Solana Ventures Sets Up $100M Fund for GameFi and DeFi in South Korea


Solana Ventures and Solana Foundations are funded $100 million for the growth of non-fungible tokens (NFT), and gamefi. The fund will also help keep some Terra-based projects afloat after the crash. The fund says developers should not be held accountable for what happened on the blockchain network. 

The new fund helps solidify Solana’s aim to become an ideal blockchain for gaming. Last November Solana Ventures invested $100 million in gaming funds. It also has a $150 million fund with game-focused firms Forte and Griffin Gaming Partners. 

The government of South Korea will commit $187 million to build its Korean Metaverse.  there are quite a few platforms that offer NFTs or access to DeFi, such as Klaytn Layer 1 and Upbit. Embracing blockchain-based games in South Korea would be difficult for local companies. 

Korean officials ordered Apple and Google to remove P2E games from their stores in December of last year.  Solana’s top NFT marketplace Magic Eden is the second largest in the world with 35,526 daily traders and $7The app tracker behind open sea dappradar features 31 million daily traders. Despite the bloodbath with altcoins, metaverse tokens have seen a 400% increase. 5% increased to 39 in the last 24 hours, according to data from CoinGecko.

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