Categories: Gaming

Moonbeam rolls out $13M fund for Web3 gaming growth

Moonbeam rolls out $13M fund for Web3 gaming growth

Moonbeam Network, a popular platform for Web3 smart contracts, has recently started a significant funding campaign worth $13 million. The overall goal of this move is to jump-start the growth and advancement of its ecosystem, with a particular focus on gaming and tokenization of real-world assets (RWAs). This funding round is part of Moonbeam’s ongoing program called “Moonrise,” designed to position the project as an effective platform for integrating Web3 networks like Polkadot and Ethereum.

The fund allocation includes $10 million for innovation, $1.5 million for Moonbeam ecosystem grants, and $1.5 million in grants for Moonriver, an affiliated network. The key purpose of the innovation fund is to bring new gaming applications onto the Moonbeam blockchain to increase participation and engagement from gamers.

The first to benefit from the innovation fund is N3MUS, a ground-breaking firm that blends conventional video games with decentralized blockchain. Sicco Naets, who leads Ecosystem Development at the Moonbeam Foundation, stated that this is to show that Moonbeam is ready to help developers and reduce the many obstacles that developers face when integrating blockchain into their projects.

Neal Peterson, the CEO of N3MUS, expressed high expectations for the partnership and added that this is a big achievement for N3MUS. The goal of this partnership is to close the gap between the standard gaming industry and decentralization aided by blockchain networks. 

This means that besides partnering with Moonbeam, N3MUS will be hosting events that enable them to penetrate deep into the organization and market their gaming portfolios. Moreover, Moonbeam plans to introduce not only N3MUS but also other fund recipients to venture capitalists to open the possibility of future investment cooperation.

In addition to the expansion of the innovation fund, Moonbeam is developing its ecosystem generally by providing subsidies to contribute to various projects on its parachain and the recently launched canary network, Moonriver. The initial round of these ecosystem grants will allocate 4.5 million GLMR, equivalent to around $1.5 million, among four important initiatives: StellaSwap DEX, Moonwell Lending Protocol, cross-chain interaction via Prime Protocol, and Beamswap. These protocols are set to begin their incentive programs on June 14th.

In addition, the proposals are to enhance the DeFi activities at the Moonriver canary network, with the issuance of a huge grant of 113,618 MOVR, which translates to around 1,5 million US dollars. This funding will be devoted to assisting DeFi projects, including Beamswap and Moonwell, and amplify the provision of liquidity within these platforms. However, this proposal is still under assessment and is still waiting for the authorization to begin functioning.

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Overall, Moonbeam’s strategic funding project is a well-rounded and effective attempt at encouraging innovation and progress in the community. It focuses on gaming and blockchain integration while offering support to multiple Decentralized Finance (DeFi) projects.

Harsh Chauhan: Harsh Chauhan is an experienced crypto journalist and editor at CryptoNewsZ. He was formerly an editor at various industries and has written extensively about Crypto, Blockchain, Web3, NFT and AI. Harsh holds a Bachelor of Business Administration degree with a focus on Marketing and a certification from the Blockchain Foundation Program. Through his writings, he hold the pulse of rapidly evolving crypto landscape, delivering timely updates and thought-provoking analysis. His commitment to providing value to readers is evident in every piece of content produced.