The capital will be dedicated to NFTs, decentralized finance (defi), and game finance (gamefi) development.
Solana Labs’ general manager Johnny LeeTechcrunch reporter Jacquelyn Melinek that the fund will focus on Web3 applications that revolve around NFTs, defi, blockchain gaming concepts, and gamefi.
Austin Federa, the head of communications at Solana Labs, explained to Melinek that the fund stems from the Solana community treasury and Solana Ventures’ pool of capital.Solana Ventures , the investment arm of Solana Labs, explained that gaming and non-fungible tokens are popular in South Korea. Lee detailed that a lion’s share of NFT and gaming activities on the Solana network derive from the East Asian country.
“A big portion of Korea’s gaming industry is moving into web3,” Lee detailed on Wednesday. “We want to be flexible; there’s a wide range of project sizes, team sizes, so some of [our investments] will be venture-sized checks,” the Solana Labs general manager remarked.
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