Many crypto companies and ventures around the world are creating multi-million funds which is showing the intent of the tech for the future. Recently, Solana Ventures and Solana Foundation have developed a $100 million fund for supporting NFT, blockchain gaming, and DeFi projects.
The company is looking at utilizing these funds for the projects in South Korea. Besides this, the fund will support Terra-based projects after the collapse of their ecosystem last month.
On the other hand, The Solana Foundation believes that Developers from Terra ecosystem are not responsible for the calamity in the network. General Manager for games at Solana Foundation, Johnny B. Lee talked to Bloomberg during an interview, stating:
“The developers did nothing really wrong, but they’re left in the lurch.”
With these new funds, Solana is aiming to become an ideal blockchain for gaming. Previously, Solana Ventures had launched a $100 million gaming fund in partnership with FTX crypto exchange. Besides this, they had also launched a $150 million fund, focusing on game-focused firms Forte and Griffin Gaming Partners.
Many expect that South Korea will become the breeding ground for multiple NFT and Metaverse projects. This is due to the fact that the South Korean government is pledging $187 million for their own metaverse ecosystem. Moreover, they’ll also focus on digital content as well as digital corporations.
Due to the pledge from the South Korean government, many platforms are quickly developing their systems such as Klaytn layer-1 blockchain and Upbit exchange.
Coming back to Solana Foundation, they are keen on benefiting from the interest in gaming finance (GameFi) and decentralized finance (DeFi).
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