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Solana Ventures announces a $150 million fund for Web3

Solana

TL;DR Breakdown

  • Solana Ventures announced a $150 million investment fund to promote Web3 development on its network.
  • They will push this dream through a partnership with Forte and Griffin Gaming.

Solana’s investment branch has announced the launch of a fund to lure developers into integrating new projects on Solana’s network. The fund, which amounts to $ 150 million, also involves the joint efforts of Griffin Gaming and Forte companies.

This fund aims to incorporate more gaming projects on the network to form its metaverse. It will also aid in integrating existing games into its ecosystem.

Solana aims to promote game development

The metaverse is one of the most recent developments in the crypto sphere, and its demand is increasing as NFTs and p2e gaming get higher demands. As a result, Solana’s recent fund is a way of incorporating it into the metaverse and tapping into its infinite possibilities.

The network aims to expand its ecosystem by promoting the development of new gaming projects on its network. Such ecosystems are already in place in other crypto projects, and if it succeeds, it may set up a new bull run.

According to Forte’s CEO Josh Williams, game developers can now make self-sustaining ecosystems. He also added that the developments in blockchain innovations and NFTs would also help these developers to offer absolute ownership rights for properties in their ecosystems.

Solana’s fund and partnerships are formulated in a way that will have multiple benefits to all participants. One notable player in the partnership is the Forte blockchain firm. Forte offers solutions for developers to add elements to their projects through a ready framework rather than starting from scratch.

Griffin is also notable due to over $400 million in gaming projects worldwide. Griffin also campaigns for the need to incorporate gaming projects into blockchain technology.

Solana invests heavily in Web3 and gaming projects as the world welcomes the metaverse

This fund is not the first investment that Solana has set aside to focus on Web 3 and gaming. It has been pulling resources to race for getting a stake in p2e and metaverse initiatives. Their first investment came in November 2021 through a partnership with Lightspeed and FTX. This partnership helped the network invest its first $100 million into the metaverse and gaming projects.

At the time, Solana said that this fund would support the gaming projects that were to run on its network. They kept their word and spent $21 million on their first investor, Faraway gaming studio. They also spent that fund integrating some existing games into the network. However, the supported projects revolved around NFTs, Gaming, and the support of the Solana Wallet. Away from Faraway gaming projects, Solana is also looking forward to launching upcoming games like Star Atlas and a p2e game Aurory.

Solana is not the only blockchain network pursuing metaverse and p2e gaming. Axie infinity, which is among the best NFT projects in trading value and Indie Upstarts, is also looking for solutions for blockchain gaming.

Dennis Mugambi

Dennis Mugambi

Dennis is a content writer with a deep understanding of the blockchain domain and cryptocurrency field. He infuses cold data with flair to make technology and finances mind-blowing. His reports both fascinate and awaken the readers.

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