FTX, Lightspeed, Solana Ventures to Invest $100M in Web 3 Gaming

The initiative is one of the largest capital investments ever in the growing Web 3 gaming space.

AccessTimeIconNov 5, 2021 at 1:00 p.m. UTC
Updated Nov 5, 2021 at 7:21 p.m. UTC

Eli is a news reporter for CoinDesk. He holds ETH, SOL and AVAX.

FTX, Lightspeed Venture Partners and Solana Ventures are investing $100 million in Web 3 gaming development, the companies announced Friday.

The funding will support gaming studios and technology that integrate the Solana blockchain into video games on desktop and mobile platforms.

The initiative has already resulted in its first investment with FTX and Lightspeed leading a $21 million funding round for gaming studio Faraway.

Lightspeed said it’s already invested $300 million in “early stage gaming and crypto companies” that include Epic Games, 1047 Games, Tripledot Studios, Offchain Labs, Alchemy and Wintermute..

Web 3 gaming has skyrocketed in popularity with play-to-earn titles such as Axie Infinity and metaverse games like Decentraland and Sandbox.

While part of the investment will target the development of new titles, it will also be used to integrate Solana’s blockchain into existing games, creating in-game economies centered around NFTs and Solana wallet payments.

“Gaming has a massive opportunity to bring the next billion users to Web 3,” Amy Wu, partner at Lightspeed, said in a press release. “High-performance blockchains like Solana are now capable of delivering the kind of Web 2 experiences gamers expect while providing the advantages of decentralized Web 3 systems.”

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Eli is a news reporter for CoinDesk. He holds ETH, SOL and AVAX.

CoinDesk - Unknown

Eli is a news reporter for CoinDesk. He holds ETH, SOL and AVAX.