As stated in a prepared statement from Cointelegraph, Game7 To be a decentralized autonomous organization accelerating the upcoming $ 500 million blockchain ecosystem (DAO) with the aim of getting gamers worldwide to participate in the blockchain ecosystem. Companies supporting the proposal include BitDAO, Forte, Alameda Research, Mirana Ventures, Warner Audio Group, Aleo, Avalanche, Interchain Foundation, Offchain Labs, OP Game Titles, Polygon Studios, and Solana Ventures. Forte Labs and Magnus have now proposed its creation.
1 / BIP-5 passed! @ Videogame7_Formal is founded by a diverse group of tech and game industry veterans and will help create a future where blockchain and games merge! https://t.co/dZxqjMwpIk pic.twitter.com/Nxd5L4fgyD
– BitDAO (@BitDAO_Formal) November 16, 2021
Together, Forte will pledge $ 100 million in fiat and crypto, while BitDAO will provide crypto assets worth $ 400 million in its coffers such as Ether (ETH) and Tether (USDT). The funds will be released over a period of 5 years.
First, 15% of the funding goes to grants that support research, development, tooling, and regulatory compliance for new blockchain games. Next, 5% of the funds will be used to train developers in building a token economy. Ultimately, 80% of the money goes directly to game studios and DAOs. In the distribution proposal, BitDAO retains the majority of intellectual property ownership, while most of the administrative rights rest with the community partners.
Forte builds secure economic technology for blockchain games. BitDAO is one of the largest decentralized treasuries in the world, with multi-billion dollar assets. Brian Lee, partner at Alameda Research, a quantitative trading company involved in the company, commented on the development as follows:
Gaming has been a major focus of our investment this year and we are excited to be part of Sport7.io, working with Forte, the token-based gaming infrastructure press, BitDAO and Mirana Ventures to support incredible game developers and accelerate blockchain-based game adoption.