Solana Ventures and the Solana Foundation have formed a $100 million fund to help support the growth of nonfungible token (NFT), blockchain gaming, and decentralized finance (DeFi) projects in South Korea. South Korea is expected to become a hotspot of NFT and metaverse development this decade. Their government pledged $187 million to build its metaverse ecosystem. Moreover, South Korea’s gaming sector was valued at $15 billion in 2021.
Solana Ventures launched a similar $100 million gaming fund with crypto exchange FTX and Lightspeed Ventures last November 2021. It also has a $150 million fund with web3 gaming-focused firms Forte and Griffin Gaming Partners. Their newest investment and grant fund is going to help solidify Solana’s goal of becoming an ideal blockchain for web3 gaming.
