Solana Ventures, the Solana blockchain’s investment arm, FTX, and Lightspeed, a venture capital company, have announced the commencement of a combined web3 gaming endeavor. The fund will have $100 million to invest in gaming companies that will use blockchain-based solutions in the Solana network.
The firm has indeed made its initial investment in Faraway, a gaming startup situated in Solana Beach. Solana Ventures, the investment division of the Solana blockchain, FTX, and Lightspeed have announced a new blockchain gaming fund with the goal of funding the most creative blockchain gaming concepts developed on the Solana network.
The collaborative endeavor will spend $100 million in such projects to stimulate growth in the Solana environment. Amy Wu, a Lightspeed partner, expressed enthusiasm for this collaborative endeavor and the goals they want to accomplish with the investment. “We are seeking to fund exceptional companies, both crypto-native and gaming-native,” she said. “We feel that gaming is one of the finest ways to get the next billion consumers onto web3, as well as one of the best use cases for NFTs.”
Wu also praised the vibrant growth that has occurred on top of Solana, which already has over 1,000 active development groups barely two years after its inception. The fund made its foremost investment right away. Faraway, a gaming firm located in Solana, received $21 million in its most recent fundraising phase, which was headed by the fund.
This follows the $9 million investment Faraway completed earlier in 2021, which was also headed by Lightspeed. A16z, Sequoia Capital, Pantera Capital, Jump Capital, and Solana also participated in the most recent fundraising round. Faraway is one of the foremost firms to create blockchain technology based games with a multiplayer feature built on top of Solana.
As a result, Faraway presents an intriguing chance to measure the reaction to similar games in the future. Mini Royale: Nations, Faraway’s first game, is a first-person combat with a decentralized economy. The game’s playing platform is the browser, with the goal of democratizing access for individuals with limited computing capacity.
Faraway CEO Alex Paley expressed his thoughts on the future of blockchain gaming and Faraway’s attention on the issue, noting that “Blockchain technology will unleash the possibilities for genuinely player-driven, open economies and will herald in the next generation of gaming and virtual worlds. Our objective is to develop very exciting and sociable games with open economies, providing players with actual ownership of their in-game investments and a real voice in how the game grows as time progresses.”
