Just days ago, Game7 revealed that it would devote $100 million to provide open-source grants for Web 3.0 game developers.
The grants, given in USDC, will be allocated to respective parties developing blockchain gaming applications, fundamental software infrastructures, smart contracts, and community tools.
All You Need To Know About Game7
Developed in November 2021, Game7 exists as a component of a $500 million ecosystem funding committed by BitDAO and Forte. Game7 is on a mission to set standards, create sustainability, and fund open-source programs in the gaming industry.
According to the company, “Game7 is a bold attempt to create and gamify a community passionate about shaping the future of gaming by helping fund builders, empower educators, and support creators.” The Web 3.0 gaming company exists to speed up the integration and acceptance of gaming economies on blockchains.
Game7 Designates $100M As Funding For Web3 Games
Game7 has stated that all gaming companies on all blockchain platforms will be eligible for the $100 million grant.
Companies receiving these grants will enjoy access to mentoring, support, and some of the DAO’s initiatives. The Web 3.0 gaming accelerator has clarified that the grants should not be used as substitutes for venture funding. Perhaps, this is why the specific amounts to be awarded to each company has not been revealed.
To ensure transparency and fairness in allocating the $100 million, Game7 has disclosed that only a few, exceptional companies will receive upfront payments. Generally, the gaming companies would receive payment after finishing predetermined project milestones.
There are a couple of steps for a party or a company to go through to receive part of the $100 million grant. Game developers must go through certain “Know Your Customer” checks, enter into a contractual agreement, and sign up with their virtual wallets.
Due to the absence of an exclusivity clause in the contract, game developers can still seek out other grants or venture funding. It will take roughly four to six weeks to properly screen applications before Game7 decides on which parties partake in the grant. Web 3.0 gaming companies interested in Game7’s $100 million grant can apply here.