Solana raises $100 million for South Korea’s Web3 projects
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.
Read related posts:
- NVIDIA demos 3D Scenes in Omniverse XR with real-time ray tracing
- Tezos Foundation establishes a fund to collect NFTs
- How to buy Solana NFTs: A beginners guide to buying NFTs with SOL
Disclaimer
In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.
About The Author
Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on [email protected].
More articlesAgne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on [email protected].
