Solana Commits $100 Million to Web3 Projects in South Korea

Solana Ventures and the Solana Foundation have set up a $100 million investment and grant fund in South Korea to support web3 firms. The fund’s goal is to help the country’s non-fungible token (NFT), blockchain gaming, and decentralized finance (DeFi) efforts thrive.

In addition to funding initiatives built on SOL, the fund will help keep select Terra-based enterprises afloat following the collapse of that ecosystem last month.

The fund is backed by monies from the SOL community treasury as well as the venture arm’s pool of capital, according to Austin Federal, head of communications at Solana Labs.

Johnny Lee, general manager of games at Solana Labs, while speaking to TechCrunch, said:

“A big portion of Korea’s gaming industry is moving into web3. We want to be flexible. There’s a wide range of project sizes, team sizes, so some of [our investments] will be venture-sized checks.”

According to SOL, gaming and NFTs account for the majority of activity in South Korea, making them a natural fit for web3.

Solana’s ambition of being the finest blockchain for gaming is aided by the new fund

Solana Ventures teamed up with FTX and Lightspeed Ventures to launch a $100 million gaming fund in November. Along with Forte and Griffin Gaming Partners, two game-focused companies, it has a $150 million fund.

SOL has seen a rise in NFT trading and DeFi activity in recent months. SOL’s main NFT marketplace, Magic Eden, is the world’s second-largest after OpenSea, according to decentralized app (Dapp) tracker DappRadar, with 36,427 daily traders and $7.64 million in daily volume.

South Korea is expected to become a hub of NFT and Metaverse research this decade, with the government promising $187 million to build its metaverse ecosystem. The growth of digital content and digital enterprises in Korea will be the primary focus of the Korean metaverse.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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