Proposal Passes for Creation of $500M Blockchain Gaming Organization in Partnership With BitDAO and Forte
Game7 will accelerate the adoption of blockchain technology in the $180B gaming industry.
Ronen Kirsh from Forte Labs and Jon Allen from Magnus Ventures, in association with multiple gaming industry and technology veterans, successfully proposed the creation of Game7 — an initiative led by community partners including BitDAO, Forte, Alameda Research, and Mirana Ventures. Additional organizational partners include: Warner Music Group, Aleo, Avalanche, Interchain Foundation, Offchain Labs, OP Games, Polygon Studios, and Solana Ventures.
Game7's goal is to accelerate the adoption of blockchain technology within the gaming industry through a $100M grants program, and by investing in blockchain gaming initiatives.
Gaming has grown to a $180B industry annually — more than the film and music industries combined. Gaming communities have become an essential part of the overall entertainment experience. Despite large investments of time and money into the games they play, gaming communities never truly own the items, characters, or achievements they earn. Blockchain and Web3 technology will fundamentally transform the gaming industry by providing more transparent and equitable economic and social systems for all participants, and allow them to have true asset ownership and portability of the virtual goods they purchase.
Additional individual support includes: Aron Beierschmitt, BoredElonMusk, DeFi Vader, Gmoney, and Jerome Collin.
Brian Lee, a Partner at Alameda Research commented, "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."
Steven Goldfeder, Co-founder and CEO, Offchain Labs said, "As we think about the future of gaming on Arbitrum, we're incredibly excited to partner with and support Game7 to fuel the development of scalable and self-sovereign blockchain based games."
Interchain Foundation, "Community-driven initiatives are so important to the success of open source and decentralized technologies. From a technical perspective, Game7 is in a great position to enable the success of scalable, sovereign, and interoperable blockchain systems for the gaming industry. Game 7's mission is to enable the most innovative publishers and studios to build great blockchain games that open up new ways for the players to interact and transact in a way that tangibly benefits those players; we are thrilled to support this mission."
In under one year, BitDAO has become one of the largest decentralized treasuries in the world with billions in assets. Leveraging a tokenized governance system, BitDAO continues to display and execute on its open mandate to foster technologies that present entirely new ways for people to work, engage, and transact together. BitDAO's mission is to support builders of the decentralized economy and showcase the potential of DAOs.
A primary activity of the BitDAO ecosystem is to partner with "autonomous entities" (AEs), like Game7, that are funded in part by the BitDAO treasury. These AEs consist of independent governance systems, and create aligned economic links back to the treasury itself, enabling the viral growth of more value producing AEs.
Forte is building economic technology for games that is secure, easy to use, and provides a great player experience. Its end-to-end blockchain platform enables the emergence of community economics, a system where the interests of game developers, players, and greater game communities are aligned, leading to healthier, sustainable game communities. The team is composed of longtime industry members (Unity, ngmoco, Riot Games, Electronic Arts, Sony, and Rockstar Games, among others), and is currently working with over 30 acclaimed game developers from across the globe to reimagine the economics of games.
Mirana manages billions in digital assets with a broad mandate for all things crypto related including: equity, token, and fund investments; liquidity support, and other asset management strategies.
Alameda Research was founded in October 2017. Alameda manages over $5 billion in digital assets and trades over $10 billion per day across thousands of products: all major coins and altcoins, as well as their derivatives. Alameda has a full-scale global operation with the ability to trade on all major exchanges and markets.