Solana Ventures has formed a joint venture with Forte and Griffin Gaming Partners to invest in Solana’s blockchain gaming ecosystem.
Solana Ventures spearheads a $150 million funding initiative.
The Solana ecosystem is receiving additional funding in order to become a GameFi hub.
Solana Ventures, Solana Labs’ strategic investing arm, has announced a $150 million funding initiative to invest in Web3 game developers on Solana.
The funding initiative is being launched in collaboration with Forte, a technology solutions provider for blockchain-based game developers, and Griffin Gaming Partners, a venture capital firm solely dedicated to investing in the global gaming market.
The fund will, according to the press release, invest in blockchain-based game designers and builders within the Solana ecosystem. The massive success of Axie Infinity, as well as the growing popularity of NFTs, have propelled blockchain-powered, play-to-earn games into the spotlight this year. Many of these projects, which have been launching on a regular basis in recent months, have found a home on Solana.
Solana is a high-performance blockchain that claims to process approximately 65,000 transactions per second—a rate far exceeding that of Ethereum, the current leading smart contract platform. As a result, some of the most anticipated game releases for the following year have chosen to build and launch on it.
Solana Ventures Partner Matthew Beck stated in a press release about the funding initiative:
“The ecosystem is still defining what the intersection of blockchain and gaming looks like, and I’m thrilled to be working with Forte and Griffin Gaming Partners to support this new generation of game designers and builders.”
This is Solana’s investing arm’s second blockchain gaming-focused investment initiative. It launched a $100 million fund in November in collaboration with Lightspeed Venture Partners and FTX. Griffin Gaming Partners, on the other hand, has invested more than $400 million in traditional and blockchain-based gaming firms over the last two years.
Griffin Partner Pierre Planche went on to say that gaming and interactive media had become a “cornerstone of blockchain,” thanks in part to Solana’s assistance in “paving the way with scalability and user experience.”
According to some estimates, the video game industry’s revenue will exceed $180 billion by 2021, with the majority of profits going to game publishing companies and their shareholders. NFT-powered play-to-earn games, on the other hand, allow players to keep the majority of the profits, which means they could be hugely disruptive to the current model.