Solana Ventures has revealed the launch of a $100 million fund dedicated to Web3 startups in South Korea. According to Solana Labs’ general manager Johnny Lee, the capital will be dedicated to non-fungible tokens (NFTs), decentralized finance (defi), and game finance (gamefi) development.
Austin Federa, the head of communications at Solana Labs, explained to Melinek that the fund stems from the Solana community treasury and Solana Ventures’ pool of capital.
“A big portion of Korea’s gaming industry is moving into web3,” Lee detailed on Wednesday. “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,” the Solana Labs general manager remarked.
Amid the announcement concerning Solana Ventures’ latest fund focused on South Korea and Web3 development, Lee said he expects Solana to showcase “high-quality and fun games” during the last two quarters of 2022.
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