The new fund will also enable former Terra developers to stay on their feet after Terra’s demise by supporting the growth of NFT, gaming, and DeFi projects on Solana.
Solana Ventures and the Solana Foundation, a Switzerland-based organization that promotes the network’s expansion, have teamed up to raise cash for investments and grants in a variety of Korean crypto startups.
“We have been working with Korean developers and actively investing in the ecosystem for some time now, which helped us build a deeper understanding of the Korean market. Korea is at the forefront of web3 game design and development and we are focused on helping even more builders in Korea bring their ideas to reality,” said Johnny B. Lee, general manager of games at Solana Foundation, in a statement.
Solana Ventures has created its first fund with a particular geographic focus. The fund will assist in keeping some Terra-based projects viable following the collapse of that ecosystem last month, in addition to supporting projects built on Solana (SOL). Do Kwon, the creator of Terraform Labs, is currently facing charges in South Korea.
The Terra developers, according to the Solana Foundation, should not be held liable for what occurred on the blockchain network. Johnny B. Lee said in an interview with Bloomberg:
“The developers did nothing really wrong, but they’re left in the lurch.”
The new fund contributes to Solana’s goal of becoming the best blockchain for gaming. With the government promising $187 million to build its own metaverse ecosystem, South Korea is anticipated to become a hub of NFT and Metaverse development this decade.
The Korean metaverse will primarily focus on the growth of digital content and digital corporations within the country, and competition to build the best platforms as quickly as possible is already underway, with several South Korean platforms, such as the Klaytn layer-1 blockchain and the Upbit exchange, already offering NFTs or access to DeFi.