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Solana Ventures and Others Float $100 Million Gaming Fund

source-logo  thecoinrise.com 05 November 2021 12:54, UTC

Web 3 gaming, otherwise known as GameFi is gaining serious traction at the moment, as Solana Ventures, derivatives exchange FTX, and Lightspeed Venture Partners have announced the launch of a $100 million GameFi community fund. According to the firms, the funds will be used to invest in gaming studios, and likewise tech companies amongst other projects that will seek to create a merger industry of blockchain and traditional gaming.

An official at Lightspeed Venture Partners Amy Wu sees gaming as one of the biggest opportunities of bringing in “the next billion users to Web 3”. So far, Lightspeed has invested more than $300 million into crypto-based firms and late-stage gaming, including the likes of Winter mute, Epic Games, Offchain Labs, and FTX.

Solana Ventures and Others Trying to Create New Forms of Monetization For Gaming

While estimates are subject to changes and all, presently, global gaming market reportedly generates well above a $100 billion in annual revenue. Not only that, according to Newzoo, a gaming data provider, that figure should have more than doubled over the next two years.

Now, given the way in which blockchain technologies and cryptocurrency are merging with the gaming sector, as evidenced by this recent investment partnership of Solana Ventures and the rest, new user experiences and forms of monetization can be guaranteed.

Firstly, the intersection has already given rise to GameFi — a term used to describe the monetization of gaming through DeFi and NFTs. GameFi is undoubtedly gaining huge recognition as a concept within the much anticipated metaverse already. The emerging sector has already received multiple investment funds from the likes of Huobi Group, which launched $10 million in funds. And also Sanctor Capital, which also raised a sum of $20 million investment funds recently.

There are absolutely no doubts that this recent intersection between blockchain technology and gaming is creating a new reality for gamers.

thecoinrise.com