Solana, FTX, Lightspeed Ventures Lead $100M Web3 Gaming Fund

More paths open up for Web3 gaming as a $100 million funding fund is launched by the big blockchain enterprise companies Solana Ventures, Lightspeed Venture Partners, and FTX. Loads of enthusiasm surrounds the way forward for the GameFi trade because it grows exponentially.

The fund goals to spend money on “the intersection of blockchain and gaming”: expertise firms, gaming studios that incorporate the Solana blockchain. Gaming may very well be an awesome gateway for Web3 to usher in “next billion users”, stated one of many companions.

The CEO of FTX Sam Bankman-Fried stated in Tweeter that this partnership may construct “the biggest growth area in the sector: web3 + gaming + NFTs.”

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Recently, Lightspeed and FTX announced their first funding for the gaming studio Faraway by main a $21 million Series A funding spherical alongside different vital companions equivalent to a16z, Pantera Capital, and Sequoia Capital. Faraway will now combine Solana blockchain into “Mini Royale”, the studio’s high recreation.

Faraway CEO Alex Paley commented on their objectives for the undertaking:

 Blockchain expertise will unlock the potential for really player-driven, open economies and can usher within the subsequent wave of gaming and digital worlds, (…) Our purpose for each present and future video games 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.

Web3 Gaming  And Solana See Growth

Web3 gaming has seen nice progress in recognition, parallel to Solana’s token spectacular good points in 2021. The new digital period is permitting additional monetization and experiences within the gaming ecosystem by integrating DeFi and NFTs.

Related Reading | Why Billionaire Chamath Palihapitiya Invested In The Solana Ecosystem

The merge of the blockchain and gaming comes with nice potential for income alongside the opportunity of creating sturdy communities and new options for them.

“High-performance blockchains like Solana are now capable of delivering the kind of web2 experiences gamers expect while providing the advantages of decentralized Web 3 systems.” Said Amy Wu, accomplice at Lightspeed Venture Partners in a public statement.

She additional commented to Cointelegraph about her views on the metaverse:

the metaverse is a possible digital world the place individuals construct identification, popularity, make associates, play, and transact in. (…) If it turns into even a fraction as significant as our offline lives, it’s extremely priceless. Hence why Web 2 firms like Meta and native Web 3companies alike are attempting to construct this. People spend hours a day in video games like Fornite and Roblox, so I consider the metaverse can be born out of a social recreation.

Anatoly Yakovenko, CEO of Solana Labs, additionally commented within the fund’s public assertion:

In the previous few months we’ve seen proficient recreation builders depart their jobs at Riot, EA, Scopely, and different established gaming companies to construct Web 3 video games on Solana. We are excited to collaborate with Lightspeed and FTX to help and speed up this new wave of builders.

Newzoo projected that the gaming market will generate round $218,7 billion by 2024. They additionally reported a progress in participant charges from 20210 to 2021 of +5.4%.

Source: https://btcupload.com/latest-cryptocurrency-news/solana-ftx-lightspeed-ventures-lead-100m-web3-gaming-fund