Game7 came online worldwide to the blockchain ecosystem.
It has been reported that entities backing the proposal include BitDAO, Forte, Alameda Research, Mirana Ventures, Warner Music Group, Aleo, Avalanche, Interchain Foundation, Offchain Labs, OP Games, Polygon Studios, and Solana Ventures. Meanwhile, Forte Labs and Magnus proposed its creation.
However, Forte will commit $100 million in fiat and crypto while BitDAO will commit $400 million worth of crypto assets in its treasury, such as Ether (ETH) and Tether (USDT).
The report said that the funds will be released over a period of five years. First, 15% of the funds will be allocated to grants promoting the research, development, tooling, and regulatory compliance of novel blockchain games. Next, 5% of funds will be used to educate developers on building token economies. Finally, 80% of the funds will be given directly to game studios and DAOs.
In the distribution proposal, BitDAO will retain the majority of ownership rights regarding intellectual property, while most of the governance rights will be given to community partners.
Likewise, Forte builds secure economic technology for blockchain games. As for BitDAO, it is one of the largest decentralized treasuries in the world, with billions of dollars in assets.
Thus, Brian Lee, a partner at Alameda Research, said:
“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.”