Blockchain gaming accelerator Game7 says it will give $100 million in open-source technology grants to upcoming Web3 startups. Game7 said in its Nov. 28 announcement that the funds will go to support individuals and entities building blockchain games, smart contracts, core software infrastructures and community tooling. The grants will be paid in USD Coin (USDC).
What's first?— Game7 (@G7_DAO) November 28, 2022
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
Beyond the initial funding, the team said that developers will also gain access to tech support, mentoring and early Game7 initiatives. The decentralized autonomous organization, or DAO, claims it is chain agnostic and will support applications from any blockchain network.
While award amounts have not been disclosed, Game7 said in a list of frequently asked questions that "applicants should not view grants as a substitute for venture funding."
In addition, upfront payments are only awarded "in exceptional cases," and most payments will only be issued contingent on the completion of certain project milestones. Developers must also undergo Know Your Customer checks, sign a contract and apply with their digital wallets. However, developers are not bound by any exclusivity agreements and can also apply for other grants or VC funding. Game7 estimates that applications will receive about four to six weeks of due diligence before a decision is issued.
Game7 was created in November 2021 as part of a $500 million blockchain ecosystem accelerator backed by BitDAO. Most of the funding came from its namesake decentralized treasury, although Forte, Mirana Ventures, Warner Music Group, Aleo, Avalanche, Interchain Foundation, Off-chain Labs, OP Games, Polygon Studios, Solana Ventures and now-defunct Alameda Research also participated in the seed round.