The new fund will enable former Terra creators to stay on their feet after Terra’s demise by supporting the growth of NFT, gaming, and DeFi projects on Solana.
Solana Ventures and the Solana Foundation have partnered to create a $100 million fund to assist nonfungible token (NFT), blockchain gaming, and decentralized finance (DeFi) initiatives in South Korea.
The fund will assist keep certain Terra-based projects viable following the collapse of that ecosystem last month, in addition to supporting initiatives built on Solana (SOL).
The Terra creators, according to the Solana Foundation, should not be held liable for what occurred on the blockchain network. Johnny B. Lee, the Solana Foundation’s general manager for gaming
“The coders didn’t do anything wrong, but they’re stuck in the middle.”
The new fund contributes to Solana’s goal of being the best blockchain for gaming. Last November, Solana Ventures partnered with FTX and Lightspeed Ventures to form a $100 million gaming fund. It also has a $150 million fund alongside Forte and Griffin Gaming Partners, two game-focused businesses.
With the government promising $187 million to construct its own metaverse ecosystem, South Korea is anticipated to become a hub of NFT and Metaverse research this decade. The Korean metaverse will be primarily concerned with the development of digital content and digital businesses within the country.
Several South Korean platforms, such as the Klaytn layer-1 blockchain and the Upbit exchange, are already giving NFTs or access to DeFi, indicating that the race to establish the finest platforms is on.
According to DeFi Llama, the largest DeFi platform in Klaytn is KlaySwap, which has $274 million in total value locked (TVL). Upbit, the largest exchange in the nation, offers its own NFT marketplace.
Domestic firms, on the other hand, may find it challenging to create blockchain-based games in South Korea.
Currently, the legislation prevents games from awarding monetary prizes, including cryptocurrency. Last December, Korean officials demanded that Apple and Google remove play-to-earn (P2E) games from their Korean shops, citing this statute as the reason.
In recent months, Solana has seen an increase in NFT trading and DeFi activities. According to decentralized app (Dapp) tracker DappRadar, Solana’s top NFT marketplace Magic Eden is the world’s second-largest with 35,526 daily traders and $7.31 million in daily volume.
Solana is now trading at $39.20 USD, with a 24-hour volume of $1,730,341,933 USD. In the previous 24 hours, Solana gained 0.25 percent.
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