Sei Foundation offers $10 million to entice NFT inventors.

The Sei Foundation today announced the opening of a $10 million fund called the Sei Creator Fund in partnership with Gitcoin. This money will be used for the development of new initiatives as well as the expansion of already-existing non-fungible token (NFT) and social projects within the Sei ecosystem.

The fund is intended to enable creators and builders across the spectrum of collections, apps, infrastructure, content production, and in-real-life (IRL) events, according to a blog post published by the foundation on April 4.

The votes of the Sei community would have to approve those who were interested in the money. It has been stated that the vote would be made possible via a partnership with Gitcoin, an Ethereum blockchain open-source bounty program.

The most recent action taken by Sei Foundation highlights a calculated attempt to strengthen its ecosystem by encouraging a worldwide network of innovators. The effectiveness of this project is still up in the air, though, as other blockchain ecosystems have also tried to encourage user involvement using same tactics.

With the announcement of its own NFT creators fund in late 2021, Ripple committed a sizeable $250 million to the development of NFT and token initiatives on the XRP Ledger. By claiming that blockchain developers could take use of the XRP Ledger's performance benefits "without the need for layer-2 protocols," Ripple was at the time seeking to sabotage its founders.

The outcomes, however, were disappointing. Only a small number of digital collectibles attracted much interest in the larger cryptocurrency market, and none of them were able to take center stage on important NFT platforms.

In a similar vein, the Avalanche blockchain announced a $1 million fund that will only be used to support meme currencies created on its network. However, as meme coins usually reflect the mood of the market, the result of this endeavor is still unknown.