Solana Ventures, the investment arm of the Solana blockchain, FTX, and Lightspeed, a venture capital firm, have announced the launch of a joint web3 gaming initiative. The fund will have $100 million at its disposal to invest in gaming projects using blockchain-based systems in the Solana network. The fund has already made its first investment in Faraway, a Solana-based gaming company.
Solana Ventures, FTX, and Lightspeed Put Funds Behind Blockchain Gaming
A new blockchain gaming fund has been launched by Solana Ventures, the investment arm of the Solana blockchain, FTX, and Lightspeed, aiming to fund the most innovative blockchain gaming proposals built on the Solana network. The joint effort will invest $100 million in these kinds of initiatives to kickstart development in the Solana ecosystem.
Amy Wu, a partner at Lightspeed, expressed excitement about this joint effort and what they are trying to achieve with the investment. She stated:
We are looking to back great teams, both crypto-native, and gaming-native. We believe gaming is one of the best opportunities to onboard the next billion users onto web3, and one of the best use cases for NFTs.
Wu also commended the thriving development that has been happening on top of Solana, which already has more than 1,000 active development teams just two years after its launch.