Solana Ventures, the investment arm of Solana blockchain, FTX, and venture capital firm Lightspeed, has announced the launch of a joint web3 game plan. The fund will have $100 million at its disposal to invest in game projects using a blockchain-based system in the Solana network. The fund has made its first investment in Solana-based gaming company Faraway.
Solana Ventures, FTX and Lightspeed provide funding for blockchain games
Solana Ventures, the investment arm of Solana, has launched a new blockchain gaming fund Blockchain, FTX and Lightspeed, aim to provide funding for the most innovative blockchain game proposal built on the Solana network. Work together to invest $100 million in such initiatives to initiate the development of the Solana ecosystem.
Amy Wu, partner of Lightspeed, Express Excited by this joint effort and what they are trying to achieve through investment. she says:
We are looking for an excellent team that supports both encrypted native and game native. We believe that gaming is one of the best opportunities to guide the next 1 billion users to web3 and one of the best use cases for NFT.
Wu also praised the vigorous development of Solana, which has more than 1,000 active development teams just two years after its launch.
Faraway gets its first investment
The fund did not waste time making the first investment. Faraway is a gaming company based in Solana. Guaranteed Received 21 million US dollars in the latest round of financing led by the fund. This is in addition to the $9 million financing raised by Faraway led by Lightspeed earlier this year.
In the latest round of financing, a16z, Sequoia Capital, Pantera Capital, Jump Capital and Solana also participated. Faraway is one of the earliest companies engaged in blockchain-based games, with multiplayer game components on top of Solana. This makes Faraway an interesting opportunity to gauge the possible future response of such games.
Faraway’s first game is called Mini Royale: Nations, which is a first-person shooter game with a decentralized economy. The game uses a browser as its gaming platform and aims to democratize access for users with fewer computing resources.
Faraway CEO Alex Paley expressed his views on the future of blockchain gaming and Faraway’s focus on the topic. He said:
Blockchain technology will release the potential of an open economy that is truly driven by players, and will usher in the next wave of games and virtual worlds. Our goal is to create extremely interesting and social games with an open economy, allowing players to truly own their game assets and have a real say in how the game develops over time.
What do you think of this new blockchain game investment fund? Tell us in the comments section below.
Image Source: Shutterstock, Pixabay, Wikimedia Commons
Disclaimer: This article is for reference only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any product, service or company. Bitcoin Network Does not provide investment, tax, legal or accounting advice. Neither the company nor the author bears direct or indirect responsibility for any damage or loss caused or claimed to be caused by the use or reliance on any content, goods or services mentioned in this article.