Solana Ventures has announced the launch of a $100 million fund dedicated to Web3 startups in South Korea. According to Jonny Lee, general manager of Solana Labs, the capital will be dedicated to non-fungible tokens (NFTs), decentralized finance (DFI) and game finance (GameFi) development.
Solana Ventures Unveils $100 Million Web3 Fund Dedicated to Finding Talent and Innovative Startups in South Korea
Solana, a supporter of the smart contract protocol, plans to expand into South Korea by offering $100 million worth of Web3 funds to startups and developers building the Web3 project.
Solana Labs general manager Jonny Lee told TechCrunch reporter Jacqueline Melinek that the fund will focus on Web3 applications that revolve around NFT, DeFi, blockchain gaming concepts, and GameFi.
Austin Federa, head of communications at Solana Labs, explained to Melinek that the fund stems from a pool of capital from Solana Community Treasury and Solana Ventures.
Solana Ventures, the investment arm of Solana Labs, noted that gaming and non-fungible tokens are popular in South Korea. Lee elaborated that a large portion of the NFT and gaming activities on the Solana network originate from the East Asian country.
“A large part of Korea’s gaming industry is moving to Web 3,” Lee elaborated on Wednesday. “We want to be flexible; there’s a wide range of project sizes, team sizes, so some [our investments] There will be enterprise-sized checks,” commented Solana Labs General Manager.
Solana’s native token Solana (SOL) is ranked ninth among the top ten crypto market positions in terms of capitalization. SOL’s market capitalization of $13.22 billion represents 1.03% of the crypto economy’s market valuation of $1.290 trillion.
However, the SOL is down 39.2% over the previous month and the 19.6% drop was during the last two weeks. In terms of Total Value Locked (TVL) in Defy, Solana is at the fifth position with $3.76 billion. According to data from defilama.com, Solana’s TVL has declined by 33.96% in the last one month.
Additionally, Solana suffered another network outage as the network halted block production on 1 June. In December 2021, Solana Ventures, in partnership with Griffin Gaming and Forte, launched a $150 million fund for Web3 products.
Amid the announcement related to Solana Ventures’ latest fundraising focus on South Korea and Web3 development, Lee said he expects Solana to showcase “high-quality and fun games” during the last two quarters of 2022.
What do you think about the latest Web3 fund reveal by Solana Ventures? Let us know what you think about this topic in the comment section below.
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