Solana, FTX, and Lightspeed Venture Partners Launch $100M GameFi Fund
Solana Ventures, together with one of the largest crypto exchanges FTX and Lightspeed Venture Partners, will launch a $100M GameFi fund.
Blockchain-based games allowing users to make money are becoming more and more popular. The strongest proof of these words is the growing popularity of Axie Infinity, which has become a real hit in the Philippines. In addition, it is worth considering the interest in the industry from such major game publishers as Ubisoft and Electronic Arts, which are now investing millions of dollars in promising ideas from developers around the world.
Interest in GameFi arises not only among companies from related fields but also among direct market participants. So FTX, Solana Ventures, and venture capital firm Lightspeed Venture Partners decided to monetize their interest in the emerging industry by converting it into a $100M fund.
As part of it, the partners intend to jointly decide on the investment of funds in certain studio projects presented today in the crypto-gaming space.
It is assumed that thanks to this initiative, financial assistance will be provided primarily to those teams that will implement existing and created games in the Solana blockchain. So, they have already allocated the first tranche of $21M for the Faraway studio, which is soon launching its first product, the browser game Mini Royale: Nations.
1/ Announcing the first @lightspeedvp web3 gaming investment at #NFTNYC, co-leading the $21M Series A of @farawaygg with @FTX_Official, alongside @sequoia, @a16z, @PanteraCapital, @jumpcapital, @solana, @BoredElonMusk, @gabusch, @Jihoz_Axie, @Melt_Dem++ https://t.co/eQmEIxlPk5— Amy Wu (@amytongwu) November 4, 2021
Lightspeed Venture Partners co-ordinator Amy Wu said the fund will be a chance to "connect" another billion customers to Web 3.0. Their company has previously invested more than $300M in GameFi projects, including Epic Games, Offchain Labs, and Wintermute.
According to experts, the GameFi market today generates more than $100B in revenue per year. At such a rate of development, he will be able to double or even triple this result in less than 12 months. Especially against the backdrop of the "boom of the metaverse" after the first step by Facebook, which recently announced the development of its own virtual universe and renamed Meta.
Make history, trade and earn on OpenSea.
CoinShark is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. This article is for informational purposes, prepared on the basis of materials and information from open sources. Cryptocurrency is a high-risk asset, investments in it can lead to losses. Readers should do their own research before taking any action.