Solana supports Web3 gaming projects with a $ 100 million financing deal

They know that a new iteration of the web is ready to take off when the players step on board. Web3 just picked up some serious mojo with a $ 100 million fundraising deal aimed at building the next generation of gaming apps and businesses.

Solana Ventures, the strategic investment arm of Solana Labs, has partnered with Lightspeed Ventures and FTX to fund a gaming studio that will live on Web3, the fast-growing home for decentralized apps powered by the Ethereum blockchain.

The companies plan to develop games, technologies and projects “at the interface of blockchain and gaming”, according to a joint statement published today.

“In the past few months, talented game developers have left their jobs at Riot, EA, Scopely, and other established game companies to develop Web3 games on Solana,” said Anatoly Yakovenko, CEO of Solana Labs. “We are excited to work with Lightspeed and FTX to support and accelerate this new wave of builders.”

Strategy game

The initiative is already funding a project: Faraway Games, a Web3 gaming studio founded by Alex Paley and Dennis Zdonov that focuses on developing hypersocial games with player-controlled and decentralized economies. In December, Faraway plans to release a browser-based flagship title Mini Royale: Nations, a competitive shooter and strategy game. It will be the first live multiplayer game on Solana, the investment firms said in their statement.

According to Newzoo, the initiative is hitting a global game market that will generate sales of more than $ 200 billion by 2023. The Metaverse is expected to play an important role in growing the market. Earlier this week, Marc Andreessen and the Winklevoss twins led a $ 100 million fundraising round at Sfermion, an investment firm specializing in metaverse NFTs.

Solana, an open source blockchain ecosystem challenging Ethereum itself for decentralized supremacy, was one of the standout stories in DeFi this year. The Total Locked Out Value (TVL) has increased 822% since Aug. 1 to $ 14.1 billion, according to DeFi Llama data.

Solana and FTX, the popular crypto exchange with a trading volume of $ 2 billion per day, have already connected. In September, FTX began enabling customers to deploy NFTs on the Solana blockchain. Lightspeed, a mainstay of the traditional venture capital community in Silicon Valley, was an early supporter of FTX.

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