Solana ventures launch $100 million funds for GameFi and DEFI but also support the NFT projects as well and keep former TErra developers on their feet after the recent collapse as we reported in our previous blockchain news.
Solana ventures launch $100 million funds to support the growth of NFTs, Blockchain gaming, and DEFI projects in South Korea. In addition to supporting the projects built on Solana, the fund will keep some Terra-based projects afloat after the collapse of the ecosystem recently. The Foundation believes the developers from Terra should not be held responsible for what happened on the network as the manager for Games at the Foundation Johhny B. Lee added:
“The developers did nothing really wrong, but they’re left in the lurch.”
The new fund allows to solidify Solana’s goal to become the ideal blockchain for gaming and Solana Ventures launched a similar $100 million gaming fund with exchanges FTX and Lightspeed Ventures in November and also has a $150 million fund with the game-focused companies Griffin Gaming Partners and Forte. South Korea is expected to become a hotbed for NFT and MEtaverse development in the next few years with the governemnt pledging $187 million to build its own metaverse ecosystem which will focus on the growth of the digital content and the digital corporations in the country.
The Solana Foundation is banking on interest in the gaming fiannce and DEFI space to increase in the country as companies start to look for grant money. The competition to build the best platforms is underway with a few platforms already offering DEFI, NFTs, and access to the metaverse. For example, Klatyn’s biggest DEFI platform is KlaySwap which has $274 million in TVL according to the DEFI ecosystem tracker Defi Llama, and Upbit, which has its own NFT market. It might be difficult for domestic companies to launch their blockchain-based games in the country as the law now prohibits games from giving monetary rewards as well as crypto. The law even led Korean officials to demand google and Apple remove Play to earn games from their Korean stores last December.
The NFT trading and DEFI activity on Solana have increased in the past few months and the top NFT market Magic Eden for example is the second biggest in the world with over 35,526 daily traders and over $7.31 million in daily volume behind OpenSea. By providing more funds for the ecosystem growth, Solana could be able to address the infrequent network instability which stopped operations on the network last year. SOL’s price is mostly flat and down by 0.5% in the past day, trading at $39,05.
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