Solona Establishes “100 Million Magnesium Fund” to Invest in South Korean Web3 Startups! Focus on game development, GameFi, NFT | Dynamic Zone-Most Influential Blockchain Media (Bitcoin, Cryptocurrency)

Solona成立「1 億鎂基金」投資南韓 Web3 新創!專注遊戲開發、GameFi、NFT

The collapse of Terra dealt a severe blow to the ecosystem of South Korean blockchain developers. Solana Ventures and Solana Foundation took advantage of the situation and announced that they have established a fund of 100 million magnesium, which will be used to deploy funds to South Korean Web3 startups, especially focusing on local blockchain game developers, GameFi, and NFT projects. (Recap:a16z launches $600 million game fund “GAMES FUND ONE”: the key to building the metaverse) (background supplement:Trend Science | Play and Earn Mode Drive GameFi Popularity!Interpretation of the 3 major advantages of game + Defi + NFT)

maleThe collapse of the chain Terra not only cost more than 280,000 investors in South Korea about 52 trillion won (1.22 trillion Taiwan dollars), but also dealt a serious blow to the ecology of local blockchain developers. Jaemin Park, growth manager of DeSpread, who is committed to building a multi-chain ecosystem, said:

Developers are hesitant about Terra 2.0, not only due to the collapse of dual-token TerraUSD and LUNA, people believe there is a “key man” risk in the chain, and doubt that their dapp really has a valuable user base, in the basic community After the swarm has almost completely evaporated.

Further reading:Luna Crash Follow-up” South Korea’s five major exchanges on 6/13 intend to propose “autonomous agreement” to unify the listing and listing standards of tokens


But at the moment when Terra is facing a crisis of confidence, other public chain competitors have not backed down. As Techcrunch reported earlier today, Solana Ventures and Solana Foundation have established a $100 million investment fund that will be used to deploy capital to South Korean Web3 startups, with a particular focus on local blockchain game developers, GameFi , NFT, and DeFi projects.

More high-quality games coming to Solana in 2022

Johnny Lee, general manager of games at Solana Labs, said that the overall value of the South Korean game industry in 2021 is more than 16 billion US dollars, and a large part is moving to Web3, we want to remain flexible to provide assistance to a variety of different projects. He even predicted:

In the second half of 2022 there will be more “high quality and fun games” launching on the Solana blockchain. These games will have the potential to change the current perception that games are not fun… We believe that is about to change.

Further reading:Axie Infinity NFT trading volume fell by over 99%!Revenue hit a record low, SLP fell below 0.005 mg

Lee believes that in the long run, Web3 games will be as widely adopted as free-to-play games on mobile devices, but given the rapid growth of the industry, the timeline may be significantly shorter. In the past, the adoption of free-to-play games may take 8 years, but Web3 games may only take 4 years to establish a core revenue model, which is very optimistic about the future development.

According to the survey data of “CCCI”, South Korea’s video game industry ranks fourth in the world, providing developers with a lot of opportunities, among which mobile games dominate the market; at the same time, local gamers are not soft on tuition fees. In 2020 The size of the mobile game market has reached 9.4 trillion won, bringing huge profits to well-known developers.

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