A few top-tier names across the blockchain sector have reportedly teamed up to introduce a new investment fund, primarily supporting Web 3 gaming – alternatively referred to as GameFi. 

Specifically, Solana Ventures, Lightspeed Venture Partners, and derivatives exchange FTX have collaboratively disclosed details of their joint project – a $100 million GameFi ecosystem fund. 

The freshly rolled out fund could be the key to unlocking doors to a sector with various potential opportunities, which allows crypto and blockchain to merge with the traditional gaming sphere. 

Lightspeed Venture Partners executive Amy Wu reportedly viewed gaming as a field of major opportunities for “bringing the next billion users to Web 3” – a broad concept used to talk about a more decentralized internet.

Lightspeed has already committed more than $300 million of investment into late-stage gaming and cryptocurrency firms, including Epic Games, Wintermute, FTX, and Offchain Labs.

Regardless of variations in estimation, the gaming market across the globe is believed to have made more than $100 billion in profit every year – a figure with expectations to exceed the $200 billion benchmark in the next two years, per gaming data provider Newzoo.

The integration of blockchain and crypto is being gradually carried out with the gaming sphere, establishing new user experiences and forms of monetization.

This intersection has consequently helped GameFi – a broad term used to mention the financialization of gaming via DeFi and non-fungible tokens – grow.

“If it becomes even a fraction as meaningful as our offline lives, it’s incredibly valuable. Hence why Web 2 companies like Meta and native Web 3companies alike are trying to build this. People spend hours a day in games like Fornite and Roblox, so I believe the metaverse will be born out of a social game.” Amy Wu further shared her remarks, regarding the recent rise of what is called a “metaverse”.