Game7 allocates $100 million in open source technology grants for Web 3.0 game companies

"We seek to help teams build innovative open source infrastructure that can accelerate the blockchain game space and foster collaboration", wrote Game7 in its FAQ.

On November 28, blockchain game accelerator Game7 announced that it would award $100 million in open source technology grants to future Web 3.0 startups. As reported by Game7, the distros will help individuals and entities build blockchain games, smart contracts, basic software infrastructure, and community tools. Grants will be paid in USD Coin (USDC).

Which is the first?

Grants for open source technologies are the first to be launched. We will support individuals, DAOs and businesses working on:

Game development toolsSmart contracts and standardsCore infrastructureCommunity tools

Beyond initial funding, the team said developers will also have access to technical support, mentorship, and early Game7 initiatives. The Decentralized Autonomous Organization, or DAO, claims that it is chain-agnostic and will support applications from any blockchain network. Although the grant amounts were not disclosed, in a list of frequently asked questions, Game7 explained that "applicants should not consider grants as a substitute for venture capital funding".

In addition, initial payments are only granted "in exceptional cases", and most payments will only be issued based on the completion of certain project milestones. Developers must also undergo know-your-customer verifications, sign a contract, and apply with their digital wallets. However, developers are not bound by any exclusivity agreements and may apply for other VC grants or funding as well. Game7 estimates that after submission, its due diligence process will take four to six weeks before a decision is made.

Game7