Introducing FNCE: LUKSO’s Foundation for the New Creative Economies

Yesterday, LUKSO’s Foundation for the New Creative Economies (FNCE) published a Medium post providing much-needed background on their staffing, mission, and strategy moving forward. Until now, the Foundation has been somewhat of a black box. With this context sharing, the LUKSO community now has some closure on outstanding questions.

In this blog post, we will cover a TL;DR of the 8-minute Medium read, present our main takeaways, compare it to other Layer 1 foundations, and share some opinions on what was released and what is to come.

TLDR for The LUKSO Foundation Medium Post

LUKSO’s Foundation for the New Creative Economies (FNCE) aims to nurture innovation and creativity within the LUKSO blockchain ecosystem, particularly in social, cultural, and creative applications. The Foundation’s executive team includes key members from major companies such as Kraken, PNC Financial Services Group, and Neuberger Berman. FNCE supports the growth of the LUKSO ecosystem by allocating funds and resources to diverse projects, promoting education and community engagement, and driving technological advancements. Key initiatives include launching community growth programs like LUKSO Luminaries, LUKSO On Campus, and LUKSO Locals, alongside brand-building efforts, extensive marketing campaigns, and strategic partnerships to enhance LUKSO’s global reach and impact.

Info to Takeaway from FNCE’s Medium Post

1. FNCE Mission: FNCE aims to foster innovation and creativity within the LUKSO ecosystem, focusing on social, cultural, and creative applications by providing resources and support to developers.

2. Resources: The Foundation states that it has the resources to fund core development and community for the next years, ensuring stability and growth.

3. Community and Ecosystem Growth: FNCE’s initiatives include community programs, educational workshops, and project financial support, ensuring a dynamic and accessible ecosystem.

4. Strategic Pillars: The Foundation’s pillars are technological leadership, ecosystem development, marketing and brand building, and community engagement.

5. Executive Team: Led by experts from diverse backgrounds, FNCE’s leadership team is dedicated to driving LUKSO’s vision and fostering a culture of excellence and collaboration.

7. Future Goals: FNCE is committed to expanding LUKSO’s global reach, enhancing market accessibility, and attracting developers through comprehensive funding programs and strategic partnerships.

How Does the LUKSO Foundation Stack up to Some Other Layer 1 Blockchain Foundations

1. Ethereum Foundation: Like LUKSO’s FNCE, the Ethereum Foundation supports innovation and community growth. Both foundations focus on ecosystem development and educational initiatives, though the EF has a broader scope across all decentralized applications. Throughout its medium post, FNCE specifically targets social, cultural, and creative sectors. As we know, LUKSO is a general-purpose EVM with a slant toward a specific use case that suits it very well.

2. Solana Foundation: The Solana Foundation‘s focus on high-performance blockchain solutions parallels LUKSO’s emphasis on fostering innovative applications. Both foundations aim to drive mass adoption through strategic partnerships and developer support. Still, once again, Solana doesn’t specify in what fields they would like to see these innovative blockchain solutions appear.

In summary, based on the information in this medium post, the LUKSO Foundation has a very similar mission, strategic pillars, and strategies to some of the other prominent Layer 1 and Web 3 foundations. The one main difference is that FNCE is hyper-focused on creators, social, and cultural movements.

Thoughts, opinions, feelings

As I mentioned in the opening, this was much overdue. For too long, there has been minimal information on who is part of the LUKSO Foundation, what its role is, and how they plan to engage and operate. This medium post works to answer many of those questions, but this is a constant battle. In the past, LUKSO has consistently sent out updates to keep people informed, only to regress to the black box they were before. Here’s to hoping this will start a consistent stream of transparency and updates from FNCE.

Most of the statements made are very typical for a blockchain foundation: a mission to facilitate innovation by providing resources (mostly capital), goals of enhancing global reach and attracting developers through marketing efforts, and pushing community/ecosystem growth through workshops, programs, and activations. Regardless of how cookie-cutter it may be, it’s fantastic to see. IMO, it’s exactly what LUKSO has been missing.

As noted above, in comparison to other Layer 1 foundations, FNCE has an acute focus on culture, creatives, and social angles. I love a niche and unique approach while maintaining the pillars that make other foundations successful, but it’s important to note the risk behind it. By committing in this way, you begin to limit yourself. Solana, Polkadot, the EF, and many other foundations are very generalized in their speech regarding what type of projects/users they focus on, and that is to cast the widest net possible. LUKSO being heavily focused on this creative angle is unusual but could be what separates them from the pack.

Considering how attractive the next couple of months and beyond will be, you should ensure you stay up to date. One way to do that is to follow LUKSO’s X account and FNCE’s X account, but if you ask us, the best way is to head to the KEEZ Website every Sunday to read our weekly LUKSO newsletter. It covers everything you need to know from the past week in the LUKSO ecosystem.

Sage,

(nothing in this post is financial advice. Always do your own research)