BitDAO, Forte, and some industry veterans formed a $ 500 million DAO – Game7
Game7, a decentralized autonomous organization (DAO) accelerating the blockchain ecosystem valued at $ 500 million, is about to launch to attract players worldwide to the blockchain ecosystem. Companies supporting the proposal include BitDAO, Forte, Alameda Research, Mirana Ventures, Warner Music Group, Aleo, Avalanche, Interchain Foundation, Offchain Labs, OP Games, Polygon Studios, and Solana Ventures. Forte Labs and Magnus have now proposed its creation.
1 / BIP-5 is passed! @ Game7_Official is founded by a diverse group of gaming and tech industry veterans and will help create a future where blockchain and gaming are united! https://t.co/dZxqjMwpIk pic.twitter.com/Nxd5L4fgyD
– BitDAO (@BitDAO_Official) November 16, 2021
“BIP-5 passed! Game7 is founded by a group of tech and game industry veterans and will help create a future where blockchain and games merge! “
Forte will provide Game7 with $ 100 million in cash and crypto, while BitDAO will provide $ 400 million in cryptocurrencies in its coffers such as Ether and Tether. The funds will be released over a period of 5 years.
First, 15% of the funding goes to grants to promote research, development, tools, and regulatory compliance for new blockchain games. Next, 5% of the funds will be used to train developers in building a token economy. Ultimately, 80% of the money goes directly to game studios and DAOs. In the distribution proposal, BitDAO retains the majority of intellectual property ownership, while most of the administrative rights rest with the community partners.
Forte builds secure economic technology for blockchain games. BitDAO is one of the largest decentralized treasuries in the world, with multi-billion dollar assets. Brian Lee, partner at Alameda Research, a quantitative trading company involved in the company, commented on the development:
“Games have become one of our main investment priorities this year and we are excited to be part of Game7.io and to partner with Forte, the token-based gaming infrastructure, BitDAO and Mirana Ventures to support developers and introduce blockchain-based ones Play to speed up. ”
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According to Cointelegraph