Solana Ventures, FTX and LightSpeed put on a 100 million dollar blockchain gaming fund-News
Solana Ventures, FTX and LightSpeed put on a 100 million dollar blockchain gaming fund-News
Solana Ventures, the investment arm of the Solana-Blockchain, FTX, and Lightspeed, a risk capital company, have announced the start of a joint web3 gaming initiative. The fund has $ 100 million to invest in gaming projects that use blockchain-based systems in the Solana network. The fund has already made its first investment in Faraway, a gaming company based in Solana.
Solana Ventures, FTX and Lightspeed are funds in blockchain games
Solana ventures, the investment arm of the Solana., Has put on a new blockchain gaming fund Blockchain , FTX and LightSpeed, with the aim of financing the most innovative suggestions for blockchain games based on the Solana network. The joint effort will invest $ 100 million in this type of initiatives to boost development in the Solana ecosystem.
Amy Wu, partner at Lightspeed, expressed enthusiastically about this joint exertion and what you want to achieve with the investment. She noticed:
We are looking for great teams, both crypto-native and gaming-native. We believe that gaming is one of the best ways to integrate the next billion users in Web3 and one of the best applications for NFTS.
Wu also praised the flourishing development of Solana, which has already had more than 1,000 active development teams two years after its introduction.
Faraway receives the first investment
The fund did not waste time with its first investment. Faraway, a game company based in Solana, secured $ 21 million in its latest round of financing, which was led by the fund. This complements the $ 9 million round of Faraway, which was also led by LightSpeed at the beginning of the year.
A16Z, Sequoia Capital, Pantera Capital, Jump Capital and Solana also took part in the latest finance. Faraway is one of the first companies that works in blockchain-based games with a multiplayer component on Solana. This makes Faraway an interesting opportunity to estimate the response to such games in the future.
Faraway's first game called Mini Royale: Nations is a first-person shooter with a decentralized economic component. The game uses the browser as a game platform and aims to democratize access for users with less computing resources.
Alex Paley, CEO of Faraway, commented on the topic of the future of blockchain gaming and Faraway's focus on the topic and explained:
Blockchain technology will open up the potential for really player-controlled, open economies and initiate the next wave of games and virtual worlds. Our goal is to develop extremely entertaining and social games with open economies that give players real ownership of their game content and a real voice in the development of the game over time.
What do you think of this new blockchain gaming investment fund? Tell us in the comment area below.
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