$100 million in funding for the development of Web3 was launched by Game7! Game7, a DAO (Decentralized Autonomous Organization) focused on blockchain games, has announced the launch of a $100 million donation program. The purpose of this grant program is to support the Web3 game community during the market downturn and to promote the adoption of blockchain games across multiple chains.
Game7 will fund Blockchain games with 100 million dollars
Game7, a project dedicated to Web3 games that supports projects in various channels including Arbitrum, Polygon, Immutable X and Solana, announced the launch of a $100 million grant program to support the Web3 game industry.
The independent service of the channel announced that the purpose of the move is to provide support for these initiatives to promote the Web3 game ecosystem even in bad times for the crypto industry. The organization, which is a DAO sponsored by Bitdao and Forte, aims to distribute these funds over the next five years to the best projects that demonstrate their strategy. The award will be divided between five different areas including technology, events, diversity, education and research.
In the direction of these funds, Game7 contributor Ronen Kirsh said: “Improving smart contract standards, tooling, interoperable wallets, and scaling solutions will be crucial on the path to global adoption of Web3 games. We have allocated 20% of our committed treasury to fund each of these crucial components so the gaming industry can focus on building sustainable game economies.”
Instructions and similar Web3 programs
The first department to receive grants will be the technical area, which will focus on supporting organizations that support the development of certain areas, including game development tools, smart contracts and regulations, the main elements and country tools. Game7’s grant support goes beyond simple financial aid, as it includes access to technical support, advice, and early access to Game7 initiatives. Game7 believes that Web3 games are a force that can help players and game companies, allowing them to profit and grow together.
This is according to John Allen, a representative of Bitdao: “We believe this new model of games within a world where users and developers are aligned, has the potential to grant greater distribution of equity and ownership.”
The Web3 game is one of the few areas in the cryptocurrency world that continues to grow even amid the economic crisis facing the industry, according to a September report from Dapradar. Companies and venture capital such as Griffin Gaming Partners, Forte and A16z have launched plans to provide millions of dollars to companies involved in these types of projects in 2022.