in the NFT Metaverse.
In an open letter to stakeholders in the Tron blockchain network, Justin Sun, the Founder of the Tron Blockchain reiterated the revolutionary strides of NFTs in the blockchain and crypto space today, projecting that as much as 50% of the world’s artists and artworks will be recorded as NFTs in the next decade.
Just NFT Fund is positioned to sign up top-notch artists and to help facilitate the growth of all its supported creators.
“The highly sought-after NFT market calls for the birth of JUST NFT fund, which aims to be the ARK Funds in the NFT space to register world-class artworks as NFTs on blockchain. JUST NFT fund was born to build a bridge between top-notch artists and blockchain, and to support the growth of native crypto NFT artists,” said Justin Sun in the Open Letter.
According to additional details provided on the operational dynamics of the Just NFT Fund, only artists whose art pieces have a price tag of $1 million and a median value of $10 million will be signed on. The Tron Foundation said it will operate on the belief that “the art space is also subject to the 80–20 rule, or the Pareto Principle, where only the value of the artists sitting at the tippy-top of the pyramid can stand the test of time.”
Justin Sun has been a renowned fan of NFTs. He lost a bid for Beeple’s Everydays: The First 5,000 Days to MetaKovan but later placed the winning bid for one of Beeple’s artworks dubbed “The Ocean Front”. The piece, which has a climate change theme, sold for $6 million and the proceeds will be going to charity.
The Ocean Front will be the flagship NFT for the Just Fund and will be mapped 1:1 to the Tron Network.
Media reports have surfaced accusing Justin Sun and the Tron Foundation of paying celebrities and influencers to promote Tron (TRX) and BitTorrent (BTT), the two major cryptocurrencies associated with the company. Tron Foundation’s Chief Executive Officer Justin Sun has publicly addressed the allegations that he and his firm paid celebrities to promote the digital currencies.
This comes at a time when the price of BTT soared by over 150% to a new all-time high last week. This has never been seen before of the cryptocurrency. As Tron came under fire by critics who were skeptic that the price pump of BTT may be associated with the fact that celebrities have touted it, Sun refuted the accusations, tweeting:
“There have been rumours lately of third party celebrities being paid to promote #TRON. #TRON Foundation is not involved in these activities. Nor is the foundation aware of the actors behind this. #TRON is used across a variety of networks and communities, many of which includes celebrities and well-known figures. Many of them have used #TRON by themselves due to its fast speed and low cost.”
In addition, Sun said his Foundation relishes transparency and will be obligated to disclose if any celebrity was involved with any promotions.
“TRON Foundation believes that transparency is key. If any celebrities are paid to promote TRON, we require them to disclose. In fact, we believe that all influencers who are shaping public and community opinions about public blockchain networks should publicly disclose if they are being paid,” he noted.
The involvement of celebrities either in the music industry or the sports world is not uncommon in the crypto space. Multi-Grammy award winner Akon is renowned for his crypto projects and his quest in establishing a cryptocurrency-powered city that will change the economic landscape of Africa. Floyd Mayweather and DJ Khaled also once faced charges from the SEC for failing to declare the payments they received in promoting investments in Centra Tech’s Initial Coin Offering, which was later declared fraudulent.
Sun’s clarifications may be geared towards averting a similar predicament as what Mayweather encountered.