Game7 – the anticipated $500 million blockchain ecosystem acceleration decentralized autonomous organization (DAO) – is reportedly going online, with a target of onboarding gamers globally to the blockchain.
Specifically, the upcoming Game7 will reportedly receive the support from a variety of names across different sectors, nominally BitDAO, Forte, Alameda Research, Mirana Ventures, Warner Music Group, Aleo, Avalanche, Interchain Foundation, Offchain Labs, OP Games, Polygon Studios, and Solana Ventures.
Forte Labs and Magnus were reportedly the entities responsible for putting up the proposal for its creation, while the large part of the fund is contributed by BitDAO – among the top developing decentralized treasuries across the globe.
“1/ BIP-5 has passed! @Game7_Official will be established by a diverse group of gaming and technology industry veterans, and will help create a future where blockchain and gaming unites! https://t.co/dZxqjMwpIk pic.twitter.com/Nxd5L4fgyD”.
Collaboratively, Forte will be dedicating $100 million in fiat and crypto, while the figure would be four-fold equivalent of crypto assets, nominally Ether (ETH) and Tether (USDT), in its treasury for BitDAO.
The release of the funds will be finalized within a period of five years.
First, 15% of the funds will be channeled towards offering grants promoting the research, development, tooling and regulatory compliance of novel blockchain games.
The next 5% will be utilized for supporting the education for developers on designing token economies. Finally, 80% of the funds will be granted straight to game studios and DAOs.
“Gaming has become one of our main investment focuses this year and we are very excited to be part of Game7.io and work with Forte, the go-to token-based gaming infrastructure, BitDAO and Mirana Ventures, to back incredible game developers and accelerate blockchain-based game adoption.” Brian Lee, a partner at Alameda Research, shared his remarks regarding the development.