Solana Ventures, FTX, and Lightspeed Launch $100 Million Blockchain Game Fund – Bitcoin News – News Couple

Solana Ventures, FTX, and Lightspeed Launch $100 Million Blockchain Game Fund – Bitcoin News

Solana Ventures, the investment arm of Solana Blockchain, FTX and Lightspeed, a venture capital firm, has announced the launch of the Joint 3rd Web Games Initiative. The fund will have $100 million at its disposal to invest in gaming projects using the Solana Network’s blockchain-based systems. The fund has already made its first investment in Faraway, a Solana-based gaming company.

Solana Ventures, FTX and Lightspeed Put Money Behind Blockchain Games

A new blockchain gaming fund has been launched by Solana Ventures, the investment arm of Solana Blockchain, FTX and Lightspeed, with the aim of financing the most innovative blockchain gaming proposals built on the Solana network. The joint effort will invest $100 million in these types of initiatives to kick-start development in the Solana ecosystem.

Amy Wu, Partner at Lightspeed, expressed Excitement about this joint effort and what they are trying to achieve through the investment. She said:

We look forward to supporting great teams, whether they are encrypted or local. We believe that gaming is one of the best opportunities to get the next billion users into the web 3, and one of the best use cases for NFTs.

Wu also praised the burgeoning development taking place at the helm of Solana, which already has over 1,000 active development teams just two years after its launch.

Faraway gets your first investment

The fund wasted no time in making its first investment. Faraway, a Solana-based game company, received $21 million in its latest funding round, which was led by the fund. This comes to complement Faraway’s $9 million tour that was also led by Lightspeed earlier this year.

Also participating in the latest funding round are a16z, Sequoia Capital, Pantera Capital, Jump Capital and Solana. Faraway is one of the first companies to go into blockchain-based gaming with a multiplayer component on top of Solana. This makes Faraway an interesting opportunity to gauge the response such games might receive in the future.

Faraway’s first game, called Mini Royale: Nations, is a first-person shooter with a decentralized economy component. The game uses the browser as a gaming platform, with the aim of democratizing access to users with fewer computational resources.

Alex Paley, CEO of Faraway, expressed his opinion on the future of blockchain gaming and Faraway’s focus on this topic, saying:

Blockchain technology will truly unlock the potential for player-led open economies and usher in the next wave of gaming and virtual worlds. Our goal 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 over time.

What do you think of this new investment fund for blockchain games? Tell us in the comments section below.

photo credits: Shutterstock, Pixabay, Wikicommons

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