Solana Ventures has revealed the launch of a $100 million fund dedicated to Korean web3 startups.Solana Labs general manager Johnny Lee said the capital will be dedicated to the development of non-fossil tokens (NFT), decentralized finance (defi), and game finance (gamefi).
Solana Ventures unveils $100 million Web3 fund dedicated to finding Korean talent and innovative startups
Proponents behind the Smart Contract ProtocolSolanaplans to expand into South Korea by offering $100 million worth of Web3 funds to startups and developers who create Web3 projects.
Solana Labs General Manager Johnny Lee toldandTechcrunch reporter Jacquelyn Melinek said the fund will focus on NFT, defi, blockchain game concepts, and web3 applications around gamefi.
Austin Federa, head of communications at Solana Labs, explained to Melinek that the fund comes from the Solana community treasury and the Solana Ventures capital pool.
Solana Ventures, the investment arm of Solana Labsexplained that gaming and non-fiat tokens are popular in Korea Lee explained that NFT and gaming on the Solana network detailed that the majority of activity is derived from East Asian countries.
“A large portion of the Korean gaming industry is moving to Web3,” Lee elaborated Wednesday.
“We have venture-sized investments,” said Solana Labs’ general manager, “because the size of the projects and the size of the teams vary.
Solana’s native tokensSolana (SOL)is in the top 10 crypto market position at #9 in terms of capitalization; SOL’s $13.22 billion market cap represents 1.03% of the $1.29 trillion market valuation of the crypto economy.
SOL’sHowever, it has fallen 39.2% in the past month, with 19.6% of the decline taking place during the past two weeks. in terms of total value locked (TVL) on Defi, Solana ranks 5th with $3.76 billion. according to defillama.com statistics, Solana’s defi’s TVL has decreased by 33.96% in the past month
Additionally, Solana suffered another network outage on June 1, when the network stopped block production. in December 2021, Solana Ventures, in partnership with Griffin Gaming and Forte, announced a Web3 product launched a $150 million fund for the company.
In an announcement about Solana Ventures’ latest fund, which focuses on Korea and Web3 development, Lee said he expects Solana to showcase “high-quality, fun games” during the last two quarters of 2022.
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