Solana Ventures Launches $100 Million Fund Focused on Web3 Projects in South Korea – The proponents of the Solana smart contract protocol intend to expand into South Korea by offering a $100 million Web3 fund to startups and developers working on Web3 projects.
According to Techcrunch reporter Jacquelyn Melinek, Solana Labs’ general manager Johnny Lee said, the fund will focus on Web3 apps that revolve around NFTs, defi, blockchain gaming concepts, and gamefi.
The fund is derived from the Solana community treasury and Solana Ventures’ pool of capital, according to Austin Federa, Solana Labs’ head of communications.
Also Read: Checkout.com Reveals Merchants Can Accept and Make Payments in USDC
Gaming and non-fungible tokens are popular in South Korea, according to Solana Ventures, the investment arm of Solana Labs. According to Lee, the East Asian country accounts for the majority of NFT and gaming activities on the Solana network.
On Wednesday, Lee stated that “a large portion of Korea’s game sector is moving into web3.” “We want to be flexible,” the Solana Labs general manager explained. “There’s a wide range of project sizes, team sizes, so some of our investments would be venture-sized checks.”
Solana’s native token, solana (SOL), is ranked ninth in terms of market capitalization in the top ten crypto markets. The $13.22 billion market capitalization of SOL is 1.03 percent of the $1.290 trillion market valuation of the crypto economy.
SOL, on the other hand, has dropped 39.2 percent in the last month, with 19.6 percent of the drop occurring in the last two weeks. Solana is rated fifth in terms of total value locked (TVL) in defi, with $3.76 billion. According to defillama.com figures, Solana’s TVL in defi has dropped 33.96 percent in the last month.
Also Read: Circle Announces the Stablecoin USDC Is Now Supported by the Polygon Network
On June 1, Solana experienced yet another network disruption when the network’s block production was halted. Solana Ventures, in collaboration with Griffin Gaming and Forte, created a $150 million fund for Web3 goods in December 2021.
Lee said he expects Solana to display “high-quality and enjoyable games” during the last two quarters of 2022, following the announcement of Solana Ventures’ latest fund centered on South Korea and Web3 development.