Solana Ventures Launches $100 Million Fund Focused on Web3 Projects in South Korea

Solana Ventures has revealed the launch of a $100 million fund devoted to Web3 startups in South Korea. According to Solana Labs’ normal supervisor Johnny Lee, the capital shall be devoted to non-fungible tokens (NFTs), decentralized finance (defi), and sport finance (gamefi) growth.

Solana Ventures Reveals $100 Million Web3 Fund Dedicated to Finding Talent and Innovative Startups in South Korea

Proponents behind the good contract protocol Solana plan to broaden into South Korea by providing a Web3 fund price $100 million to startups and builders creating Web3 initiatives.

Solana Labs’ normal supervisor Johnny Lee told Techcrunch reporter Jacquelyn Melinek that the fund will deal with Web3 functions that revolve round NFTs, defi, blockchain gaming ideas, and gamefi.

Austin Federa, the top of communications at Solana Labs, defined to Melinek that the fund stems from the Solana neighborhood treasury and Solana Ventures’ pool of capital.

Solana Ventures, the funding arm of Solana Labs, defined that gaming and non-fungible tokens are widespread in South Korea. Lee detailed {that a} lion’s share of NFT and gaming actions on the Solana community derive from the East Asian nation.

“A giant portion of Korea’s gaming business is shifting into web3,” Lee detailed on Wednesday. “We need to be versatile; there’s a variety of undertaking sizes, group sizes, so a few of [our investments] shall be venture-sized checks,” the Solana Labs normal supervisor remarked.

Solana’s native token solana (SOL) is within the prime ten crypto market positions in ninth place by way of capitalization. SOL’s $13.22 billion market capitalization represents 1.03% of the crypto financial system’s $1.290 trillion market valuation.

SOL, nevertheless, is down 39.2% over the past month and 19.6% of the autumn was in the course of the previous two weeks. In phrases of complete worth locked (TVL) in defi, Solana is ranked fifth with $3.76 billion. Solana’s TVL in defi has misplaced 33.96% prior to now month, in accordance with defillama.com statistics.

Additionally, Solana suffered one other network outage because the community halted block manufacturing on June 1. In December 2021, Solana Ventures, in a partnership with Griffin Gaming and Forte, launched a $150 million fund for Web3 merchandise.

Amid the announcement regarding Solana Ventures’ newest fund targeted on South Korea and Web3 growth, Lee stated he expects Solana to showcase “high-quality and enjoyable video games” over the past two quarters of 2022.

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