Solana Ventures, the investment unit of Solana Labs, has partnered with Forte and Griffin Gaming Partners to launch a $150 million investment fund that will focus on blockchain gaming projects.
According to a Reuters report on Tuesday, the fund will be used to invest in gaming startups built on the Solana blockchain.
With the Solana network capable of processing over 65,000 transactions per second and an average cost per transaction of $0.000025, a spokesperson of the company noted that it has become the most suitable blockchain for gaming applications.
Austin Federa, head of communications at Solana Labs, said:
“Blockchain gaming is really at an early stage right now. A lot of tooling and infrastructure are still being spun up.”
The investment is not the first time Solana Ventures will be participating in blockchain gaming-focused funds. Last month, Solana alongside FTX and VC firm Lightspeed co-led a $100 million fund that was focused on blockchain gaming.
Forte & Griffin in Blockchain Gaming
Forte is known as a provider of blockchain solutions for game publishers and it recently raised $725 million in a Series B funding round.
On the other hand, Griffin, since its launch, has made a series of investments in the global gaming market. The firm claimed that its participation in the new fund has now seen its investments in blockchain gaming and Web3 companies surge to $400 million in the last two years.
“Gaming and interactive media would not be a cornerstone of blockchain today if it weren’t for the many technical developments the community has accomplished in the past decade,” Pierre Planche, partner at Griffin, said.
With the recent partnership, the Solana Labs investment unit is hoping that the expertise of the duo in the blockchain gaming sector will come in handy.
Growing Investments in Blockchain Games
There has been a growing interest in blockchain gaming since last year, which started during the peak of the coronavirus pandemic.
The global gaming market, which was previously valued at $173.7 billion last year, is expected to grow to $314.40 billion in 2026.
As a result of the positive reports, several investors are looking to become beneficiaries of the industry’s growth, by investing early in blockchain-related games.
In October, Sky Mavis, the creator of popular play-to-earn blockchain gaming Axie Infinity announced that it raised $150 million in a Series B funding round led by Andreessen Horowitz.
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