Nym's $300 million innovation fund will start accepting applications in November this year

Source: Nym

Nym's mission is to achieve the right to privacy for all humanity. However, this mission cannot be accomplished alone; it relies on a healthy and thriving ecosystem of privacy-preserving applications and infrastructure that share this vision.

As part of Nym's commitment to fulfilling its mission, the Nym $300 million Innovation Fund will begin accepting applications this November --- --- good ideas will be taken to venture capital firms for funding, guidance, and to bring them to reality.

Privacy: An Untapped Market Opportunity

The global VPN market alone indicates this, with an expected value of $358 billion by 2032. According to Fortune Business Insights, the global data privacy market is projected to reach $30 billion by 2030.

Clearly, there is much potential for new ideas, new business models, and new community projects. The outdated internet surveillance economic model is ripe for replacement by a counter-surveillance model that respects people's digital integrity.

Therefore, Nym is proud to announce that its ambitious $300 million Innovation Fund will officially begin accepting applications in early November 2023.

To ensure the healthy development of this new privacy ecosystem, Nym has secured funding commitments from its investors, including Polychain, KR1, Huobi Incubator, Eden Block, and others, to support projects that protect privacy in Web3 and beyond through the use of the Nym mixnet.

The Nym Innovation Fund was launched and trialed last year. The website is now open for applications ------ click here to learn more and prepare your application!

Nym Innovation Fund: How It Works?

This bold initiative follows the "Community Grant Program" launched this summer. With a cohort graduating from the Nym Shipyard, the grant program welcomes graduates to submit high-quality applications. Grants will be provided through the Innovation Fund and the application process will be streamlined through formal procedures.

This new grant program operates on a rolling basis, allowing for continuous submission and review of grant applications throughout the year. Its aim is to provide individuals and teams with flexibility and ongoing opportunities for engagement.

The program will begin accepting applications in November 2023.

The fund will serve as an important catalyst for Web3 builders, developers, communities, and privacy advocates, providing funding to turn innovative projects into reality. As part of the initial pilot program, Nym has already helped Side Protocol raise $1.5 million.

Shane Qiu, founder of Side Protocol, stated: "The Nym Innovation Fund has been an indispensable ally for Side Protocol from the very beginning." Their unparalleled advice, technical expertise, and introductions to key investors have had a profound impact on our trajectory and determination. Nym's support has left its mark on every milestone we have achieved along the way.

In a time of macroeconomic uncertainty, the Nym Innovation Fund also demonstrates Nym's commitment to Web3, a transformative force that discards the traditional models of Web2.0, but Web3 can only succeed by providing privacy protection for users, builders, and communities.

Harry Halpin, founder and CEO of Nym, said: "Only with privacy can Web3 become the future of the internet. A new, better, decentralized internet free from monopolies and censorship must be built around privacy, or it will repeat the mistakes of the traditional web."

"This groundbreaking initiative will ensure the healthy development of the privacy ecosystem while also driving the growth of the entire Web3 industry, providing guidance and funding in the face of challenging macroeconomic conditions."

Nym Innovation Fund: Application Process

A Request for Proposals (RFP) is a formal announcement indicating interest in accepting applications related to specific projects that the Nym team wishes to address.

Typically, these RFPs focus on areas of the ecosystem that Nym considers important, lacking, or unresolved.

The key focus areas for the initial RFP are:

• Web3 wallets: Applications that store private keys and are designed to interact with decentralized applications (dApps) that can integrate with the Nym mixnet and manage access to them.
• Remote Procedure Calls (RPCs): Protocols used to retrieve data from blockchain networks or send transactions from dApps to blockchain networks, which can integrate with the Nym mixnet.
• Public Goods Services: Resources, tools, infrastructure, or initiatives that benefit the broader ecosystem and are open to the public as open-source projects. These services play a crucial role in promoting the development, security, and accessibility of Nym and decentralized applications (dApps).

In the application template, there is a dedicated section where you can specify the particular RFP you wish to address.

Interested parties should submit proposals that include the following:

• Project overview, including goals and objectives.
• Detailed project plan, including milestones and timelines.
• Technical specifications and architectural design detailing the use and/or integration of the Nym protocol stack.
• Team qualifications and relevant experience.
• Budget breakdown and resource allocation.
• Open-source development and community engagement plans.

Proposals will be evaluated based on the following criteria:

• Alignment with the mission and goals of Nym Technologies.
• Innovation and creativity in Web3 wallet development.
• Technical feasibility and scalability.
• Privacy and security measures.
• Qualifications and experience of the project team.
• Clarity and completeness of the proposal.

If you believe Nym should support tools or content not currently listed, please feel free to submit your ideas in the form of "public funding" through the application form.

It's time to build the future of a privacy-focused internet with Nym. If you have ideas, please visit the official website of the Innovation Fund, plan, and submit your proposal when the fund opens in November this year.