Game7 launches $100M grant program to accelerate Web3 gaming

Game7 has launched a $100 million grant program to accelerate developers who are making Web3 games.

The San Francisco-based entity is a decentralized autonomous organization, or DAO, supported by
BitDAO and Forte ecosystems. This is the kind of thing that blockchain game studios need now, as the crypto winter, the economic downturn, and gamer hostility to Web3 is taking its toll.

The program will enable developers to build tools, create education programs, host events, and perform research to make the Web3 video game industry more diverse and accessible.

The $100 million in grants will be deployed over the next five years at a rate of $20 million per year. Grants will be distributed to Web3 gaming projects across five categories: technology, events, diversity, education, and research. Interested developers can apply today at the Game7 Grants Portal.

Web3 games are still in their infancy, and lack the depth and sophistication needed to attract mainstream users, Game7 said.

Game7 published a survey of 100 Web3 game developers that found pain points related to chain election, wallet custody, sustainability issues, and more need to be addressed. The funds allocated as part of this program will go towards projects that are building promising solutions to these challenges.

“Improving smart contract standards, tooling, interoperable wallets, and scaling solutions will be crucial on the path to global adoption of Web3 games,” says Game7 core contributor Ronen Kirsh, in a statement. “We have allocated 20% of our committed treasury to fund each of these crucial components so the gaming industry can focus on building sustainable game economies.”

Blockchain technology has the ability to advance games into the future, and the Technology Grants support open-source projects that will drive innovation across the entire blockchain gaming tech stack.
The number of active blockchain games doubled in the past year, and the Game7 Grants Program aims to bring together the global gaming community and lead the transition from the current status quo to a new, prosperous meta-world.

This program is cross-chain and inclusive in nature with support from the Polygon, Solana, Immutable and Arbitrum ecosystems, with plans to expand even more over the next months.

“We believe this new model of games within a world where users and developers are aligned, has the potential to grant greater distribution of equity and ownership,” said BitDAO representative Jon Allen, in a statement.

Game7 is a Web3 Gaming DAO created to accelerate the adoption of blockchain-enabled game economies, with a treasury with $500 million in capital committed by BitDAO and Forte. The Game7
community will help shape capital allocation decisions, define gaming standards, and fund open-source software.

Originally appeared on: TheSpuzz