The Solana Foundation has announced the creation of a $5 million fund to support the NFT ecosystem.
According to the statement, Solana reached the significant milestone of attracting 1 billion individuals to the crypto business in conjunction with Metaplex and Audius.
Notably, the newly created Creator Fund will onboard new creators and fans to crypto networks, as well as provide a direct link between music composers and artists and their respective crypto fans.
In addition, the Fund will empower fans with new software experiences and encourage first-time business model designers to innovate.
Artists and musicians will also be able to launch new brands in frontier categories such as NFTs, the Metaverse, and music streaming for the benefit of their fans.
As many creators are still new to blockchain and crypto, partnering with Audius and Metaplex gives Solana the advantage of highlighting the benefits creators stand to gain when they adopt the technology.
Meanwhile, Solana joined with well-known crypto firms to raise $314 million for the purpose of bolstering the company’s decentralized finance (DeFi) network.
Solana, interestingly, is a brand-new high-performance blockchain network for crypto app developers. However, since its inception last year, the project has grown to become one of the industry’s fastest growing blockchains, processing over 50,000 transactions per second while charging as little as $0.0002 in fees.