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Solana Ventures Looks to Boost Web 3 Gaming With Launch of $150M Fund
The initiative tops an earlier $100 million fund raised with FTX and Lightspeed in November.
By Eli Tan
Updated May 11, 2023, 7:12 p.m. Published Dec 14, 2021, 5:41 p.m.
Investors have bet big on the future of play-to-earn gaming, and they aren’t done yet.
Solana Ventures, Forte and Griffin Gaming Partners have pledged to invest $150 million in Web 3 game builders, the companies announced Tuesday.
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The initiative is the second major investment Solana Ventures has made into the blockchain’s gaming ecosystem, the first being a $100 million fund co-led by FTX and Lightspeed in November.
Griffin says it has now invested over $400 million into gaming and Web 3 companies in the past two years, according to a press release.
Web 3 gaming has been a main attraction for blockchain investors in recent months, with Solana being of particular interest for its low costs and high transaction speeds.
Read more: Twitch Co-Founder Justin Kan Launches Gaming NFT Marketplace on Solana
Other sizable Web 3 gaming investments made recently include a $100 million fund led by Gala Games and C2 Ventures announced Monday, and a $200 million fund from Hashed earlier in December.
“Gaming and interactive media would not be a cornerstone of blockchain today if it weren’t for the many technical developments the community has accomplished in the past decade,” Pierre Planche, partner at Griffin Gaming Partners, said in a press release. “Solana is a premier example, having helped pave the way with scalability and [user experience] fit to match these demanding experiences.”
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VanEck's new Avalanche ETF filing to include staking rewards for AVAX investors
The fund will use Coinbase Crypto Services as its initial staking provider and pay a 4% service fee, with rewards accruing to the fund and reflected in its net asset value.
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- VanEck has updated its filing for an Avalanche ETF, VAVX, to include staking rewards, aiming to generate income for investors by staking up to 70% of its AVAX holdings.
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