Solana pledges $100 million to Web 3.0 projects in South Korea

The Solana Fund aims to promote the growth of non-fungible tokens (NFTs), blockchain gaming and decentralized finance (DeFi) initiatives in the country.

Solana bets on Korean games

According to Austin Federa, head of communications at Solana Labs, the fund is backed by capital from Solana’s community treasury, as well as the venture capital pool.

Much of the Korean game industry is moving to Web3, Lee said. “We want to be flexible; there is a wide range of project sizes, teams and some of them [de nos investissements] Company size will be checked. »

In general, games and NFTs account for the majority of the activity Solana sees in South Korea, which makes these sectors a natural fit for Web3, Lee said. The new president of the country is also a supporter of cryptocurrency.

According to SeoulZ English-language magazine, ” The game market in South Korea totaled $15 billion in 2021. Currently, the mobile game market in Korea alone is less than $7 billion. More than 50% of the Korean population plays games on their smartphones and this number has been increasing since COVID-19. So we understand that this market is particularly interesting and probably ahead of western markets that follow the same trend.

Competition for this major market

These weeks of funding efforts put Solana in direct competition with Polygon, Avalanche and other smart contract platforms, all of which target Korea’s stockpile of cryptocurrency developers. It’s unclear how many Terra developers will return to the ecosystem after the implosion in May that wiped out billions of dollars in wealth.

Not only because of the massive collapse of the twin tokens TerraUSD and LUNA, developers are reluctant to join Terra 2.0, Jaemin Park, Director of Growth at DeSpread said, But also because people feel that the chain is a major danger to the personThey suspect that dApps have a large user base because the core community has evaporated. Do Kwon is also the subject of an investigation in South Korea over allegations of fraud.

Source: DappRadar

Over the past few months, Solana has seen an increase in NFT trading and DeFi activity. According to dApp tracker DappRadar, Solana’s main NFT market, Magic Eden, is the second largest in the world over the past 24 hours, after OpenSea, with 36,427 daily merchants and $7.64 million in daily volume.

The play to earn Not all Koreans like

In the past, many criticisms were leveled against games of this type play to earn Like Axie Infinity, which is only available for users to earn money and not actually enjoy the game. However, over the past six months, a number of game studios have focused on improving gameplay in hopes of expanding their reach beyond the original crypto gamers.

I expect more.” Fun and high quality games They will be launched on the Solana blockchain in the second half of 2022. These games will have the potential to change the current perception that games of this type are play to earn He said not fun. ” We are convinced that this is about to change. »

South Korea is a strategic point for all the block chains that want to develop across the gaming world, this giant market that has everything to seduce the developers of the Web 3.0 project. It remains only to be seen how this market will respond to this change in paradigm and whether this new era of gaming will spread across the globe.

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Alexis Patten

Passionate about geopolitics, economics, cryptocurrency, Eurasia and travel! (as far east as possible), cryptocurrency trader for 4 years.

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