More paths have been opened for Web3 games as a $100 million investment fund has been launched by blockchain firms Solana Ventures, Lightspeed Venture Partners and FTX. Much enthusiasm surrounds the future of the GameFi industry as it grows exponentially.
The fund aims to invest in the “intersection of blockchain and gaming”: tech companies and game studios that integrate Solana blockchain. One partner said games could be a great gateway for Web3 to bring in the “next billion users”.
FTX CEO Sam Bankman-Fried said in Tweeter that this partnership could build “the biggest growth area in the industry: web3 + gaming + NFTs.”
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Recently, Lightspeed and FTX announced their first investment into game studio Faraway by leading a $21 million Series A funding round along with other important partners such as a16z, Pantera Capital and Sequoia Capital. Faraway will now integrate Solana’s blockchain into ‘Mini Royale’, the studio’s best game.
Faraway CEO Alex Paley commented on their goals for the project:
Blockchain technology will truly unlock the potential for player-led open economies and usher in the next wave of games and virtual worlds, (…) Our goal for current and future games is to create highly social and fun games with open economies, giving players real ownership of their in-game assets and a real voice in how the game evolves. by the time.
Web3 Gaming and Solana see growth
Web3 games have seen a significant growth in popularity, in parallel with the impressive gains of the Solana token in 2021. The new digital era allows for more income and experiences in the gaming system by integrating DeFi and NFTs.
Related reading | Why billionaire Chamath Palihapitiya invested in Solana ecosystem
The integration of blockchain and gaming comes with great revenue potential along with the potential to create strong communities and new features for them.
“High-performance blockchains like Solana are now able to deliver the kind of Web2 experiences gamers have come to expect while providing the benefits of decentralized Web3 systems.” Amy Wu, partner at Lightspeed Venture Partners, said in a public statement.
She further commented on Cointelegraph about her views on the metaverse:
The metaverse is a potential digital world where people build identity and reputation, make friends, play and engage. That’s why Web 2 companies like Meta and Web 3 original companies alike are trying to build this. People spend hours a day in games like Fornite and Roblox, so I think the metaverse will be born out of a social game.
As Anatoly Yakovenko, CEO of Solana Labs, commented in the fund’s public statement:
In the past few months, we’ve seen talented game makers leave their jobs at Riot, EA, Scopely, and other established game companies to build Web 3 games on Solana. We’re excited to collaborate with Lightspeed and FTX to support and accelerate this new wave of builders.
Newzoo predicted that the gaming market will generate about $218.7 billion by 2024. They also reported a growth in player rates from 20210 to 2021 + 5.4%.