The fund will use the opportunities of Web3 as it reimagines culture and entertainment, from how it is financed, produced, and distributed to how it’s consumed, owned, and monetized. Caerus is a newly launched investment firm that will back and build projects that place creators, talent, IP owners and the communities they serve, at the heart of these new enterprises.
NEAR will cornerstone the VC Fund, which will have an initial closing of USD 50 million and a target of USD 100m for seed to series A investments. As Caerus representatives say, there is a plethora of use cases for the Web3 technologies that have not been experimented with yet. The technology has the potential to change how culture is experienced, entertainment is consumed, and value is distributed.
That is the purpose of Caerus: to be a catalyst for innovation that unleashes a new generation of platforms, applications and services across sport, music, film, TV, fashion, art, and gaming which offer equity for talent and consumers alike. NEAR is backing Caerus because they have a differentiated proposition and investment thesis predicated on the tokenization of entertainment and decentralization of rights and licensing.
Caerus' first investment will be the Venture Lab which will work exclusively with creators, talent, and franchise owners to build the next generation of platforms and applications that unlock value from their IP, reach and influence. It is hoped that the Lab will attract Web3's leading engineers, developers and venture builders who want to create category-defining products around iconic talent and IP. The Lab will offer cross-functional support to portfolio projects and will be supported by advisory partners who will be announced by the end of 2022.
NEAR’s usability as a blockchain allows developers to deliver intuitive experiences for large fan bases. With 18 million accounts created, and 550.000 members, the NEAR community is a globally distributed home to innovators, developers and contributors supporting the protocol's platform, ecosystem, and applications.
In a parallel move, Tether, the company operating the blockchain-enabled platform tether.to that powers the stablecoin with the same name, has launched Tether tokens pegged to the USD dollar (USD₮) on the NEAR Network.
The network just hit a milestone of 700 projects now building on NEAR, making it a suitable ecosystem for Tether to launch a new version of USD₮. As NEAR representatives say, they champion initiatives that can bring greater stability to the DeFi ecosystem and help them advance the adoption of Web3.
Following the move, the stablecoin is now live on a total of eleven networks including Polygon, Kusama, Ethereum, Solana, Algorand, EOS, Liquid Network, Omni, Tron, and Bitcoin Cash’s Standard Ledger Protocol.
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