Solana Ventures Looks to Boost Web 3 Gaming With Launch of $150M Fund

Investors have bet big on the future of play-to-earn gaming, and they aren’t done yet.

Solana Ventures, Forte and Griffin Gaming Partners have pledged to invest $150 million in Web 3 game builders, the companies announced Tuesday.

The initiative is the second major investment Solana Ventures has made into the blockchain’s gaming ecosystem, the first being a $100 million fund co-led by FTX and Lightspeed in November.

Griffin says it has now invested over $400 million into gaming and Web 3 companies in the past two years, according to a press release.

Web 3 gaming has been a main attraction for blockchain investors in recent months, with Solana being of particular interest for its low costs and high transaction speeds.

Other sizable Web 3 gaming investments made recently include a $100 million fund led by Gala Games and C2 Ventures announced Monday, and a $200 million fund from Hashed earlier in December.

“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.”

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 an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Eli Tan

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

Follow @elitanjourno on Twitter

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.

10 Years of Decentralizing the Future