Magic Square, a Web3 App Store supported by Binance Labs, has launched a huge 120 Million $SQR Ecosystem Grant Program. This initiative is designed to bolster the growth of applications listed on its platform, marking a major investment in the future of decentralized applications.

Since its establishment in 2021, Magic Square has been addressing challenges in user acquisition, promoting user engagement, and offering rewarding experiences in the Web3 space. 

The grant program allocates 120,000,000 $SQR, representing 12% of the total $SQR supply or $66 million, to assist eligible projects listed on the Magic Square platform. The provision of these tokens aims to enhance the initial campaign budgets of selected apps and games, helping them to reach broader and more targeted audiences. Moreover, the program is structured not just to back the projects themselves but also to increase the rewards for users who participate in related campaigns.

Andrey Nayman, Co-Founder and CEO of Magic Square, remarked on the company’s initiative, stating, “Magic Square was founded with the goal of providing equitable opportunities for developers in the Web3 arena…Our grant program is designed to enhance our support and further contribute to the success of our partners.”

Magic Square offers free project listings and does not take a commission on revenue generated on the platform. This approach is a deliberate move by them to champion the work of developers and the broader adoption of Web3, ensuring that a greater share of profits goes back to the creators while stimulating innovation and activity within Magic Square. The current trading value of SQR tokens is $0.55, accompanied by a market capitalization nearing $550 million.

Magic Square’s platform, currently supporting a community with over 3.6 million wallets and a collection of more than 1,200 apps and games, offers developers a firm launching pad to connect with an extensive user base.

Furthermore, following the acquisition of TruePNL, Magic Square is slated to introduce a launchpad for Web3 applications and games in the early development stages. This extension encompasses a wide range of services, from brand development and social media marketing to acquiring users and investors, fundraising, and developing retention strategies. 

Additionally, according to the announcement, the grant program will aid campaigns initiated before launchpad sales, enhancing their success at launch and boosting their likelihood of securing a spot on a tier-1 exchange. 

Exclusive to projects on the Magic Store, the grants support a diverse range of Web3 initiatives, including but not limited to apps, games, infrastructure, wallets, DAOs, exchanges, DeFi, and CeFi.

Magic Square has already begun accepting registrations for the Grant Program. Interested projects can apply here, opening doors to new opportunities and support within the burgeoning Web3 landscape.

The post Magic Square Launches $66M Grant Program to Boost Web3 App Growth appeared first on NFT News Today.

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