South Korean organizations and startups working in decentralized finance (DeFi) and GameFi would have a chance to get funded from Solana Ventures. The Solana Ventures and Solana Foundation have set up a $100M investment fund for South Korean Web3 developing startups. Johnny Lee, General Manager of games at Solana Labs announced the fund and that Solana will be focusing on the huge South Korean gaming market.
The Switzerland-based entity is not only growing its network but also supports a large fraction of crypto startups in diverse sectors. This time they will back South Korean crypto startups related to non-fungible tokens (NFTs), decentralized finance (DeFi), and gameFi. Through the growth of its ecosystem, Solana will also focus on the rare network instability.
Solana’s investment in GameFi
The established grant fund will help Solana to become the ideal blockchain for play-to-earn games and on-chain decentralized finance tools and products. Last year, Solana held a similar $100 million gaming fund in collaboration with FTX Trading and Lightspeed Ventures. Additionally, Solana also operates a $150 million gaming-focused fund in the organizations like Forte and Griffin Gaming Partners.
South Korea strong on NFT, DeFi & GameFi
For over a decade South Korea has emerged as a breeding ground of NFTs, digital asset collectibles, and Metaverse. Whereas, the South Korean government has also pledged a $187 million grant for building its own metaverse ecosystem. The ultimate focus is the metaverse project to grow digital content and corporation within the country.
According to Johnny Lee, Korea is developing at a faster pace in Web3 game designs and its development, and therefore Solana wants to contribute more to bring their ideas into reality. He also stated,
“We have been working with Korean developers and actively investing in the ecosystem for some time now, which helped us build a deeper understanding of the Korean market”Johnny Lee, General manager of games at Solana Labs
Moreover, in the second half of 2022 more high-quality and fun games will be launched on the Solana blockchain, according to Lee. Further, these games will change the play-to-earn gaming infrastructure and perception. Needless to say, it will be more fun in playing them.