FTX, Lightspeed Venture Partners and Solana Ventures have partnered to create a $ 100 million The companies announced on Friday that they would launch a Web3 gaming investment initiative. The investment will focus on gaming studios, technologies and projects that focus on the intersection between blockchains and Focus on gaming .
Lightspeed has over $ 300 million in a range of Gaming and crypto companies invested in the early to late stages including Epic Games, 1047 Games, TripleDot Studios, Faraway Games, FTX, Offchain Labs, Alchemy, Wintermute and others.
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The initiative will help create new decentralized models for games as well to advance and develop the tools developers need to develop, according to a spokesperson for Solana Ventures. The first investment has already been made in Faraway Games, a Web3 game studio that focuses on “social games with a decentralized economy,” according to the press release.
Solana blockchain is growing
The Solana blockchain has over 2.2 million non-fungible tokens (NFTs) and over 125 NFT collections with over a dozen blockchain-based games. “In the last few months, talented game developers have established their jobs at Riot, EA, Scopely and others Game companies abandoned to develop Web3 games on Solana (SOL), ”said Anatoly Yakovenko, CEO of Solana Labs, in a statement.
Play-to-earn games like Axie Infinity have become increasingly popular in recent weeks and months. Many companies see great potential here. For example, the crypto exchange crypto.com has entered into a partnership with Twitch Rivals. In addition to the Solana blockchain, other large cryptocurrencies can also be used for blockchain games.
Solana more valuable than Cardano
Solana is meanwhile the fifth largest cryptocurrency on the market. With a price of around US $ 235 and a resulting market capitalization of US $ 71 billion, SOL is worth US $ 5 billion more than its direct competitor Cardano (ADA). Both cryptocurrencies are considered to be potential “Ethereum killers” in the defi area. Ethereum (ETH) itself, with a market capitalization of over 530 billion US dollars, is in a completely different sphere.
