Solana Ventures is the investment arm at Solana Labs. It has launched a new fund that will bring Web3 products into its portfolio. Solana Ventures has partnered with Forte to open a fund of $150 million. Forte is a company which provides tools to integrate blockchain on gaming and Griffin Gaming is a VC firm that invests in global gaming markets.
Solana Ventures will incentivize game development
Solana Ventures has established a fund for developers who want to develop gaming applications using Solana Labs’ capital arm, Solana Ventures. This fund, which will put $150m in the hands blockchain gaming initiatives, has Forte Gaming and Griffin Gaming as participants.
This fund will bring gaming-related innovations to Solana, following the increase in such applications in recent months.
Web3 games enable users to take part in virtual worlds through the ownership of assets. This creates the possibility of creating a marketplace among them, which can lead to the establishment of an economic self-sustaining system. Forte CEO Josh Williams commented:
NFTs and other blockchain technology have allowed game developers to give their players real property rights, and help them create self-sustaining economies.
Developer Tools and Support
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 invested over $400 million in various gaming-related ventures worldwide. They also stressed the necessity of introducing these new applications to the gaming sector for the long-term. Pierre Planche (a Griffin Gaming Partner) stated:
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.
Solana Ventures’ Web3-dedicated gaming fund is not the only one. In fact, the company previously supported similar play-to-earn and metaverse-related initiatives. It was created in partnership by Lightspeed and FTX in November. The initial fund received $100 million.
How do you feel about Solana Ventures? And its new gaming-related $150 Million fund. Leave a comment below.
Image creditShutterstock. Pixabay. Wiki Commons
DisclaimerThis information is provided for educational purposes only. This article is not intended to be a solicitation or offer to sell or buy any product, service, or company. Bitcoin.com is not a provider of investment, tax, legal or accounting advice. This article does not contain any information, products, or advice that can be used to cause or alleged result in any kind of damage.