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The $100 million funds from the trio of Solana Ventures, Lightspeed Ventures, and FTX are already being used to bankroll Faraway Games, a new Web 3 gaming studio that raised $21 million on Thursday.
The trio of Solana Ventures, Lightspeed Ventures, and FTX Derivatives Exchange has floated a $100 million fund to invest in Web3.0 and metaverse gaming initiatives. As reported by VentureBeat, the new capital will be injected into gaming protocols and related tech that are building on the Solana blockchain network.
Gaming initiatives come across as some of the fastest-growing innovations in the digital currency ecosystem, following similar growth trends as seen in decentralized finance (DeFi) and non-fungible tokens (NFT). Several models, including Play-to-Earn (P2E) approach, is being explored to incentivize users, while also creating a robust, one-of-a-kind gaming economics that is directly in control of the users of the gaming protocol.
“In the last few months, we’ve seen talented game builders leave their jobs at Riot, EA, Scopely, and other established gaming firms to build Web 3 games on Solana. We are excited to collaborate with Lightspeed and FTX to support and accelerate this new wave of builders,” Anatoly Yakovenko, Chief Executive Officer of Solana Labs, said in a statement.
There has been a lot of capital injection into the blockchain ecosystem in the past months. From blockchain networks to venture capital firms, and exchanges, every stakeholder has been preparing for the massive uplift and adoption of the innovations that are coming up from the blockchain world in the near future. The collaboration between FTX, Lightspeed, and Solana Ventures further reiterates this growing investment appetite.
The need to bankroll gaming protocols also stems from the growing clamor about the switch into the Metaverse as was fueled by Facebook Inc (NASDAQ: FB) changing its name to Meta, in a bid to represent a brand that is keen on developing the metaverse where users can interact and play games. With Meta’s diversification plans unveiled, blockchain firms have become re-energized in a move to become a part of the future.
Solana, Lightspeed, and FTX Bankrolling Faraway Games
The $100 million funds from the trio of Solana Ventures, Lightspeed Ventures, and FTX are already being used to bankroll Faraway Games, a new Web 3 (a reference to the decentralized web powered by the secure and transparent digital ledger of blockchain) gaming studio that raised $21 million on Thursday. The gaming protocol is built on the Solana blockchain, and its flagship multiplayer game, Mini Royale: Nations is set to go live in December.
The current trend suggests that gaming protocols will become an invaluable approach to drive the mainstream adoption of blockchain technology, and Solana is positioning itself to play a major role in this regard.
“Gaming has a massive opportunity to bring the next billion users to web3,” said Amy Wu, partner at Lightspeed Venture Partners. “We are excited to partner with FTX and Solana Ventures to play a leading role in growing this ecosystem.”
As revealed by a Solana Ventures spokesperson, the fund is dominated in Dollars and may be offered to innovative gaming protocols on other blockchain networks too.