Categories: Market

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.

https://twitter.com/BitDAO_Official/status/1460747955544150019?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener
“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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Annie

According to Cointelegraph

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.