Solana Ventures and Solana Foundation have set up a $100 million investment fund to inject capital into South Korean web3 startups, Johnny Lee, general manager of games at <a href="https://www.cryptoknowmics.com/news/solana-labs-communications-head-heaps-praise-on-the-solana-network/">Solana Labs</a> told <a href="https://techcrunch.com/2022/06/07/solana-launches-100m-investment-and-grant-fund-for-south-korean-web3-startups/">TechCrunch</a>.
<h2>Solana Bets Big on South Korea</h2>
The 100 million dollar fund will focus on gaming studios, GameFi, NFTs, and DeFi in South Korea. The fund is reportedly backed by capital from the Solana community treasury in addition to the venture arm’s pool of capital.

Lee told the tech publication that investing in South Korea is a ‘natural fit' since gaming and NFTs account for the majority of activity that Solana receives from the country.
<blockquote><em> “A big portion of Korea’s gaming industry is moving into web3. We want to be flexible; there’s a wide range of project sizes, team sizes, so some of [our investments] will be venture-sized checks,”</em> he said.</blockquote>
Furthermore, he even predicted that there will be more “high-quality and fun games” launching on the Solana blockchain in the second half of the year. These games will have the potential to alter the current perception that 'play-to-earn games aren’t fun', according to him.

Long term, Lee feels web3 games will be adopted just as much as free-to-play games on mobile devices as initially there was a lot of pushback from gamers and developers on web3, he reminded.

Solana's $100M Investment Fund for South Korean Web3 Projects is Here

Solana Ventures and Solana Foundation have set up a $100 million investment fund to inject capital into South Korean web3 startups.

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

Solana's $100M Investment Fund for South Korean Web3 Projects is Here

Top Picks