Share this article
Web3 App Store Magic Square Unveils $66M Grant Program
Magic Square's Ecosystem Grant Program consists of 120 million SQR, equivalent to 12% of the token's total supply.
Mar 6, 2024, 2:00 p.m.
Make us preferred on Google
Web3 app store Magic Square is dedicating $66 million worth of its native SQR token for grants to projects listed on its platform.
The Ecosystem Grant Program consists of 120 million SQR, equivalent to 12% of the token's total supply, according to an emailed announcement shared with CoinDesk on Wednesday.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The grants will help to finance the initial marketing costs of the selected apps and games to help them improve their visibility on the platform and connect with their target audience.
SQR tokens were priced at $0.55 at the time of writing and have a total market cap of around $550 million, according to data from CoinMarketCap.
Magic Square, which counts Binance Labs and Crypto.com Capital among its backers, is an app store focused on Web3. It offers more than 1,100 apps and games and over 3.6 million unique wallets.
Read More: Web3 Attribution Platform Spindl Teams Up With AppsFlyer to Improve Blockchain Gaming Analytics
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
Mesh becomes unicorn, raises $75 million for crypto payments infrastructure
The investment round was led by Dragonfly Capital and included participation from Paradigm, Moderne Ventures, Coinbase Ventures and SBI Investment.
What to know:
- Cryptocurrency payments network Mesh acquired unicorn status with a $75 million Series C funding round that valued the company at $1 billion.
- The fund raise, coupled with the ceremonial significance of Mesh acquiring unicorn status, may demonstrate confidence in crypto infrastructure projects despite a relatively depressed market.
- Mesh said part of the $75 million raise was settled using stablecoins to demonstrate that is infrastructure is "ready for high stakes, real-world use."
Top Stories
