HomeContentNewsWeb 3.0 Gaming Companies Receives $100 Million Funding For Open Source Technology

Web 3.0 Gaming Companies Receives $100 Million Funding For Open Source Technology

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On November 28, blockchain gaming accelerator Game7 declared it would provide emerging Web 3.0 firms $100 million in open source technology grants.

According to the Game7, distributions will assist people and organisations creating blockchain games, smart contracts, fundamental software frameworks, and community tooling. Grants will be reimbursed in USD Coin (USDC).

In addition to the initial cash, the company claimed that creators would also have access to early Game7 activities, mentoring, and technical support. In order to accommodate applications from any blockchain network, the decentralised autonomous organisation, or DAO, promises to be chain agnostic. Game7 stated in a list of commonly asked questions that applicants “applicants should not view grants as a substitute for venture funding,” even if prize amounts have not been made public.

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Additionally, advance payments are only made “in unusual situations,” and the majority of payments are only made when specific project milestones have been reached. Developers need to sign a contract, go through know-your-customer checks, and apply using their digital wallets. Developers may, however, apply for more grants or VC money and are not constrained by any exclusivity agreements. After submittal, Game7 anticipates that the due diligence process will last four to six weeks until a decision is made.

On November 18, 2021, Game7 was established as a component of a $500 million BitDAO-backed blockchain ecosystem accelerator. The decentralised treasury bearing its name provided the majority of the funding. In addition, the seed round included participation from Forte, Mirana Ventures, Warner Music Group, Aleo, Avalanche, Interchain Foundation, Off-chain Labs, OP Games, Polygon Studios, Solana Ventures, and the now-defunct Alameda Research.

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