Solana Ventures, FTX, and Lightspeed Launch $100 Million Blockchain Gaming Fund – News Bitcoin News
Solana Ventures, the funding arm of the Solana blockchain, FTX, and Lightspeed, a enterprise capital agency, have introduced the launch of a joint web3 gaming initiative. The fund could have $100 million at its disposal to put money into gaming initiatives utilizing blockchain-based methods within the Solana community. The fund has already made its first funding in Faraway, a Solana-based gaming firm.
Solana Ventures, FTX, and Lightspeed Put Funds Behind Blockchain Gaming
A brand new blockchain gaming fund has been launched by Solana Ventures, the funding arm of the Solana blockchain, FTX, and Lightspeed, aiming to fund probably the most progressive blockchain gaming proposals constructed on the Solana community. The joint effort will make investments $100 million in these sorts of initiatives to kickstart growth within the Solana ecosystem.
Amy Wu, a companion at Lightspeed, expressed pleasure about this joint effort and what they’re making an attempt to realize with the funding. She said:
We want to again nice groups, each crypto-native, and gaming-native. We consider gaming is without doubt one of the finest alternatives to onboard the subsequent billion customers onto web3, and top-of-the-line use instances for NFTs.
Wu additionally counseled the thriving growth that has been occurring on high of Solana, which already has greater than 1,000 lively growth groups simply two years after its launch.
Faraway Gets First Investment
The fund didn’t waste time making its first funding. Faraway, a Solana-based gaming firm, secured $21 million in its newest funding spherical, which was led by the fund. This comes to go with the $9 million spherical Faraway performed which was additionally led by Lightspeed earlier this yr.
The newest funding spherical additionally had the participation of a16z, Sequoia Capital, Pantera Capital, Jump Capital, and Solana. Faraway is without doubt one of the first corporations working in blockchain-based video games with a multiplayer part on high of Solana. This makes Faraway an fascinating alternative to gauge the response such video games would possibly obtain sooner or later.
Faraway’s first sport, known as Mini Royale: Nations, is a first-person shooter with a decentralized economic system part. The sport makes use of the browser as its taking part in platform, aiming to democratize entry for customers with fewer computational sources.
Alex Paley, CEO of Faraway, voiced his opinion about the way forward for blockchain gaming and Faraway’s concentrate on the topic, stating:
Blockchain know-how will unlock the potential for actually player-driven, open economies and can usher within the subsequent wave of gaming and digital worlds. Our aim is to create extraordinarily enjoyable and social video games with open economies, giving gamers true possession over their in-game property and a real voice in how the sport evolves over time.
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