OpenSea, a marketplace for non-fungible tokens (NFTs), has set up a new venture arm, OpenSea Ventures, which will invest in NFT-related protocols, social and gaming projects "serving as distribution mechanisms for crypto and NFT elements."

The company said in a blog post it launched a new Ecosystem Grants program aimed at elevating creators, developers, and community members. Besides the funding itself, the New York-based company will also provide startups with other VCs, including a16z and Standard Crypto. Those eligible for funding could further publish guest blog posts on to boost their marketing campaigns.

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OpenSea Co-Founder Alex Atallah said the company will initially support those projects that can execute their plans "within at least 2 quarters of receiving the grant." He added the company's ambition is to make the review process "as transparent and interactive as possible."