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Game7 allocates $100M in open-source technology grants for Web 3.0 gaming companies

On November 28, blockchain gaming accelerator Game7 announced that it will allocate $100 million in open-source know-how grants to imminent Internet 3.0 startups. As informed by the Game7, distributions will help people and entities constructing blockchain video games, good contracts, core software program infrastructures, and group tooling. The grants will probably be paid in USD Coin (USDC).

Past the preliminary funding, the crew stated builders will even acquire entry to tech help, mentoring, and early Game7 initiatives. The decentralized autonomous group, or DAO, claims it’s chain agnostic and can help purposes from any blockchain community. Whereas award quantities haven’t been disclosed, in a listing of continuously requested questions, Game7 defined that “candidates shouldn’t view grants as an alternative choice to enterprise funding.”

As well as, upfront funds are solely awarded “in distinctive instances,” and most funds will solely be issued contingent on the completion of sure undertaking milestones. Builders should additionally endure know-your-customer checks, signal a contract, and apply with their digital wallets. Nevertheless, builders usually are not sure by any exclusivity agreements and may also apply for different grants or VC funding. Game7 estimates that after submission, its due diligence course of will take 4 to 6 weeks earlier than a call is issued.

Game7 was created on November 18, 2021, as a part of a $500 million blockchain ecosystem accelerator backed by BitDAO. A lot of the funding got here from its namesake decentralized treasury. On the identical time, Forte, Mirana Ventures, Warner Music Group, Aleo, Avalanche, Interchain Basis, Off-chain Labs, OP Video games, Polygon Studios, Solana Ventures, and now defunct Alameda Analysis additionally participated within the seed spherical. 

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