Even countries like China, which seemingly reject traditional cryptocurrencies, have been praising blockchain for a long time now. This allowed it to reach out and touch almost any industry out there, and offer improved, or brand new solutions that would make them better, faster, cheaper, more efficient, more convenient, and alike.
The Gaming Industry and Blockchain
However, out of all of those industries — if we exclude finance, for which the blockchain was created — the blockchain technology has been best accepted by the gaming sector. Blockchain and gaming have been establishing ties for years, and constantly strengthening the existing ones.
At this point, there are countless blockchain-based games available out there, from the simplest ones to entire MMORPG games, and with more of them incoming. They are focusing on the play-to-earn model, allowing players to enjoy their favorite hobby and make a profit out of it at the same time.
The combination of gaming and blockchain has attracted so much attention and such great demand and approval of the community that corporations are now dedicating millions of dollars towards providing incentives for developers focusing on such projects.
Solana Ventures Just Launched a Massive Gaming Fund
Speaking of major companies investing millions of dollars towards blockchain gaming, the most recent example of it is Solana Ventures, which teamed up with FTX and Lightspeed to launch a $100 million blockchain gaming fund.
The fund was launched earlier this month, and its purpose is to invest in startups dedicated to building blockchain gaming studios. The announcement came at an interesting time, only days after Facebook’s parent firm, at the time also called Facebook, announced that it will rebrand and change its corporate name to Meta. The company stated that it has been developing new technologies recently that will help people connect and explore in the metaverse, and in doing so, it essentially launched the entire metaverse trend.
The last time when Facebook did something like this, it kickstarted a global rush by central banks from all over the world which started developing their own native cryptocurrencies, with the intention of having their respective countries switch to a new model of digital finance.
Now, Facebook has changed into Meta, thus launching a global initiative to develop the metaverse, which will revolutionize the internet, the way people communicate and interact with one another, and of course — a massive portion of the gaming sector that is now rapidly developing on blockchain.
Through the metaverse, players will, in theory, be able to connect and come together to play games, chat, and more. Not only that, but they will have a more immersive experience while doing it than ever before.
This promise of changing the entire gaming world simply by developing blockchain-based games has caused many to start looking into them, but also major companies and venture capital firms to start offering monetary support. Many of them believe that blockchain gaming will bring people into the blockchain industry, and in addition, closer to crypto.
Amy Wu, the partner at Lightspeed, said that the company is very excited to partner with Solana and FTX, as it sees gaming as a great opportunity to bring the next billion users to Web3. Through this partnership, the three firms will play a leading role in making it happen, and as such, will undoubtedly earn their place in the history of technological advancement.
Lightspeed also has a long history of investing in gaming startups, including the likes of 1047 Games, Epic Games, Faraway Games, and TripleDot Studios.
This specific fund is denominated in dollars, and the cash will be invested in startups focused on web3 gaming. Despite the partnership with Solana, however, the focus will not be on Solana’s blockchain alone, but also on numerous others. This was stated by Solana Ventures’ own spokesperson.
