Game7, a blockchain gaming-focused DAO (decentralized autonomous organization) has announced the launch of a $100 million grants program. The objective of this grants program is to support the Web3 gaming community in these times of market downturn and to advance the adoption of blockchain gaming on several chains.
Game7 to support blockchain gaming with $100 million
Game7, a Web3 gaming-dedicated project that has already supported projects on various chains including Arbitrum, Polygon, Immutable X, and Solana, announces the launch of a $100 million grant program to support Web3 gaming companies is of. The chain-agnostic project announced that the move aims to support these initiatives in order to propel the Web3 gaming ecosystem forward even in unfavorable times for the crypto industry.
The organization, which is a DAO supported by Bitdao and Forte, aims to distribute these funds over the next five years to the best projects presenting their initiatives. The grants will be distributed among five different areas, including technology, events, diversity, education, and research.
At the direction of these funds, Game7 contributor Ronen Kirsch announced:
Improvements in smart contract standards, tooling, interoperable wallets and scaling solutions will be important on the path to global adoption of Web3 Games. We have allocated 20% of our committed treasury to finance each of these critical components so that the gaming industry can focus on building sustainable gaming economies.
Direction and Similar Web3 Programs
The first sector to receive grants will be the tech area, which will focus on supporting teams preparing open-source development in certain key areas, including game development tooling, smart contracts and standards, core infrastructure, and community tooling. Game7 grants support goes beyond just economic assistance, as it includes access to tech support, mentoring, and early access to Game7 initiatives.
Game7 views Web3 Gaming as a force that can empower gamers and gaming companies alike, allowing them to profit and grow together. This is according to John Allen, a representative from BitDAO, who said:
We believe this new model of games within a world where users and developers are aligned, has the potential to grant greater distribution of equity and ownership.
According to a report released in September by DapRadar, Web3 gaming has been one of the few sectors in the cryptocurrency world that has continued to grow amid the industry’s economic woes. Companies and VC funds such as Griffin Gaming Partners, Forte and A16Z have launched the Millionaire Funding Initiative for companies involved in these types of projects through 2022.
