Solana Ventures, Lightspeed Venture Partners and FTX have announced the creation of a $100 million fund to invest in startups developing blockchain games. Yahoo Finance reported this on Friday, November 5.
Presumably, within the framework of the initiative, teams that integrate existing and created games into the Solana network will receive financial support. This will allow the formation of an in-game economy based on non-fungible token (NFT) and blockchain payments.
Thus, the collaboration has already led to the first investment. FTX and Lightspeed led a $21 million funding round for the Faraway game studio.
A virtual world for users
“Games have a huge opportunity to bring a billion users to the Web 3.0. High-performance blockchains like Solana are able to provide gamers with the opportunities they expect from Web 2.0. But with the advantages of decentralized systems,” said Lightspeed partner Amy Wu.
On November 5, the blockchain company Enjin announced the launch of a $100 million fund to support game manufacturers for its ecosystem. The company intends to create a metaverse – a virtual world for users.
This concept attracted everyone’s attention when Mark Zuckerberg announced the implementation of such a solution. Facebook has rebranded to Meta, and its head called the metaverse “the next frontier” for the company.
Investments in the NFT sector
Recall that previously in November, The Sandbox project raised $93 million to create a metaverse. SoftBank’s Vision Fund 2 led the round. True Global Ventures, Galaxy Interactive, SCB 10X, Polygon Studios, Animoca Brands and others participated in the investment.
The company plans to expand its open metaverse with games, live concerts, and social interactions, while “supporting more creators and involving more brands and intellectual properties,” according to the announcement.
Earlier, Sfermion has created a $100 million fund to support such an initiative. The investors in it were billionaire Alan Howard, Cameron and Tyler Winklevoss, Marc Andreessen and others. Earlier, Sfermion launched Fund I, which focused on direct investments in the NFT sector. The new Fund II “aims to create a reliable investment portfolio that supports the development of the metaverse,” the company said.