Game7 allocates $100M in open-source technology grants for Web 3.0 gaming companies
On November 28, blockchain gaming accelerator Game7 announced that it would allocate $100 million in open-source technology grants to upcoming Web 3.0 startups. As told by the Game7, distributions will support individuals and entities building blockchain games, smart contracts, core software infrastructures, and community tooling. The grants will be paid in USD Coin (USDC).
What's first?Open source technology grants are the first to launch - and we'll be supporting individuals, DAOs, and companies working on: Game development tooling Smart contracts and standards Core infrastructure Community tooling
— Game7 (@G7_DAO) November 28, 2022Beyond the initial funding, the team said developers will also gain access to tech support, mentoring, and early Game7 initiatives. The decentralized autonomous organization, or DAO, claims it is chain agnostic and will support applications from any blockchain network. While award amounts have not been disclosed, in a list of frequently asked questions, Game7 explained that "applicants should not view grants as a substitute for venture funding."
In addition, upfront payments are only awarded "in exceptional cases," and most payments will only be issued contingent on the completion of certain project milestones. Developers must also undergo know-your-customer checks, sign a contract, and apply with their digital wallets. However, developers are not bound by any exclusivity agreements and can also apply for other grants or VC funding. Game7 estimates that after submission, its due diligence process will take four to six weeks before a decision is issued.
Game7 was created on November 18, 2021, as part of a $500 million blockchain ecosystem accelerator backed by BitDAO. Most of the funding came from its namesake decentralized treasury. At the same time, Forte, Mirana Ventures, Warner Music Group, Aleo, Avalanche, Interchain Foundation, Off-chain Labs, OP Games, Polygon Studios, Solana Ventures, and now defunct Alameda Research also participated in the seed round.