Solana Ventures Collaborates With Giant Company To Fund 100 Million Dollars GameFi Ecosystem

Blockchain company disburses funds for gamefi (Cryptoinformant)

JAKARTA – In the midst of the metaverse and blockchain-based gaming, a number of the largest venture companies launched funding for Web 3 games, also known as GameFi. Blockchain venture companies such as Solana Ventures, Lightspeed Venture Partners, and the FTX exchange announced an injection of USD 100 million or around IDR 1.4 trillion on Friday, November 5 yesterday.

The plan is that the funds will be aimed at investing in game studios, technology companies, and various other blockchain-based game projects. Venture capital firm Lightspeed Venture Partners official Amy Wu describes gaming as a great opportunity to “bring the next billion users to Web 3,” which is a broad concept that refers to the decentralized internet.

To date, Lightspeed has reportedly injected more than USD 300 million (approximately IDR 4.2 trillion) into a number of game and crypto companies including Epic Games, FTX, Offchain Labs, and Wintermute. Although currently the global game market is said to be able to generate annual revenues of more than 100 billion US dollars. This figure is predicted to explode to 200 billion US dollars in the next two years, according to a game data report from Newzoo.

The entry of games into the blockchain and crypto realm has created new user experiences and forms of monetization that are attracting more people. This condition has given birth to GameFi, a term that describes the financialization of games through DeFi and NFT decentralized finance.

In addition, GameFi is also an attraction for the development of the currently booming metaverse. It depicts a futuristic internet that includes virtual reality, social media, and business. A number of investment funds were also disbursed for emerging companies including Sanctor Capital, which recently raised USD 20 million in funding. Huobi Group is also rumored to have launched a fund of 10 million US dollars.

Amy Wu views that “metaverse is a potential digital world where people build identities, reputations, make friends, play, and transact.”

“Even if it becomes a meaningful fraction like our offline life, it is worth it. Hence why Web 2 companies like Meta and original Web 3 companies are both trying to build this. People spend hours a day in games like Fortnite and Roblox, so I believe the metaverse will be born out of social gaming," Wu added.