Game7 Acquires $100M in Grants for GameFi

The blockchain gaming DAO Game7 has announced its plan to appropriate $100 million in grants to fund web3 game developers. The aim is to bring developers to the market quicker than they would without the grants as well as promote GameFi as a robust market sector.

What's first?

Open source technology grants are the first to launch - and we'll be supporting individuals, DAOs, and companies working on:

🎮 Game development tooling
📝 Smart contracts and standards
🛠 Core infrastructure
👥 Community tooling

— Game7 (@G7_DAO) November 28, 2022

Game7 makes payouts to GameFi development teams based on the completion of project milestones and other contract requirements being fulfilled on time. Game7 is also chain agnostic, accepting web3 gaming projects from any reputable blockchain. 

Moreover, development teams must adhere to strict guidelines for maintaining a relationship with the DAO such as performing know-your-customer (KYC) best practices and not treating the grants as though they were VC funding. Funds are paid out in USDC.

Game7 launched in November 2021. With an allocated $500 million – the vast majority of which came from BitDAO – the web3 gaming platform provides research, development, and education to game developers. The main initiative is to curate the building of quality token economies using open source software.

Game7 is a self-described “autonomous institution” with a treasury that is managed by its community. They have already partnered with such industry players as Avalanche, Polygon Studios, Solana Ventures, and Forte Labs for various web3 gaming initiatives.