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- Solana has taken a step toward the new iteration of the Web, as it launches an investment and grant fund for fresh Web3 market entrants in South Korea.
- Seemingly, South Korea is one such country that is quite optimistic about gaming and NFTs having strong potential for Web3.
- Solana (SOL) is currently trading at $39.41 and is up by around 0.37% in the last twenty-four hours.
A Step Towards Web3 And Its Growth
The overall crypto market has been witnessing a lot of bearish trends lately, which might have saddened a few in the crypto community a bit. But, some users and investors are still optimistic.
One of the prominent blockchain projects in the crypto sphere, Solana (SOL) has become the recent player to bring in money in the space as it takes a move toward the next iteration of the internet, Web3.
Solana Foundation and Solana Ventures have recently set up a $100 Million investment and fund in order to facilitate South Korean Web3 startup with capital. Now that we talk about Web3 here, the fund would aim at gaming studios, DeFi, NFTs, and GameFi in South Korea.
According to Austin Federa, the head of communications at Solana Labs, the fund is backed by capital from the Solana community treasury in addition to the venture arm’s pool of capital.
South Korea has been quite active when it comes to gaming and NFTs, and this move by Solana might drive further the growth of Web3 in the country.
Similar to crypto, blockchain, and other related concepts. Gaming has witnessed a lot of criticism in recent times as some have raised concerns that gaming today is more about making money rather than enjoying the game. But now the gaming studios are focusing to enhance the player’s gameplay experience and make it beyond native crypto games.
Web3, Serenity Web3 is said to be the evolution of the internet we are using today, Web2. A feature that makes Web3 drastically distinct from the previous faces of Web is that all the data here is owned by the folks and no other entity has possession of it.
At the time of writing, Solana (SOL) is trading at $39.41 with a market cap of $13,415,451,891 and is up by around 0.37% in the last twenty-four hours.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
