Monday, July 22, 2024

Solana Ventures Will Open a $150M Fund to Bring More Web3 Products to its Network

© 2021 The CryptoApa, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Must read

Stanislav Shishkin
Stanislav Shishkinhttps://cryptoapa.com/
Stanislav is one of the lead copywriters on cryptoapa.com and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Stanislav at cryptoapa.com

Solana Ventures, the investment arm of Solana Labs, has announced a new investment fund to bring more Web3 products to its network. In partnership with Forte, a company that provides tools for blockchain integration on games, and Griffin Gaming, a VC company invested in the global gaming market, Solana Ventures will open a $150 million fund.

Solana Ventures to Incentivize Game Development

Solana Ventures, the capital arm of Solana Labs, has launched a new fund to entice developers to build gaming applications on top of Solana. The fund, which aims to put $150 million in the hands of blockchain gaming initiatives, also has the participation of Forte and Griffin Gaming, two companies involved in the gaming world.

The fund seeks to bring more gaming-related developments to Solana after the growth of such applications in the last few months, with the introduction of the metaverse concept to a more mainstream audience.

Web3 games allow users to participate in virtual worlds by owning assets and present the opportunity of establishing a market among users for these, prompting the creation of a self-sustaining economy. On this, Forte CEO Josh Williams stated:

With the advent of NFTs and other blockchain technologies, game developers can now offer their audiences real property rights and create self-sustaining and thriving economies within their games.

Tools and Support for Developers

Apart from the economic incentives this fund seeks to offer, there is also the support of companies like Forte, which offers tools for developers to include blockchain elements in games via an already established framework — instead of starting from scratch.

Griffin Gaming, which has invested more than $400 million dollars in gaming-related ventures all over the world, also stressed the importance of the introduction of these new gaming-related applications for the future of the blockchain sector. Pierre Planche, a partner at Griffin Gaming, declared:

Gaming and interactive media would not be a cornerstone of blockchain today if it weren’t for the many technical developments the community has accomplished in the past decade.

This is not the first gaming and Web3-dedicated fund that Solana Ventures has launched, with the company putting resources toward supporting similar metaverse and play-to-earn related initiatives previously. The first one was launched in November, in partnership with FTX and Lightspeed, and allocated $100 million for the same purpose.

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest article