- The DAO considers its milestone-based funding an essential financing mechanism.
- $100 million will be dispersed at a pace of $20 million per year over the next five years.
Game7, a Web3 gaming DAO, launched a grant programme with a $100 million allocation. Funding such as this is intended to encourage developers to improve and expand the infrastructure necessary for Web3 gaming.
According to a recent tweet from crypto and blockchain analyst WuBlockchain. The DAO plans to enhance smart contract standards, tools, interoperable wallets, and scaling solutions. To promote the widespread use of Web3 games throughout the world.
Essential Financing Mechanism
Game7 is a San Francisco-based DAO backed by the BitDAO and Forte communities. Due to the bearish market, and economic depression, the blockchain gaming businesses really need this in the current conditions.
The Game7 has allocated the whole $100 million to be dispersed at a pace of $20 million per year over the next five years to fund initiatives in the areas of technology, events, diversity, education, and research.
In addition, the DAO considers its milestone-based funding an essential financing mechanism for the Web3 gaming and metaverse ecosystem since it is founded on the principle that such infrastructures should be publicly available, open-source, and interoperable.
Furthermore, Game7 has received a $500 million investment from BitDAO and Forte. Together, Game7, BitDAO, and Forte will establish guidelines for the gaming industry and determine how the monies will be allocated.
Moreover, Game7 polled one hundred creators of Web3 games and found that chain election, wallet custody, and sustainability are among the most pressing concerns. Projects that are working on potential solutions to these issues will get funding as part of this initiative.
At now, the cross-chain funding programme is compatible with games developed for the Polygon, Solana, Immutable, and Arbitrum ecosystems; support for other blockchains is planned over the following months.
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