Solana Gives $100Million Fund for Korean Web3 Start-Ups

Solana foundation and Solana ventures committed US $100million to the non fungible token (NFT), game and decentralized Finance (DeFi) projects on the network to help the Terra (LUNA) project continue to develop after its collapse.

Solana (SOL) has announced to invest US $100million in Korea because it is trying to break into the developer market that is still uneasy about the collapse of Terra ecosystem last month. Solana ventures and Solana foundation, the main participants of Solana blockchain, have established a $100million fund to help consolidate the project’s goal of creating a blockchain suitable for games. Last November, Solana ventures launched a similar $100million game fund with cryptocurrency exchanges FTX and Lightspeed ventures.

However, according to the press release, their focus will be to fight for Korea’s crypto game development field. According to Johnny B. Lee of Solana foundation, it will also support Terra based platform, which was shelved after the blockchain collapse.

Solana Competes in Korea’s $1.6 Billion Web3 Market

South Korea is home to some of the world’s largest game companies, such as netmarble, ncsoft and Nexon. The country is also a leading market for cryptocurrency trading. Exchanges such as bithumb and upbit handle billions of dollars of trading volume every day.

Solana’s $100million investment fund will be used to support the development of NFT, games and defi projects on the network. This will enable the blockchain project to compete with other major agreements that have been established in the Korean market.

For example, Solana announced a $100million investment this week, making it face-to-face with polygon (matic), Avalanche (avax) and other smart contract platforms that want to recruit cryptocurrency engineers from Korean orphans. It is still uncertain how many Taila developers will return to the ecosystem after Taila went bankrupt in May. The system has wiped out billions of dollars of assets.

Recently, Solana announced that it will surpass the open sea NFT market, which is currently the largest NFT market in the world. This is because the blockchain hopes to position itself as a leader in the fast-growing NFT field.

Over the past decade, South Korea is expected to become a hotbed of NFT and metaverse innovation, and the government will invest $187million to create its own metaverse environment. In Korea’s Metaspace, the main goal will be to stimulate the development of digital materials and digital companies.

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Korean Cryptocurrency Game Community

Several platforms in South Korea, such as klaytn’s first layer blockchain and upbit exchange, have welcomed NFTs or entered into defi. Solana foundation is counting on growing interest in games and decentralized Finance (DFI) in the country as organizations seek funding.

Austin Federa, communications director of Solana foundation, said that Solana foundation, which focuses on Web 3 projects, will provide a lot of assistance to Korean blockchain game developers. In 2021, South Korea’s game industry is worth more than $15billion. The goal is to use some of these potentials to apply them to blockchain games.

In recent months, Solana’s NFT transactions and defi usage have been on the rise. According to the data of dappradar, a decentralized application tracker, magic Eden, Solana’s top NFT market, is the world’s second largest market, with 35526 traders and a daily trading volume of US $7.31 million.