Game7 Launches A $100M Fund To Promote Web3 Gaming

Snorlax

Nov 30, 2022•2 min read

Game7 Launches A $100M Fund To Promote Web3 Gaming

A $100 million funding program has been started by Game7 to support Web3 game creators.

The BitDAO and Forte ecosystems support the decentralized autonomous organization, or DAO, that is the entity. The crypto winter, the economic slowdown, and gamer hatred against Web3 are taking their toll, and blockchain gaming businesses need this type of stuff right now.

To increase the diversity and accessibility of the Web3 video game business, the initiative will give creators the ability to design tools, organize educational programs, host events, and carry out research.

The funds totaling $100 million will be distributed at a pace of $20 million per year over the following five years. Web3 gaming initiatives will get funding in the following five categories: technology, events, diversity, education, and research. Developers interested in applying can do so right now through the Game7 Grants Portal.

According to Game7, Web3 games are still in their infancy and lack the sophistication and depth necessary to appeal to general audiences.

A study of 100 Web3 game creators conducted by Game7 revealed problems with chain selection, wallet custody, sustainability, and other concerns that need to be resolved. Projects that are developing promising answers to these problems will get funding as part of this initiative.

In a statement, Game7 key developer Ronen Kirsh states that "improving smart contract standards, tools, interoperable wallets, and scaling solutions will be critical on the route to worldwide adoption of Web3 games." "To enable the gaming industry to concentrate on creating sustainable game economies, we have dedicated 20% of our pledged treasury to finance each of these essential components."

Future-proofing games with blockchain technology is possible, and the Technology Grants fund open-source initiatives that will spur innovation throughout the whole blockchain gaming tech stack.

The number of blockchain games that are now in play has doubled in the last year, and the Game7 Grants Program seeks to unite the world's gamers and guide the change from the existing status quo to a new, flourishing meta-world.

With support from the Polygon, Solana, Immutable, and Arbitrum ecosystems, this program is cross-chain and inclusive in nature, and it has plans to grow even more over the coming months.

In a statement, BitDAO representative Jon Allen said, "We believe this new model of games within a world where users and developers are aligned, has the potential to grant greater distribution of equity and ownership."

The goal of Game7, a Web3 Gaming DAO, is to hasten the adoption of blockchain-enabled game economies. BitDAO and Forte have each committed $500 million to the Game7 treasury. The Game7 community will contribute to the definition of gaming standards, the allocation of capital, and the funding of open-source software.

ABOUT GAMEFI.ORG

GameFi.org is a one-stop destination for web3 gaming. We aim to build digital communities and manage virtual economies for mainstream adoption. GameFi.org offers a suite of solutions covering the entire games and gamified projects' lifecycle, following a vision of one digital platform, and one virtual identity requiring zero blockchain knowledge. Visit https://gamefi.org/ for more information.