In partnership with Griffin Gaming Partners and Forte, Solana Ventures has announced an investment of $150 million in blockchain gaming. The investment marks Solana’s second gaming-focused investment after its partnership with FTX and Lightspeed Venture Partners, which focused on creating a Web3 gaming investment initiative.
Solana Ventures is the strategic investment arm of Solana Labs, a blockchain ecosystem home to over 400 projects spread across DeFi, NFTs, and Web3.
Investing In Web3 Game Developers
The goal of the $150 million investment collaboration is to invest in Web3 game developers that are focused on creating decentralized games on the Solana blockchain. Decentralized games often use the concept of non-fungible tokens (NFTs) that utilize the blockchain and the immutability it provides to authenticate digital items.
The partnership sees Solana Ventures align with two major players in the blockchain gaming sector in the form of Forte and Griffin Games. Forte is a company focused on creating technology for blockchain-based gaming applications, while Griffin is a venture capital firm heavily invested in the gaming market.
A Growing Market
The gaming market, currently valued at $173 billion, is expected to grow to $314 billion by 2026, according to a report by ResearchAndMarkets. A significant driver of the growth is the ongoing pandemic, which has seen workforces begin working out of home, leaving them with significantly more time on their hands.
Blockchain gaming and blockchain-enabled games have allowed players to own their in-game assets, trade them, monetize their assets, and participate in community economies. Some blockchain games allow players to be rewarded with cryptocurrencies for participating.
Speaking about the advent of blockchain technology and NFTs in the gaming market, co-founder and chief executive officer of Forte, Josh Williams stated,
“Where game developers once had to continuously create new content for players to consume as one-time purchases, with the advent of NFTs (non-fungible tokens) and other blockchain technologies, game developers can now offer … real property rights and create self-sustaining and thriving economies within their games.”
A New System Of Gaming
Blockchain-enabled games allow gamers to own their assets instead of making purchases purely for entertainment. With the authentication of their digital assets, players and gaming communities get access to a host of new creative and economic activities.
Speaking about the partnership with Solana ventures, Partner at Griffin Gaming, Pierre Planche, stated,
“Gaming and interactive media would not be a cornerstone of blockchain today if it weren’t for the many technical developments the community has accomplished in the past decade — Solana is a premier example, having helped pave the way with scalability and UX fit to match these demanding experiences.”
Forte’s Own $725 Million Raise
Currently, Forte is working with over 40 independent game developers and has raised over $900 million in funding from high-profile investors such as Andreessen Horowitz (a16z), Warner Music Group, Animoca Brands, Tiger Global, and Polygon Studios. It also closed a Series-B last month, which saw a raise of $725 million from Kora Management and Sea Capital.
Forte’s platform allows game developers and publishers to seamlessly integrate blockchain technology into their games, with products that cater to NFT minting and selling, token wallets, and other services created specifically for managing virtual assets.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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