Solana Labs says less than half of its $250 million gaming and social media funds are in use this year. The platform has saved its investments due to the interest of well-capitalized venture funds.
According to The Block, Anatoly Yakovenko, CEO of Solana Labs, said in an interview at this year’s Breakpoint in Lisbon that Solana Labs’ $250 million crypto game and social fund over the past year has only been partially used with focus are small seed round investments.
Solana’s flagship gaming and social media funds have been only partially deployedhttps://t.co/XgUblYApt6
— The Block (@TheBlock__) November 26, 2022
The focus is on small seed rounds, where social media funds have deployed “under half” to date. Current social media services include Dispatch, Squad, Dialect, and Wordcell, and 37 games that are live or ready to go.
Anatoly Yakovenko shared that the platform was able to save its investments due to the interest of well-capitalized venture funds.
Anatoly Yakovenko, CEO Solana Labs
Earlier at Breakpoint 2021, Solana Labs announced two flagship funds: a $100 million fund focused on decentralizing social media and a $150 million fund to incentivize blockchain-based gaming.
The social media fund is partnering with Reddit co-founder Alexis Ohanian, while the game fund is partnering with blockchain gaming startup Forte and venture capital firm Griffin Gaming Partners, and is expected to fully implemented within 18 months.