Solana Ventures, a subdivision of tech giant Solana Labs, recently announced the start of a $150 million investment project centered on blockchain gaming, in partnership with Forte and Griffin Gaming Partners, two significant participants in the market. Griffin is a venture capital business that invests in the worldwide gaming market, whereas Forte develops technology for blockchain-based gaming applications.
According to a Solana Labs representative, the trio’s fund is denominated in dollars rather than Solana (SOL) tokens. It intends to invest in gaming companies that use the Solana blockchain. The network’s capacity of 65,000 transactions per second and average transaction cost of $0.00025, according to Solana Ventures, make it the perfect blockchain for gaming applications. According to the spokesman, the new fund will participate in both equity and token rounds in firms and intends to be fully operational in the next 18 months.
Investments in Gaming
Over the last two years, Griffin has invested more than $400 million in gaming and Web 3.0 game-related firms. Griffin co-founder Nick Tuosto stated that the business would continue to work with Forte and Solana to advance the blockchain gaming ecosystem.
“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,” Pierre Planche, partner at Griffin Gaming Partners, said in a press release. “Solana is a premier example, having helped pave the way with scalability and [user experience] fit to match these demanding experiences.”
A $100 million fund led by Gala Games and C2 Ventures announced recently, as well as a $200 million fund from Hashed earlier in December, are two other recent large Web 3 gaming investments.
According to Matthew Beck, partner at Solana Ventures, which funds projects for the Solana blockchain, “The ecosystem is still defining what the intersection of blockchain and gaming looks like.
Growth in Blockchain Gaming
According to reports, the worldwide gaming industry was valued at $173.7 billion in 2020 and is predicted to reach $314.40 billion by 2026. The increase can be attributed in part to global lockdowns during the pandemic when individuals were forced to stay at home and turn to game platforms to relax and unwind.
Players from all over the globe can own things, actively exchange services and goods with one another, and participate in community systems that reward innovation, participation, and talent in blockchain-enabled games.
Players can also be rewarded in some blockchain games with cryptocurrencies of some popular blockchains after playing. This makes gaming both fun and thrilling as people are now excited by the opportunity of earning an income from their leisure skills.
According to Forte co-founder and Chief Executive Officer Josh Williams, “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.”
Austin Federal, head of communications at Solana Labs, one of the main builders in the Solana blockchain, noted that blockchain gaming is at an early stage, adding that development is still ongoing in the space. He said, “Blockchain gaming is really at the early stage right now. A lot of tooling and infrastructure are still being spun up.