The Solana Foundation and Solana Ventures announced the creation of a $100 million investment fund to support South Korean digital startups.
The fund will focus on investments in projects from South Korea, since here the cryptocurrency community has suffered the most from the collapse of the Terra ecosystem, informs Bloomberg agency. Most of the fund’s funds will go to projects on the Solana network, but part of the investment will also be available to projects on Terra, which are now forced to migrate to other networks. Investments will help to make the choice in favor of Solana for the management of such projects.
“The project developers didn’t do anything wrong, but now they are left with nothing,” states Johnny B. Lee, director of blockchain games at the Solana Foundation.
Multiplayer video entertainment is extremely popular in South Korea, so it’s no surprise that blockchain games are experiencing a significant increase in sales here. At the same time, many publishers and the gaming community do not see the benefit of NFTs for video games. However, as Jonny Lee pointed out, this is how “the adoption and innovation cycles in the gaming industry work.”
At the beginning of June, Solana’s network went down again for several hours. However, later the developers reported that they had found a bug that caused the network to turn off and fixed it.
Source: Bits
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