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Solana Ventures, Lightspeed Venture Partners, and FTX have announced a $100 million investment initiative centered around Web 3 gaming.
The investments in the initiative will be allotted for blockchain-based games and tech. The first studio to benefit from this is Faraway, a new Web 3 (a reference to the decentralized web powered by the secure and transparent digital ledger of blockchain) gaming studio that raised $21 million on Thursday. Faraway is preparing to launch its first game, Mini Royale: Nations as the first live multiplayer title on the Solana blockchain.
Anatoly Yakovenko, CEO of Solana Labs, said in a statement: “In the last few months we’ve seen talented game builders leave their jobs at Riot, EA, Scopely, and other established gaming firms to build Web 3 games on Solana. We are excited to collaborate with Lightspeed and FTX to support and accelerate this new wave of builders.”
Amy Wu, a partner at Lightspeed Venture Partners, added that gaming is likely to bring the next wave of users to Web 3: “High-performance blockchains like Solana are now capable of delivering the kind of web2 experiences gamers expect while providing the advantages of decentralized Web 3 systems. We are excited to partner with FTX and Solana Ventures to play a leading role in growing this ecosystem.”
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By using platforms like Solana, game companies can speed up their transactions and use less energy associated with the blockchain transactions on platforms such as Ethereum.