On November 28, the Game7 blockchain game accelerator ad that would allocate $100 million in open source technology grants to upcoming Web 3.0 startups. As stated at Game7, the distributions will support individuals and entities building blockchain games, smart contracts, core software infrastructures, and community tools. Grants will be paid out 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, 2022
Beyond the seed funding, the team said that developers will also gain access to technical support, mentoring, and early initiatives from Game7. The decentralized autonomous organization, or DAO, claims it is chain-agnostic and will support applications on any blockchain network. While the prize amounts have not been disclosed, in a list of FAQs, Game7 explained that “applicants should not view grants as a substitute for venture funding.”
In addition, advance payments are only granted “in exceptional cases”, and most payments will only be issued based on the completion of certain project milestones. Promoters 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 may also apply for other grants or venture capital funding. Game7 estimates that, following the filing, its due diligence process will last 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 the now-defunct Alameda Research also participated in the seed round.
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