Saturday, May 25, 2024

$100M gaming fund launch by FTX, Solana Ventures and Lightspeed Venture Partners

The mix between blockchain technology, cryptocurrency and gaming is creating a new world for gamers. FTX, Solana venture and Lightspeed Venture Partners have launched a brand-new funding for Web3 gaming, known as GameFi.

The companies announced the launch of the $100 million Web3 GameFi ecosystem fund today. This fund will be used for investing in gaming studios, technology companies and other projects “at the intersection of blockchain and gaming,” the companies said.

Amy Wu, the executive of Lightspeed Venture Partners, said that gaming is a huge opportunity to “bring the next billion users to Web3’’. This fund is not the only investment from Lightspeed Venture Partners, they already invested $300 million into late-stage gaming and cryptocurrency companies.

According to gaming data provider Newzoo, the gaming industry will generate more than $100 billion in annual revenue. It is expected that this number will rise to $200 billion in the next two years.

The blockchain technology and cryptocurrency are more and more merged with games and forming a new experience for gamers. This intersection created GameFi.

Also, within the ‘’metaverse-space’’, GameFi is getting more attention. When Amy Wu was asked about the long-term value proposition of the metaverse concept, she answered that “the metaverse is a capability virtual global wherein humans construct identity, reputation, make friends, play, and transact in.”

She further explained: ”If it becomes even a fraction as meaningful as our offline lives, it’s incredibly valuable. Hence why Web2 companies like Meta (Facebook) and native Web3 companies alike are 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 a social game.”

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