Based on a prepared statement, Game7 is a budding $500 million blockchain ecosystem. The decentralized autonomous organization (DAO) is designed with an aim of onboarding gamers globally to the blockchain network. Most of the funding is expected to originate from BitDAO, which is one of the fastest budding decentralized treasuries worldwide.
Apart from BitDAO, other entities that are backing the Game7 project include Avalanche, Interchain Foundation, Forte, Alameda Research, OP Games, Polygon Studios, Mirana Ventures, Warner Music Group, Offchain Labs, Solana Ventures, and Aleo. In the meantime, it is worth noting that Magnus and Forte Labs proposed the creation of this project.
1/ BIP-5 has passed! @Game7_Official will be established by a diverse group of gaming and technology industry veterans, and will help create a future where blockchain and gaming unites! https://t.co/dZxqjMwpIk pic.twitter.com/Nxd5L4fgyD
— BitDAO (@BitDAO_Official) November 16, 2021
Forte confirmed that it would commit $100 million in fiat and crypto and BitDAO will avail $400 million worth of cryptocurrency assets in its treasury. Some of the cryptos that will be made available include Tether (USDT) and Ether (ETH). The companies said that these funds will be released over the next five years.
For starters, 15% of these funds will be channeled towards grants to promote the development, research, tooling, and regulatory compliance of various blockchain games. The next 5% of these funds will come in handy when educating the developers on building functional token economies.Buy Crypto Now
The remaining 80% will be used directly in the DAOs and game studios. Looking at the Game7 distribution proposal, BitDAO is expected to retain most of the ownership rights about intellectual property. On the other hand, most of the governance rights will be held by the community partners.
Notable Game7 Partners
Forte is known for the creation of secure economic technology for blockchain games. In the case of BitDAO, it is ranked among the biggest decentralized treasuries globally, with billions of dollars in assets. One partner at Alameda Research, Brian Lee, said the following with regards to the development of the game:
“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.”