Game7, a blockchain gaming-focused DAO (decentralized autonomous organization) has announced the launch of a $100 million grants program. The objective of this grants program is to support the Web3 gaming community in these times of market downturn and to advance the adoption of blockchain gaming on several chains.

Game7 to Support Blockchain Gaming With $100 Million

Game7, a Web3 gaming-dedicated project which has already supported projects on different chains including Arbitrum, Polygon, Immutable X, and Solana, has announced the launch of a $100 million grants program to support Web3 gaming companies. The chain-agnostic project announced that the objective of this move is to offer support to these initiatives to push the Web3 gaming ecosystem forward even in unfavorable times for the crypto industry.

The organization, which is a DAO supported by Bitdao and Forte, aims to distribute these funds over the next five years to the best projects presenting their initiatives. The grants will be distributed among five different areas, including technology, events, diversity, education, and research.

On the direction of these funds, Game7 contributor Ronen Kirsh declared:

Improving smart contract standards, tooling, interoperable wallets, and scaling solutions will be crucial on the path to global adoption of Web3 games. 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.

Direction and Similar Web3 Programs

The first sector to receive grants will be the tech area, which will focus on supporting teams preparing open-source development in certain key areas, including game development tooling, smart contracts and standards, core infrastructure, and community tooling. Game7 grants support goes beyond just economic assistance, as it includes access to tech support, mentoring, and early access to Game7 initiatives.

Game7 believes in Web3 gaming as a force that can empower gamers and gaming companies alike, allowing them to benefit and grow together. This is according to John Allen, a representative of Bitdao, who stated:

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.

Web3 gaming has been one of the few areas of the cryptocurrency world that have continued to grow even amid the economic woes the industry faces, according to a report issued in September by Dappradar. Companies and VC funds such as Griffin Gaming Partners, Forte, and A16z have launched millionaire funding initiatives for companies involved in these types of projects throughout 2022.