Solana Invests $100 Million To Web3 Developers In South Korea

Solana Invests $100 Million To Web3 Developers In South Korea

June 10, 2022 0 By Jeanine Sanchez

In recent news, fast-rising blockchain, Solana has released a $100 million fund. The fund is to encourage web3 entrepreneurs in South Korea. Other partners that contributed to the funding include Solana Foundation and Solana Ventures.

Various South Korean crypto firms stand to benefit from the fund. However, more emphasis is on DeFi, gaming, and NFTs. In addition, the $100 million will help to sustain certain Terra-based projects. 

South Korea And Web3 Innovation

According to Johnny Lee, an official in Solana Foundation;

We are working with developers in South Korea to understand the market structure. Also, we have been investing in the web3 sector for a while. Korea is leading the forefront when it comes to Web3 game development and design. Our plan is to help more Korean developers achieve their dreams.

Furthermore, the recent funding is among the company’s goals to be a leading blockchain in game development. Solana partnered with Lightspeed Ventures and FTX to raise $100 million in game funding in November. 

In addition, it also partnered with Griffin and Forte in a $150 million game fund. Both Griffin and Forte are two firms that are focused on game development. 

Fortunately, the South Korean government has been in support of the sector. It promised over $187 million for the construction of a gaming metaverse. 

The metaverse will focus on developing digital businesses and content in the country. With this development, South Korea may become the go-to hub for metaverse and NFT development.

However, some critics initially noted that play-to-earn games are mainly for making money. Meanwhile, several gaming firms are focusing on improving gameplay. They believe this will make them more acceptable to a wider audience, including non-crypto users.

Lee believes more engaging and high-quality games will be produced on Solana’s blockchain. According to him, these games will attract non-gamers who believe play-to-earn games are not fun.

South Korean Firms Bringing More Opportunities To DeFi 

South Korean firms like Upbit and Klaytn have introduced access to NFTs on DeFi. In addition, other companies are working hard to have the best platform to attract users.

As per DeFi Llama, KlaySwap is the biggest DeFi community on Klaytn. KlaySwap has over $274 million in TVL. In addition, Upbit has an NFT marketplace for its users.

Furthermore, Solana has gained popular usage in DeFi activities and NFT trading. It is noteworthy to state that Solana has a marketplace called Magic Eden. 

According to DappRadar, the NFT market, Magic Eden, is behind OpenSea in terms of usage. Currently, Magic Eden is the second-largest NFT market worldwide. It has approximately $7.3 million in trading volume daily with over 35,000 traders.