This Web3 Gaming Giant Launches $100 Mln Grant Amid FTX Collapse

Game7, a Web3 gaming DAO, has started a grant program with a $100 million budget amid the FTX collapse. The main objective of this grant is to help programmers in creating the tools to make Web3 gaming better and more accessible.

Game7 aims to increase global Web3 game adoption

As per the recent tweet WuBlockchain the web3 gaming DAO also planning to Improve smart contract standards, tooling, interoperable wallets, and scaling solutions toward global Web3 game adoption. Notably, Game7 is San Francisco-based decentralized autonomous organization, which is supported by the BitDAO and Forte ecosystems. As a matter of fact, with the ongoing circumstances, around the crypto world after the FTX collapse, this is exactly what blockchain game studios require as the crypto winter, economic downturn, and gamer hostility toward Web3 are all taking their toll.

As per the Game7, the $100 million grant will be distributed over the next five years to projects in technology, events, diversity, education, and research at a rate of $20 million. In addition to that Game7 believes that Web3 gaming and metaverse infrastructures should be public, open-source, and interoperable, and its milestone-based grants are a critical funding mechanism for the ecosystem.

BitDAO and Forte have pledged $500 million to Game7’s coffers. Game7, in collaboration with BitDAO and Forte, will decide how the funds will be distributed and will help define gaming standards.

Game7 availability on following network

According to a survey of 100 Web3 game developers conducted by Game7, pain points such as chain election, wallet custody, and sustainability issues, among others, must be addressed. The funds allocated as part of this programme will be used to support projects that are developing promising solutions to these problems.

The cross-chain grants programme currently supports games on the Polygon, Solana, Immutable, and Arbitrum ecosystems, with more blockchains to be added in the coming months.