Solana Ventures and the Solana Foundation have launched a $100 million fund to invest in South Korean startups focusing on DeFi, NFT and South Korea. game fi.

Solana launches $100M investment and grant fund for South Korean web3 startups https://t.co/dppDfc1JsA @jacqmelinek

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“South Korea is at the forefront of Web 3.0 game design and development, and we’re focused on helping more developers bring their ideas to life,” said Johnny Lee, general manager of games at the Solana Foundation.

According to him, in the long run, Web3 game projects will be massively adopted on par with free mobile games. The new fund for Solana Ventures is the first structure with a clear geographic focus.

In addition to funding, South Korean developers will receive design assistance and advice. Lee did not exclude that more “high-quality and exciting games” will appear on the basis of Solana in the second half of 2022.

In May 2021, the Solana Foundation raised $60 million for three funds focused on expanding the ecosystem in emerging economies.

In November, Solana Ventures, Lightspeed Venture Partners and FTX set up a $100 million structure to invest in blockchain gaming startups.

That same month, venture capital firm Seven Seven Six announced a $100 million commitment, together with Solana Ventures, to create a fund to support Web3-based projects and networked social networks.

Recall that according to a report by DappRadar and the Blockchain Game Alliance, the volume of investments in blockchain games in January-March 2022 amounted to $ 2.5 billion compared to $ 4 billion for the whole of 2021.