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The ecosystem of blockchain and gaming is still developing. Solana Ventures, the investment wing of Solana Labs, has announced a $150 million fund for blockchain gaming startups that utilize Solana'sSolana's technology. Forte and Griffin Gaming Partners further join Solana to fund this Web 3 project. The fund focuses on gaming-related developments in the Solana network. The project aims to create a decentralized blockchain game on the Solana platform. Such games often use digital ledger technology and non-fungible tokens (NFTs) to maintain transparency and security. The gaming industry has seen through NFT games like Axie Infinity, which takes the initiative to new ways of monetising digital assets.
Solana ventures are the investment arm of Solana Labs, and this is their second blockchain gaming fund. The fund will be backed by US dollars and not Solana tokens(SOL). Forte is here to provide regulatory compliance and infrastructure for the game companies, and Griffin Gaming Partners will be the largest fund provider for the game.
In blockchain-based games, players can own goods, trade goods and services, and reward creativity, skills, and collaborations. These new features in the gaming industry provide players from all over the world with new economic opportunities.
Solana is a leading example that has paved the way with scalability and perfect UX fit to provide all the demanding experiences from the gaming industry.
Forte's platform allows the game publishers to integrate newly emerging blockchain technologies into their games with features like NFT minting and selling, embeddable token wallets, payment rails, and many more services built particularly for token economies and digital assets. Blockchain enables publishers to engage with players in innovative ways. Unlike earlier games where developers created content for one time purchases, now, with the advent of blockchain technologies and NFTs, game developers can offer real-time property rights to their audience and create self-sustaining economies within their game.
According to Forte's CEO Josh Williams, "Solana is bringing forward the future of blockchain with its low cost and ultra-fast solutions to ensure scalability. Even at the speed of ten thousand transactions per second, building games on Forte with Solana is going to be feasible for both players and developers".
Griffin has invested around $400 million in gaming and Web 3 gaming-related companies in the past two years. Griffin has a commendable reputation for working with publishers to build the most forward-looking titles in the games industry. Griffin has supported a number of the world's premier media, gaming and technology companies around the globe. Griffin will be helping Forte and Solana to move forward with quality game-play, the right technology, and long term value.
Currently, Solana is one of the best performing blockchains; it supports around 65,000 transactions per second, an average transaction costing approximately $0.00025. The Solana network is highly efficient with lesser use of energy in transactions. Earlier, Solana has collaborated with FTX and Lightspeed and launched a $100 million fund, making it the second blockchain-based investment.