Solana has allocated $ 100 million to Korea’s promising Web3 ecosystem.

Solana Ventures has raised 100 million to help develop South Korea’s Web3 ecosystem. According to the company, the funds will be used in a variety of technologies, including NFTs, gaming and DeFi.

The reasoning behind the US-based company’s decision to venture into the Far East is that South Korea is predicted to become a hub for NFT and metavers development within the next decade.

Although South Korea’s central goal is to build itself Decentralized virtual space Will focus primarily on the development of digital content and digital corporations, Solana Ventures Expect interest in gaming finance (GameFi). From there they will be able to raise government grants.

That said, the opportunity to receive subsidies from the authorities has already inspired other heavy-hitting domestic and international corporations to enter space, such as South Korea’s Layer-1 blockchain Clayton and crypto exchange Upbit.

In addition to stiff competition, Solana’s goal of becoming an established vector of blockchain gaming could also come under scrutiny when launching blockchain-based games in the region, as South Korean law currently prohibits games from offering financial rewards to players, including crypto.

The disadvantage of such a policy is that the decision has already been taken Unrivaled technology giant Apple and Google, both of which withdrew their play-to-earn titles from their Korean stores because players could not access the full utility of the game.

Far from their initial mission, the funds will also be used to help keep some terra-based platforms afloat, as Johnny B. Lee, the company’s general manager for games, said, was not the fault of terra developers for tokens. Fall last month.

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