Solana Ventures Launches $100 Million Fund Focused on Web3 Projects in South Korea

Solana Ventures has revealed the launch of a $100 million fund dedicated to Web3 startups in South Korea. According to Solana Labs’ general manager Johnny Lee, the capital will be dedicated to non-fungible tokens (NFTs), decentralized finance (defi), and game finance (gamefi) development.

Solana Ventures Reveals $100 Million Web3 Fund Dedicated to Finding Talent and Innovative Startups in South Korea

Proponents behind the smart contract protocol Solana plan to expand into South Korea by offering a Web3 fund worth $100 million to startups and developers creating Web3 projects.

Solana Labs’ general manager Johnny Lee told Techcrunch reporter Jacquelyn Melinek that the fund will focus on Web3 applications that revolve around NFTs, defi, blockchain gaming concepts, and gamefi.

Austin Federa, the head of communications at Solana Labs, explained to Melinek that the fund stems from the Solana community treasury and Solana Ventures’ pool of capital.

Solana Ventures Launches $100 Million Fund Focused on Web3 Projects in South KoreaSolana Ventures has dedicated millions of dollars toward Web3 projects and startups.

Solana Ventures, the investment arm of Solana Labs, explained that gaming and non-fungible tokens are popular in South Korea. Lee detailed that a lion’s share of NFT and gaming activities on the Solana network derive from the East Asian country.

“A big portion of Korea’s gaming industry is moving into web3,” Lee detailed on Wednesday. “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,” the Solana Labs general manager remarked.

Solana’s native token solana (SOL) is in the top ten crypto market positions in ninth place in terms of capitalization. SOL’s $13.22 billion market capitalization represents 1.03% of the crypto economy’s $1.290 trillion market valuation.

SOL, however, is down 39.2% over the last month and 19.6% of the fall was during the past two weeks. In terms of total value locked (TVL) in defi, Solana is ranked fifth with $3.76 billion. Solana’s TVL in defi has lost 33.96% in the past month, according to statistics.

Additionally, Solana suffered another network outage as the network halted block production on June 1. In December 2021, Solana Ventures, in a partnership with Griffin Gaming and Forte, launched a $150 million fund for Web3 products.

Amid the announcement concerning Solana Ventures’ latest fund focused on South Korea and Web3 development, Lee said he expects Solana to showcase “high-quality and fun games” during the last two quarters of 2022.

Tags in this story
Austin Federa, Crypto, Crypto asset, Cryptocurrencies, DeFi, defi SOL, GameFi, Gaming, gaming finance, gaming industry, Johnny Lee, Market Cap, nft, NFTs, Non-fungible Token, SOL, SOL defi, Solana, Solana (SOL), Solana Ventures, Solana Web3, South Korea, South Korea Web3, South Korean startups, total value locked, TVL, Web3, Web3 development, Web3 SOL, Web3 South Korea

What do you think about the latest Web3 fund revealed by Solana Ventures? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Read disclaimer

Comments are closed.