Solana Budgets $100M for South Korean Web3 Ecosystem

Justin Lee
June 13 2022
Metaverse man

Solana’s investment arm Solana Ventures has set aside $100 million to help tech companies in South Korea flesh out the country’s burgeoning Web3 ecosystem. The investment will focus on NFTs, GameFi, and the general development of digital experiences.

In a Nutshell:

  • The funds come from both the investment venture arm and the Solana community treasury.
  • Solana Venture sees South Korea as being a country with great potential in the Web3 space.
  • The fund will be distributed across GameFi, NFTs, gaming studios and DeFi.

What it Means:

  • The blockchain gaming space and NFTs are popular in South Korea, and there is a lot of untapped potential at the moment. With better funding and time to develop products, the country could become a hotbed of Web3 activity.
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