Solana Launches $100M Investment Fund for Web3 Businesses in South Korea

• According to Solana, gaming, and NFTs make up the majority of South Korea’s activity.
• Recently, NFT trading and DeFi operations have increased on Solana.

Web3 enterprises in South Korea will be supported by a $100 million investment and grant pool created by Solana Ventures and the Solana Foundation. By investing in blockchain-based games, non-fungible tokens, and decentralized finance, this fund hopes to spur development throughout the country. Additionally, the cash will help to keep certain Terra-based projects operational after the collapse of that ecosystem last month.

Targeting Massive Underlying Potential

This venture fund is supported by the community treasury and Solana Labs’ venture capital pool, according to Austin Federal, the company’s communications head.

Solana Labs’ Johnny Lee, the general manager of games, said:

“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.”

According to Solana, gaming and NFTs make up the majority of South Korea’s activity, making them an ideal fit for web3. The new fund aids Solana’s ambition of being the finest blockchain for gaming. In November of last year, Solana Ventures formed a $100 million gaming fund alongside FTX and Lightspeed Ventures. Along with Forte and Griffin Gaming Partners, two game-focused companies, it has a $150 million fund.

Recently, NFT trading and DeFi operations have increased on Solana. Solana’s leading NFT marketplace, Magic Eden, is the world’s second-largest, behind OpenSea, with 36,427 daily traders and $7.64 million in daily volume, according to DappRadar.

South Korea is expected to become a center for NFT and Metaverse research in the next decade, thanks to a government commitment of $187 million toward the project. There will be a strong focus on digital content and digital enterprises in Korea in the metaverse.