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

Solana Ventures has revealed the motorboat of a $100 cardinal money dedicated to Web3 startups successful South Korea. According to Solana Labs’ wide manager Johnny Lee, the superior volition beryllium dedicated to non-fungible tokens (NFTs), decentralized concern (defi), and crippled concern (gamefi) development.

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

Proponents down the astute declaration protocol Solana program to grow into South Korea by offering a Web3 money worthy $100 cardinal to startups and developers creating Web3 projects.

Solana Labs’ wide manager Johnny Lee told Techcrunch newsman Jacquelyn Melinek that the money volition absorption connected Web3 applications that revolve astir NFTs, defi, blockchain gaming concepts, and gamefi.

Austin Federa, the caput of communications astatine Solana Labs, explained to Melinek that the money stems from the Solana assemblage treasury and Solana Ventures’ excavation of capital.

Solana Ventures, the concern limb of Solana Labs, explained that gaming and non-fungible tokens are fashionable successful South Korea. Lee elaborate that a lion’s stock of NFT and gaming activities connected the Solana web deduce from the East Asian country.

“A large information of Korea’s gaming manufacture is moving into web3,” Lee elaborate connected Wednesday. “We privation to beryllium flexible; there’s a wide scope of task sizes, squad sizes, truthful immoderate of [our investments] volition beryllium venture-sized checks,” the Solana Labs wide manager remarked.

Solana’s autochthonal token solana (SOL) is successful the apical 10 crypto marketplace positions successful ninth spot successful presumption of capitalization. SOL’s $13.22 cardinal marketplace capitalization represents 1.03% of the crypto economy’s $1.290 trillion marketplace valuation.

SOL, however, is down 39.2% implicit the past period and 19.6% of the autumn was during the past 2 weeks. In presumption of full worth locked (TVL) successful defi, Solana is ranked 5th with $3.76 billion. Solana’s TVL successful defi has mislaid 33.96% successful the past month, according to defillama.com statistics.

Additionally, Solana suffered different network outage arsenic the web halted artifact accumulation connected June 1. In December 2021, Solana Ventures, successful a concern with Griffin Gaming and Forte, launched a $150 cardinal money for Web3 products.

Amid the announcement concerning Solana Ventures’ latest money focused connected South Korea and Web3 development, Lee said helium expects Solana to showcase “high-quality and amusive games” during the past 2 quarters of 2022.

What bash you deliberation astir the latest Web3 money revealed by Solana Ventures? Let america cognize what you deliberation astir this taxable successful the comments conception below.