Solana raises $100 million for South Korea’s Web3 projects

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The Solana Foundation and Solana Ventures will inject $100 million into the South Korean GameFi and DeFi scenes. The blockchain platform particularly aims to help startups and developers recover from the recent Luna-Terra collapse. 

The funding will place Solana in competition with Polygon, Avalanche, and other platforms that will seek to capture not only new investors but also orphaned developers that were previously working with Luna. 

“It’s not only due to the drastic crash, but also people’s perception that the chain has ‘key person’ risk, as well as doubts that if their development apps would have any meaningful user base since the fundamental community has almost evaporated,” said Jaemin Park, growth manager at DeSpread.

Even though Solana’s seed funding is destined for “all things Web3-related,” the emphasis will be on developing the country’s blockchain gaming industry. 

However, game developers will have to get creative with blockchain games since P2E games are banned in South Korea. Last December, Korean authorities demanded Apple and Google remove play-to-earn games from their Korean app stores. 

Last week, the South Korean government made it clear that the country has big aspirations to become a global leader in NFT and Metaverse development by investing $187 million in the industry. 

PUBG is the country’s most popular video game, and the game’s developer, KRAFTON Inc., raised $3.8 billion last August in Korea’s second-largest initial public offering. In March, the video game developer partnered with Solana Labs and announced plans to release several P2E games this year. 

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Agne Cimermanaite

Agne is a journalist and writer with a background in literature, culture, and arts. She entered the Web3 space in 2021 and began writing about cryptocurrency and NFTs. Agne is passionate about technology and storytelling and is always on the lookout for exciting stories.

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