Solana Ventures, Forte, and Griffin Gaming Partners have officially announced a $150 million investment in blockchain gaming. The goal is to invest in Web 3 game developers that are developing decentralized games on the Solana blockchain. Such games frequently employ nonfungible tokens (NFTs), which harness the transparency and security of blockchain’s digital record to authenticate unique digital goods.
Matthew Beck, a partner at Solana Ventures, which finances projects for the Solana blockchain said: “The ecosystem is still defining what the intersection of blockchain and gaming looks like.”
According to ResearchAndMarkets.com, the worldwide gaming industry was valued at US$173.7 billion in 2020 and is predicted to reach US$314.40 billion by 2026. The increase can be attributed in part to worldwide lockdowns during the epidemic, when people were forced to stay at home and turned to gaming platforms to pass the time.
In a press release, Pierre Planche, partner at Griffin Gaming Partners, stated that gaming and interactive media would not be a cornerstone of blockchain today if the community had not made several technical advancements over the last decade. Solana is a prime example, having paved the way in terms of scalability and user experience suitability to match these demanding experiences.
NFTs have gained massive popularity in the last year, and crypto-focused gaming companies have enjoyed huge success with NFT games like Axie Infinity. Now, established game developers are taking notice and entering the NFT games market in search of new ways to monetize digital items.