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

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.