Video games have gone a long way in the previous few decades, and online gaming, in particular, has become a hub for cutting-edge crypto innovation because blockchain technologies solve fundamental gameplay difficulties.
Solana Ventures, the investment arm of Solana Labs, announced the formation of a $150 million Web3 gaming fund in collaboration with Forte, a gaming-focused blockchain platform, and Griffin Gaming Partners on Tuesday.
Following the $100 million gaming-focused fund announced in November with FTX and Lightspeed Venture Partners, this is Solana Ventures’ second gaming-focused fundraising initiative.
The fund will invest in blockchain-based game designers and builders inside the Solana ecosystem, according to the press release.
Solana Ventures Partner Matthew Beck commented in a press statement about the financing initiative:
“The ecosystem is still defining what the intersection of blockchain and gaming looks like, and I’m delighted to partner with Forte and Griffin Gaming Partners to help support this new generation of game designers and builders.”
The tremendous success of Axie Infinity, as well as the growing popularity of NFTs, has pushed blockchain-powered, play-to-earn games into the forefront this year. Many of these initiatives have found a home on Solana after launching on a regular basis in recent months.
Forte is a platform that allows game creators, players, and communities to integrate blockchain technologies like as non-fungible token minting and sales, payment rails, and other blockchain token economy services into their games.
Griffin Gaming Partners, a venture capital firm, has invested more than $400 million in 26 companies, including Forte and Discord, an instant messaging network.