Solana, Lightspeed, FTX Announce Fund

Solana, Lightspeed, FTX Announce Fund

Play To Earn Games | 05 May 2023 12:03 UTC

Blockchain Gaming Fund focused on investing in blockchain gaming studios, tech and projects.

Solana Ventures, Lightspeed Venture Partners and cryptocurrency exchange FTX today announced a new $100 million investment initiative focused on investing in blockchain gaming studios, tech and projects.

Blockchain Gaming Fund
Blockchain Gaming Fund

The intersection of gaming and blockchain technology has permitted developers to allow gamers to own their own virtual items using nonfungible tokens, which are a type of cryptographic digital asset that links ownership to a record on a blockchain.

That’s creating a growing ecosystem for hyper-social games with player-driven economies where players can earn, buy, sell and trade their own in-game items.

“Gaming has a massive opportunity to bring the next billion users to web3,” said Amy Wu, partner at Lightspeed Venture Partners. “High-performance blockchains like Solana are now capable of delivering the kind of web2 experiences gamers expect while providing the advantages of decentralized web3 systems.”

Blockchain Gaming Fund
Blockchain Gaming Fund

Lightspeed has invested more than $300 million in a large number of gaming and crypto companies, including Epic Games, 1047 Games, TripleDot Studios, Faraway Games, FTX, Offchain Labs, Alchemy, and Wintermute.

Blockchain Gaming Fund

The first investment from this initiative is Faraway Games, which announced a $21 million Series A round on Thursday. Faraway’s browser-based flagship title “Mini Royale: Nations,” a competitive shooter meets strategy game, is already live and is set to integrate with the Solana blockchain this December. As such, it will also be compatible with FTXPay and Solana NFTs, becoming the first multiplayer title to do so.

“Blockchain technology will unlock the potential for truly player-driven, open economies and will usher in the next wave of gaming and virtual worlds,” said Faraway Chief Executive Alex Paley. “Our goal for both current and future games is to create extremely fun and social games with open economies.”

Although much of the NFT market is dominated by collectibles bought and sold on marketplaces such as Rarible and OpenSea, blockchain gaming is beginning to make major inroads. For example, Axie Infinity, a monster battle and breeding game, has risen to over 360,000 concurrent players and according to its own marketplace data, traded a total volume of over $624 million in NFTs in the past month.

Blockchain Gaming Fund
Blockchain Gaming Fund

In mid-October Valve Corp. officially banned NFT and cryptocurrency games from its Steam platform, one of the largest digital distribution platforms in the world. In response to Valve’s move, Epic Games said that it would remain “open” to the idea of blockchain-based games on its own Epic Games Store.

Other major traditional game developers have begun eyeing blockchain gaming and NFTs as well, such as Ubisoft Entertainment SA, which hinted at developing “pay-to-earn” blockchain games during its last earnings call. And Electronic Arts Inc. Chief Executive Andrew Wilson said NFTs could be the “future of our industry,” and that EA needed to figure out how they work during his company’s earnings call.

Play to Earn Gaming News

Looking for the best play-to-earn games? Look no further than our video game review site. Our large collection of P2E games has been looked over and has all the information you need. From genre and game platform to tokens, whitepapers, and Discord and Twitter social media links, we have it all. In addition, we offer game trailers for each game, as well as game videos where we provide in-depth reviews. We pride ourselves on being up-to-date, and offer daily updates on the latest news in the world of video gaming. You'll find everything you need to stay informed about your favorite play-to-earn, blockchain, NFT, crypto, P2E, Web3, or metaverse games.

Check out our Top Games and game lists to discover the best play-to-earn games. And don't forget to read our fresh daily game news to stay up-to-date on the latest developments in the world of gaming. With our video game review site, you'll have everything you need to explore, discover, and enjoy the best P2E games out there. If you have PlayToEarn Game News, please contact us. If you are launching a game, or have PR around a new game, send it and our PlayToEarn Game news writers will cover it.

Tags

web3, blockchain, nft, Solana, Blockchain Gaming Fund, FTX Announce, Lightspeed, web2
See All
What's Recent in Gaming: Evolving Trends with Web3 Games, Legal Challenges, and Digital Shifts

What's Recent in Gaming: Evolving Trends with Web3 Games, Legal Challenges, and Digital Shifts

Web3 gaming is rapidly gaining momentum, spearheading change in the gaming industry. The emergence of blockchain gaming stands as a notable development, despite lingering skepticism about its viability. Leading gaming entities like Zynga are cautiously exploring blockchain's potential, as seen with their new game "Sugartown." However, concerns about its impact on established franchises and the challenges posed by disruptive players remain.Legal battles and loot box controversies continue to plag...

