Blockchain gaming accelerator Game7 has announced it will input $100m into open-source technology grants for Web 3.0 start-ups.
The grants will be paid in USD Coin (USDC) with funds supporting individuals and entities in their aim to build smart contracts, blockchain games, community tooling and core software infrastructures.
“We're looking to support teams building innovative open-source infrastructure that can accelerate the blockchain gaming space and foster collaboration”, a statement from Game7 said.
Aside from the benefits of the funded grants, developers will also gain access to tech support, mentoring and early Game7 initiatives.
The company took to Twitter to announce its mission. “We're putting Web3 gaming into hyperdrive by funding promising builders and projects that are focused on: Technology, Events, Diversity, Education and Research”, the post read.
Game7 stated that its Decentralized Autonomous Organization (DAO) is chain agnostic and supports applications from a variety of blockchain networks.
Although the grants will be distributed between developers, the amount has yet to be disclosed. The company explained that grants should not be seen “as a substitute for venture funding”.
The payments will mainly be issued on completion of a particular project, only “in exceptional cases” will payment be made upfront.
Developers are required to sign contracts, undergo know-your-customer (KYC) checks and apply with their digital wallets.