Solana Ventures, Lightspeed Venture Partners, and FTX announced a $100 million fund on Friday to invest in startups developing blockchain gaming studios.
The announcement comes at a time when the idea of a metaverse, or virtual world, is gaining traction. Facebook’s corporate name was changed to Meta last week as the company worked on new technologies to help people connect and explore the metaverse.
According to some reports, the metaverse will also play an important role in the future of gaming. According to one theory, the metaverse will allow users to meet, chat, and play games with one another.
To that end, blockchain gaming startups have recently raised a lot of money. Gaming, according to venture capital firms, will help bring more people into the crypto world.
“Gaming has a massive opportunity to bring the next billion users to web3,” said Amy Wu, a Lightspeed Venture Partners partner. “We are thrilled to be collaborating with FTX and Solana Ventures to play a key role in the expansion of this ecosystem.”
Lightspeed has made investments in a number of gaming companies, including Epic Games, 1047 Games, TripleDot Studios, and Faraway Games. It made the first investment in Faraway Games, along with FTX and Solana Ventures, as part of the new $100 million fund.
According to a Solana Ventures spokesperson, the fund is denominated in dollars, which means that cash will be invested in startups focused on web3 gaming on Solana.