$ 100 million for Crypto Gaming
On Friday, November 5, Solana Ventures, Lightspeed Venture Partners and the FTX exchange announced the launch of a $ 100 million fund for the GameFi ecosystem. The funds will be used to fund game studios, tech companies and other projects “at the intersection of blockchain and games,” the companies said.
Amy Wu, partner at Lightspeed Venture Partners, explained:
“Crypto gaming is a great opportunity to bring the next billion users to Web 3.0. We are delighted to partner with FTX and Solana Ventures to play a leading role in the growth of this ecosystem. “
The announcement does not specify whether all of the co-investments will focus on the Solana (SOL) blockchain, but the makeup of the alliance leaves little doubt about the fund’s purpose.
The first co-investment was announced Thursday, the three companies participated in a $ 21 million fundraising fund dedicated to Faraway. The GameFi studio will use the funds to develop games based on Solana.
Faraway’s first game is an online shooter dubbed “Mini Royale: Nations”, which boasts 300,000 monthly active users. It will become the first real-time multi-player game on Solana. Mini Royale has notably planned to launch skins and avatars in the form of non-fungible token (NFT) in December.
A trend that will gain momentum
Blockchain and cryptocurrencies are increasingly merging with the gaming industry, creating new user experiences and new forms of monetization. This combination gave birth to GameFi, a general term that describes the financialization of gaming.
GameFi is also gaining traction as a concept within the Metaverse. Several investment funds have allocated capital to this emerging vertical, including Sanctor Capital, which recently raised $ 20 million, and Huobi Group, which launched a $ 10 million fund.
Asked about the long-term value proposition of the metaverse concept, Amy Wu said:
“If the Metaverse becomes even such a significant fraction of our offline lives, that’s incredibly important. This is why Web 2 businesses like Facebook and native Web 3 businesses are trying to build it. People spend a lot of time in games like Fornite and Roblox, so I believe the metaverse will be born out of a social game. “
👉 To read on the same subject: The virtual universe The Sandbox raises $ 93 million
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About the author: Florent David
Engaged in the crypto ecosystem since 2017. I am particularly interested in decentralized finance (DeFi), Ethereum 2.0 and non-fungible tokens (NFTs).
All articles by Florent David.