NAGAX launches $100K creator fund for NFT creators

abdelaziz Fathi

Cryptocurrency social investing network, NAGAX has unveiled a creator fund to foster non-fungible token (NFT) development on its upcoming NFT marketplace while deepening its ecosystem.

The digital asset arm of German brokerage house NAGA Group, which also operates the neo-banking app NAGA Pay, launched a $100,000 creator fund that will research new use cases for NFTs.

NAGAX stated that its new fund will provide targeted support for creators, brands, and other people looking to launch their own NFT collection. In addition to their chunk of funding, early-stage NFT projects and digital artists will benefit from marketing support and access to a large community of potential collectors.

NAGAX asserts the future will be tokenized and it doesn’t intend on missing out on the NFT frenzy that has dominated crypto space over the last two years. It has the ambition of becoming a “premier platform” for NFT creation, minting, and management with zero fees.

As such, NAGAX expects the Creator Fund to pave the way for the upcoming NFT marketplace. The one-stop shop enables creators to set royalty fees, sell in auctions or at fixed price and export their NFTs to Ethereum-based wallets such as MetaMask.

As per the announcement, candidates need to sign up with the form on this link to submit their project proposal or/and portfolio. Once submitted, creators will then receive an email to complete the application on the NAGAX app. The chosen artists will be announced by August 10 and receive their share of the $100,000 in marketing & launch support.

Meanwhile, the fund will provide extra hands to NFT projects through featuring winners in external online promotion material including social media campaigns and on its website.

NAGAX is backed by a publicly traded German fintech

To celebrate the launch of the platform, NAGAX revealed that its team will promote the selected collections to the community, NAGAX feed, and the NAGAX NFT platform feed. The promotional activities aim to assist young artists and creators in showcasing their work to the public and shall start within 30-days of acceptance of the reward and last till the budget fund is finished.

“Unlike other NFT artist funds, NAGAX is giving full rights to the NFT owners. The funds from the collection that are sold are completely and boundlessly intellectual property of the creator of the collection at hand,” the company said.

NAGAX consists of a futures and derivatives exchange, crypto wallet, an inbuilt NFT platform, a staking platform, and a spot exchange with around 700 tradable assets. The platform also aims to offer a unique Web3 social trading experience, whereby user-generated content on the platform is converted into NFTs that can be monetized.

NAGAX provides clients with quick access to NAGA native coin, the NAGA Coin. The exchange is also connected to its parent’s financial community and social investing network, bringing together more than half a million traders from all over the globe. The network is a digital space for newcomers and skilled traders to share their experiences, discuss focal issues and market conditions via personal, group, or public chats.

In addition, the company is focused on expanding its regulatory map, having recently secured an Estonian crypto license for NAGAX. Further, two more crypto asset service provider licenses are in flight and expected to be granted in Q2 2022.

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