Polygon co-founder unveils Nailwal Fellowship to advance Web3 development

Polygon co-founder Sandeep Nailwal and the venture capital Symbolic Capital announced the launch of the Nailwal Fellowship. CoinDesk reports.

The aim of the initiative is to provide early-stage developers with financial support as they transition from Web 2.0 to Web3. Ten participants are planned to be selected each year, each of whom will receive $50,000 as a grant.

Nailwal Fellowship is open to all developers, regardless of age or location. Applications are accepted from May to early June, with interviews taking place at the end of June.

“This is not about funding a startup. It is a fellowship that will support people who are at a very, very early stage. Some of them may not even have an idea, and they simply want to explore,” Nailwal explained in an interview with the publication.

In August 2022, the Polygon cofounder launched Symbolic Capital with a $50 million allocation aimed at Web3 startups in emerging markets. At that time, one of the main motives for this initiative, Nailwal said, was the possibility of more formally supporting projects already within his orbit of influence.

In May 2023, along with Solana co-founder Anatoly Yakovenko and ConsenSys head Joseph Lubin, he supported the Web3-focused Credably Neutral company.

Earlier in April, the Berlin-based venture firm Bitkraft attracted $220.6 million to launch its second fund for investments in the gaming Web3 sector.