Solana Ventures and Solana Foundation have recently announced the launch of a $100 million investment and grant fund for South Korean Web3 startups.
Solana Ventures launches $100M fund
With the new fund allocation, Solana Foundation aims to promote crypto projects based on the Solana blockchain in South Korea. However, the company will also support crypto projects on the Terra blockchain that are left helpless after the UST/LUNA model collapse.
Notably, several platforms previously based on Terra have migrated over to different blockchains like Solana. Johnny B. Lee, general manager of games for the Solana Foundation, stated:
“The developers did nothing really wrong, but they’re left in the lurch.”
The fund will primarily focus on gaming studios and GameFi. It will also invest in NFTs and DeFi projects in the country, which is the hotbed for virtual gaming. Lee said that a significant portion of the country’s gaming industry is moving into Web3. He added:
“We want to be flexible; there’s a wide range of project sizes, team sizes, so some of [our investments] will be venture-sized checks.”
According to the head of communications at Solana Labs, Austin Federa, the fund is powered by capital from the Solana Community treasury in addition to the venture division’s pool of capital.
South Korea: A hub of gaming
South Korea has long impressed the globe with its unique and advanced technological solutions, and it continues to dominate the crypto industry when it comes to NFTs and gaming. The small East Asian country is seeing a surge in NFT use as its citizens and businesses embrace the technology. Gaming and NFTs account for a significant portion on Solana in the country, making the sectors a perfect fit for web3, according to Lee.
In the second half of 2022, Lee anticipates that more “high-quality and fun games” will be released on the Solana blockchain. According to him, these games can change the prevailing opinion that play-to-earn games aren’t fun.
“We’re confident that is about to change.”