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

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

The Solana fund aims to promote the growth of non-mungible tokens (NFTs), blockchain games, and decentralized financial initiatives (DeFi) in the country.

Solana promised on Korean gaming

According to Austin Federa, head of communications at Solana Labs, the fund is driven by capital from the Solana community treasury, as well as the capital of the venture branch.

Much of the Korean gaming industry is moving to Web3, ”said Lee. “We want to be flexible; there is a wide range of project sizes, teams, so some [de nos investissements] checks the size of the company involved. »

In general, most of the activity that Solana sees in South Korea is games and NFTs, making those sectors naturally fit for Web3, Lee said. The country’s new president is also considered pro-crypto.

According to the English language magazine SeoulZ, “ The total games market in South Korea reached $ 15 billion in 2021. Currently, the mobile games market in Korea alone is just under $ 7 billion. More than 50% of the Korean population plays games on their smartphones and this figure is rising from COVID-19. We therefore understand that this market is extremely interesting and is probably ahead of Western markets that are following the same direction.

Compete for this key market

This week’s funding effort has put Solana in direct competition with Polygon, Avalanche, and other smart contract platforms, all targeting the deposit of cryptocurrency developers in Korea. It is unclear how many Terra developers will return to the ecosystem after the explosion in May that left billions of dollars in wealth.

Developers are not only reluctant to participate in Terra 2.0 due to the huge crash of the TerraUSD and LUNA twin tokens, Jaemin Park, growth manager at DeSpread, said, “ but also because people feel that the chain has a central human risk, and suspect that their dApps have a significant user base since the central community is virtually evaporating. Do Kwon is also the subject of an investigation in South Korea into allegations of fraud.

Source: DappRadar

Over the past few months, NFT trade and DeFi activity with Solana have increased. According to DappRadar’s decentralized application tracker (dApp), Solana’s flagship market, Magic Eden, is the second largest in the world for the past 24 hours, after OpenSea, with 36,427 daily traders and $ 7.64 million daily volume .

an Play-to-Earn not all Koreans like it

In the past, there has been a lot of criticism against such games Play-to-Earn like Axie Infinity, which is only for users to earn money and not really enjoy the game.However, over the past six months, some game studios have focused on improving gameplay in hopes of to extend its access beyond native cryptocurrency gamers.

Lee Predicts More » fun and high quality games launch of the Solana blockchain in the second half of 2022. The games that have the potential to change the current perception that games are of the type Play-to-Earn that’s not fun, he said. ” We are convinced that this is about to change. »

South Korea is a strategic point for every blockchain looking to develop in the gaming world, this huge market that has everything to attract web 3.0 project developers. It remains to be seen how this market will respond to this model change and whether this new era of gaming will spread around the world.

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Alexis Patin

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

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