Solana Ventures and the Solana Foundation have set up a new $100 million fund in order to help the growth of Web3 projects in South Korea. In other words, the focus of this fund is on decentralized finance (DeFi), non-fungible tokens (NFTs), and especially blockchain gaming projects.
Solana aims to become the ultimate blockchain for gaming purposes. The announcement of this new fund comes after the launch of a similar $100 million last November. They created that fund in cooperation with Lightspeed Ventures and the exchange FTX.
The government of South Korea itself has pledged to invest $187 million. The aim of the pledge is to help the creation of South Korea’s metaverse ecosystem.
Apart from Solana, other companies are also looking to establish their presence in the South Korean Web3 waters. Upbit, the country’s largest exchange, operates its own NFT marketplace. And the DeFi platform KlaySwap has $274 million in TLV (total locked value).
When it comes to blockchain gaming, all companies in South Korea are faced with the problem of the country prohibiting monetary rewards in gaming. In fact, in last December, South Korean officials demanded that Google and Apple remove all P2E (pay-to-earn) games from their South Korean stores.