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

The initiative tops an earlier $100 million fund raised with FTX and Lightspeed in November.

AccessTimeIconDec 14, 2021 at 5:41 p.m. UTC
Updated Dec 14, 2021 at 5:51 p.m. UTC

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

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 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.

Trending

1
CoinDesk - Unknown
Grayscale Sues SEC Over Bitcoin ETF Application Rejection

The SEC rejected Grayscale's application to convert its Grayscale Bitcoin Trust to an exchange-traded fund earlier Wednesday.

CoinDesk - Unknown
2
CoinDesk - Unknown
SEC Rejects Grayscale’s Spot Bitcoin ETF Application

Grayscale has said it was prepared for “all possible post-ruling scenarios."

CoinDesk - Unknown
3
CoinDesk - Unknown
Coinbase is Reportedly Selling Geo-Location Data to ICE

Watchdog group Tech Inquiry reported the new details about Coinbase’s three-year contract with the U.S. Department of Homeland Security.

CoinDesk - Unknown
4
CoinDesk - Unknown
Genesis Faces ‘Hundreds of Millions’ in Losses as 3AC Exposure Swamps Crypto Lenders: Sources

The DCG-owned trading colossus is said to have suffered nine-figure losses partly through exposure to Three Arrows Capital and Babel Finance.

CoinDesk - Unknown