Web3 gaming platform and publisher Saakuru Labs and memecoin platform Memecore launched a $10 million web3 gaming investment fund.
According to an Oct. 17 announcement, the two firms aim to invest in and acquire memecoin communities and games to integrate them into the Saakuru and Memecore ecosystems. The partnership is expected to expand the decentralized application (DApp) ecosystems on the Saakuru layer two protocol and increase activity on Memecore’s blockchain.
The announcement follows Saakuru’s layer two reaching five million daily transactions back in July. In May, the firm also announced a strategic deal with Animoca Brands, with the company announcing plans to port some of its game to the scalability layer. This also followed a similar deal with Japanese gaming blockchain Oasys, which integrated games including GOGA, Galaxy Blitz, SingSing and Crypto Run.
The fund will leverage its $10 million allocation to pursue those objectives, focusing on gaming ecosystem growth that would drive the Saakuru total value locked. Saakuru Labs will also provide end-to-end support to the supported projects, offering the game studios with incubation, development resources and publishing opportunities.
Both Saakuru Labs and Memecore agreed in their intention to focus on early-stage web3 game initiatives and help development from concept to launch. Shubh Varma, Co-Founder and CEO of Hyblock Capital, said:
“We have built a strong reputation in the blockchain gaming industry, and this partnership with Memecore allows us to accelerate the development of new gaming projects. […] With this collaboration, we’re able to offer more resources to top-tier game developers and further strengthen both ecosystems.”
This is not the first such initiative by Memecore. Back in July, the company announced the launch of a $10 million ecosystem fund to foster the development of its memecoin ecosystem.
The two companies are seemingly deadset on taking hold of as much of the nascent web3 gaming sector as possible. According to Global Market Insights research, this industry was valued at $26.38 billion in 2023, and is expected to see a compound annual growth rate of 19.2% from this year until 2032.
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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