- The Solana fund is expected to be used on gaming studios, GameFi, NFTs, and DeFi in the country.
- According to market data, Solana (SOL) is trading at around $39.35 at the time of publication.
Solana Ventures and Solana Foundation channeled a $100 million investment and grant fund to the South Korean Web3 market. This is according to Johnny Lee, general manager of games at Solana Labs, who spoke to TechCrunch. Reportedly, the fund is expected to be used on gaming studios, GameFi, NFTs, and DeFi in the country.
“A big portion of Korea’s gaming industry is moving into web3,” Lee said.
We want to be flexible; there’s a wide range of project sizes, team sizes, so some of [our investments]will be venture-sized checks.
Solana crypto winter investment
The total crypto market cap has recorded a major decline from the ATH, slightly above $3 trillion. According to market data provided by CoinGecko, the total crypto market cap stands at around $1.3 trillion today. SOL has its ecosystem valued at approximately $13.2 billion.
Nevertheless, the crypto industry continues to build for future growth prospects. Moreover, the crypto industry is moving towards global adoption, at the country level. Remember two countries, El Salvador and the Central African Republic, have adopted Bitcoin as legal tender.
Solana is no exception. Furthermore, the Solana ecosystem is competing with other blockchains for the same global market.
South Korea has advanced technologies that have helped its economy grow and attract global investors. For instance, the country’s IT sector has seen huge advancements with a boost from smartphone maker Samsung. With the growing South Korean expertise and ready market for its product, the project intends to tap into it.
The $100 million Sol investment in the South Korean web3 market will make a growth dynamic shift in the crypto industry. Moreover, most of the DeFi platforms rely heavily on tech hardware devices including computers and smartphones.
In short, the Web2 industry has met Web3 gurus. Whereby the South Koreans represent more of Web2 whilst Sol represents Web3.
According to Lee, Solana is about to experience a huge influx of Web3 games. He is confident that Web3 games will have a better adoption than free-to-play games. Furthermore, players are incentivized with real money to play in Web3 games.
Market outlook
Solana has made tremendous progress in adding more users around the world. According to on-chain data provided by Solanabeach.io, Solana has 1785 validators. But what is more interesting about it is that they are concentrated around North America, Western Europe, and Far East Asian countries.
The Solana ecosystem is advancing towards winning the smart contract market around the world. However, the process is not guaranteed, putting the fact that Ethereum, and Binance among others are also looking into the same industry. Nevertheless, Solana has huge potential and a very vibrant community around the world.
Thereby making its future growth prospects higher. Remember, the Sol coin is ranked 9th by market capitalization among thousands of crypto assets. Meanwhile, future growth prospects will be determined by how well Solana DeFi is adopted regard to competitors. According to our data, Solana (Sol) is trading at around $39.35.
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