Web3 DAO Game7 Releases $100M Grant Program to Boost Web3 Game Development

Game7, a Web3 gaming DAO, has launched a $100 million grant program to help game developers create the tools required to make Web3 gaming better and more accessible.

Nov 28, 2022
by Anvi Saini
Web3 DAO Game7 Releases $100M Grant Program to Boost Web3 Game Development

The $100 million grant will be spread out over the next five years at a rate of $20 million per year. It will go to projects in technology, events, diversity, education, and research. 

Essentially, Game7 believes that the infrastructures for Web3 gaming and metaverses should be public, open-source, and compatible, and its milestone-based grants are a key way for the ecosystem to generate revenue.

How Does Game7 DAO Plan to Use the Funds?

The Game7 DAO will allocate the funds to facilitate projects that drive innovation across the entire blockchain gaming tech stack. Particularly, its events' grants aid community members around the world to host online and in-person events such as conferences and workshops aimed toward advancing Web3 gaming.

Likewise, the education grant funds ongoing initiatives as well as one-off projects that advance the understanding of blockchain engineering and game development topics. 

These grants are intended for builders, whereas research grants go to projects that address the entire gaming ecosystem, from player incentives and game economy governance to developer revenue streams.

Moreover, BitDAO and Forte have pledged $500 million to Game7's coffers. Overall, Game7 will help define gaming standards and decide how the funds will be distributed along with BitDAO and Forte.

Game7 core contributor Ronen Kirsh said

“Improving smart contract standards, tooling, interoperable wallets, and scaling solutions will be crucial on the path to global adoption of Web3 games. We have allocated 20% of our committed treasury to fund each of these crucial components so the gaming industry can focus on building sustainable game economies.”

In addition to the initial funding, the team stated that developers will have access to technical support, mentoring, and early Game7 initiatives. The DAO, or decentralized autonomous organization, claims to be chain agnostic and will accept applications from any blockchain network. While award amounts were not disclosed, Game7 stated in a list of frequently asked questions that "applicants should not view grants as a substitute for venture funding."

Furthermore, upfront payments are only made "in exceptional cases," and the majority of payments are only made contingent on the completion of specific project milestones. Developers must also pass know-your-customer checks, sign a contract, and apply using digital wallets. Developers, on the other hand, are not bound by any exclusivity agreements and are free to apply for other grants or venture capital funding. Game7 estimates that the due diligence process will take four to six weeks after submission before a decision is issued.

The cross-chain grants program supports games on the Polygon, Solana, Immutable, and Arbitrum ecosystems, with the addition of more blockchains in the coming months. 

Notably, the Game7 Grants Portal is now accepting grant applications from Web3 game developers.

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