Read more
New Social Investing App: Dyor is Simplifying Web3 Investing

New Social Investing App: Dyor is Simplifying Web3 Investing

Dyor is pioneering the development of a decentralized investment application that holds the potential to redefine the Web3 landscape and the DeFi sector, as well as reshape the management of financial resources. While DeFi and Web3 offer promising investment prospects through decentralized, peer-to-peer transactions, they also present challenges for those less familiar with the technology.In contrast to traditional financial systems, which are centralized and provide customer support, DeFi relie...

Read more
It is the Time for Web3 Gaming to Notch It Up

It is the Time for Web3 Gaming to Notch It Up

Web3 gaming is an innovative fusion of blockchain technology and gaming, poised to have a significant impact on the industry. It combines the utility of blockchain within video games, creating a new category called Web3 games. Enthusiasts believe it holds immense potential and could emerge as a major player in the gaming landscape.While Web3 gaming has garnered excitement and investment, challenges are evident. Despite its growth, daily unique active wallets remain low compared to the global gam...

Read more
SAGA’s Multiverse Summit Takes Place Aboard a Yacht, Revealing Web3 Tech to Empower Multiverse

SAGA’s Multiverse Summit Takes Place Aboard a Yacht, Revealing Web3 Tech to Empower Multiverse

At the Multiverse Summit hosted by Saga, a leading Web3 infrastructure protocol, Liao from Saga unveiled several groundbreaking innovations aimed at transforming the gaming and entertainment industries. The summit took place aboard a yacht on the Rhine River during Gamescom 2023 in Cologne, Germany, and showcased Saga's commitment to revolutionizing the gaming landscape.Key highlights from the summit included the introduction of the latest version of the Saga protocol called Pegasus. This versio...

Read more
Crypto Gaming: Earning and Investing in Virtual Economies

Crypto Gaming: Earning and Investing in Virtual Economies

The convergence of cryptocurrency and gaming has given rise to a groundbreaking phenomenon called crypto gaming, where players can earn cryptocurrency while playing games. This article explores the world of crypto gaming, focusing on legitimate opportunities, popular games, methods of earning, and the potential for investment.Legitimate opportunities in crypto gaming provide players with immersive experiences where they can own in-game assets and trade them in open marketplaces, thereby enhancin...

Read more
PlayToEarnGames.com Newsletter 11: NFTs, RPGs & More!

PlayToEarnGames.com Newsletter 11: NFTs, RPGs & More!

This week in the Web3 game industry, significant developments took place as two top game releases, NFL Rivals and Champions Arena, transitioned from beta versions to full live releases on iOS and Android app stores. NFL Rivals, which already boasts a substantial fan base, achieved over 2 million downloads. Additionally, other games like Eternal Dragons, Everseed, and Rogue Nation introduced new updates. Alpha versions of Boss Fighters and Citizen Conflict were also unveiled, offering players pas...

Read more
PlayToEarnGames.com

Welcome to PlayToEarnGames.com, your daily source for the latest NFTs and Cryptocurrency News. Whether it's PlayToEarn, cryptocurrencies, wallets, blockchain technology, trends & analysis, beta releases, or other game industry insights, our team of dedicated writers is here to keep you informed. But that's not all; we know that gaming is at the heart of it all.
In our P2E games section, we provide you with the best game reviews across a variety of top genres, including Play To Earn, Web3, Crypto, NFT, Metaverse, Blockchain, and much more. Our comprehensive game reviews cover everything you need to know, from gameplay instructions and videos to in-game footage and images. We also provide links to social media platforms like Twitter, Discord, and Reddit, whitepapers for deeper insights, and, of course, where you can play the game.
So, take a moment to explore our Play-To-Earn game website, and we sincerely hope you enjoy your visit. Stay tuned for the latest updates from the gaming industry and its up-to-date insights to game developers and their game details. So check our section Video Games, Gaming News, Game Developer, Game Trailers/Game Videos, and our Event Calendar with all the mints, drops and more.