- Blockchain is merging with the traditional gaming world to bring new users experiences
- Solana Ventures has formed a coalition with Lightspeed Ventures and FTX to potentially open the door to a highly lucrative industry
- The coalition has introduced a $100 million GameFi ecosystem fund
Blockchain technology has made a place in almost every sector globally. Such industries like agriculture, food chain, health supply and many more are using the potential technology. In recent days it is also observed that the blockchain gaming industry is also continuing to soar in the cryptosphere. Following the scenario, Solana Ventures collaborated with Lightspeed Ventures and FTX to launch a new blockchain gaming investment fund. Notably, these some of the biggest ventures in the industry are creating a new reality for gamers.
Blockchain merging with the traditional gaming sector
Solana Ventures has formed a coalition with Lightspeed Ventures and FTX to potentially open the door to a highly lucrative industry. Such an industry that sees cryptocurrency and the potential blockchain technology getting blended with the traditional gaming world. Ultimately, these ventures are together working on to create a new reality for gamers.
The merge of blockchain and crypto with the gaming industry is creating new user experiences, with forms of monetization. Ultimately, the GameFi ecosystem is financializing the gaming industry through decentralized finance (DeFi) and NFTs. Notably, the ecosystem gains attraction as a concept that is within the so-called virtual reality metaverse.
$100 million GameFi ecosystem Fund
The coalition among the firms was announced on Friday, which also underscored that they have launched a $100 million GameFi ecosystem fund. Moreover, the announcement also pointed out that the funds will be used to invest in gaming studios, tech-based companies, and several other related projects, that are at the intersection of the potential technology and the world of gaming.
According to Amy Wu, an executive from Lightspeed Ventures, gaming could be described as a massive opportunity to bring the next billion users to the Web3.0 ecosystem. Indeed, Wu believes that it is a wider concept that refers to a more decentralized hub.
Is investing in the gaming market worthy?
According to estimations, the global gaming industry is said to generate well more than a hundred billion dollars as annual revenue. Moreover, according to some stats and experts it is expected that the industry’s annual figure will surpass $200 billion over the upcoming couple of years.
Following such a scenario, Lightspeed has already invested more than $300 million into late-stage gaming and crypto firms. Such firms also include Epic Games, Wintermute, FTX, and Offchain Labs.