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Game7 allocates $100M in open-source technology grants for Web 3.0 gaming companies

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On November 28, blockchain gaming accelerator Game7 announced that it will allocate $100 million in open-source know-how grants to imminent Net 3.0 startups. As informed by the Game7, distributions will assist people and entities constructing blockchain video games, good contracts, core software program infrastructures, and neighborhood tooling. The grants will likely be paid in USD Coin (USDC).

Past the preliminary funding, the crew mentioned builders may even acquire entry to tech assist, mentoring, and early Game7 initiatives. The decentralized autonomous group, or DAO, claims it’s chain agnostic and can assist functions from any blockchain community. Whereas award quantities haven’t been disclosed, in a listing of continuously requested questions, Game7 defined that “candidates mustn’t view grants as an alternative choice to enterprise funding.”

As well as, upfront funds are solely awarded “in distinctive instances,” and most funds will solely be issued contingent on the completion of sure challenge milestones. Builders should additionally bear know-your-customer checks, signal a contract, and apply with their digital wallets. Nevertheless, builders aren’t certain by any exclusivity agreements and can even apply for different grants or VC funding. Game7 estimates that after submission, its due diligence course of will take 4 to 6 weeks earlier than a choice is issued.

Game7 was created on November 18, 2021, as a part of a $500 million blockchain ecosystem accelerator backed by BitDAO. Many of the funding got here from its namesake decentralized treasury. On the identical time, Forte, Mirana Ventures, Warner Music Group, Aleo, Avalanche, Interchain Basis, Off-chain Labs, OP Video games, Polygon Studios, Solana Ventures, and now defunct Alameda Analysis additionally participated within the seed spherical.