Solana Ventures Funds $150M Web3 Initiative With Forte, Griffin Gaming

This is Solana’s second gaming-focused investment after joining forces with FTX and Lightspeed Venture Partners last month to create a $100 million Web3 gaming investment initiative

article-image

Blockworks exclusive art by Axel Rangel

share

key takeaways

  • Forte is a platform where game developers, players and communities can integrate blockchain technologies into their games
  • Griffin Gaming Partners is a venture capital firm that has invested over $400 million in 26 companies, including Forte and the instant messaging platform Discord

Solana Ventures launched a $150 million Web3 gaming fund initiative in a partnership with the gaming-focused blockchain platform, Forte and Griffin Gaming Partners, the companies shared Tuesday.

Solana Ventures is the strategic investment arm of Solana Labs, which is home to a blockchain ecosystem of over 400 projects across crypto areas including DeFi, NFTs and Web3. 

This initiative is Solana’s second gaming-focused investment. At the beginning of November, Solana also joined forces with FTX and Lightspeed Venture Partners to create a $100 million Web3 gaming investment initiative, Blockworks previously reported

Solana did not respond to requests for additional comment by Blockworks on the new initiative.

Forte is a platform where game developers, players and communities can integrate blockchain technologies like minting and selling non-fungible tokens, payment rails and other services for blockchain token economies into their games. 

“Blockchain is enabling publishers to engage with their player bases in innovative ways,” Forte Co-founder and CEO Josh Williams said in a statement. “Where game developers once had to continuously create new content for players to consume as one-time purchases, with the advent of NFTs and other blockchain technologies, game developers can now offer their audiences real property rights and create self-sustaining and thriving economies within their games.”

Forte’s platform currently works with over 40 game developers and has raised more than $900 million from a handful of investors including Andreessen Horowitz (a16z), Animoca Brands, Warner Music Group, Cosmos, Polygon Studios and Tiger Global. Last month, it closed its Series B which added $725 million of capital from Sea Capital and Kora Management, Blockworks reported

Separately, Griffin Gaming Partners is a venture capital firm that has invested over $400 million in 26 companies, including Forte and the instant messaging platform Discord. 

“Griffin is excited to continue to partner closely with Forte and Solana to help move the blockchain gaming ecosystem forward with a focus on the right technology, quality game-play, and long-term value,” Nick Tuosto, co-founder of Griffin Gaming Partners, said in the release.


Get the day’s top crypto news and insights delivered to your inbox every evening. Subscribe to Blockworks’ free newsletter now.


Tags

Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

Mon - Wed, March 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Research report - cover graphics (1).jpg

Research

In this report, we dive into crypto private market data to gather insights on where the future of the industry is headed. Despite a notable downturn in private raises, capital continues to infuse promising projects that aim to transform payments, banking, consumer experiences, community, and more, with 2023 being the fourth-largest year for crypto venture capital.

article-image

The results mark “a major positive inflection point,” one analyst says, as the exchange carries net income momentum into a crypto rally

article-image

While the slate of 10 US spot bitcoin funds have tallied $4.6 billion of net inflows thus far, half of the field is lagging the leaders

article-image

Trading volumes totalled $154 billion in Q4, including $125 billion in institutional volume

article-image

DeFi on Bitcoin is all the rage right now and Stacks is positioned to benefit

article-image

The Boston Globe reports that lawyer John Deaton is weighing a possible bid

article-image

Ethereum’s Dencun upgrade will enable Uniswap v4 to optimize smart contracts for complex functionality