Crypto

$ 500 Million Blockchain Gaming Proposal Game7 to Launch Supported by Industry Veterans – Le Grand Plateau

As noted in a prepared statement obtained by Cointelegraph, Game7 is an upcoming $ 500 million autonomous blockchain ecosystem acceleration organization, or DAO, with the goal of bringing gamers around the world to the blockchain ecosystem. Entities supporting the proposal include BitDAO, Forte, Alameda Research, Mirana Ventures, Warner Music Group, Aleo, Avalanche, Interchain Foundation, Offchain Labs, OP Games, Polygon Studios, and Solana Ventures. Meanwhile, Forte Labs and Magnus came up with their creation.

1 / BIP-5 has passed! @ Game7_Officiel will be established by a diverse group of gaming industry and technology veterans, and will help create a future where blockchain and gaming come together. https://t.co/dZxqjMwpIk pic.twitter.com/Nxd5L4fgyD

– BitDAO (@BitDAO_Official) November 16, 2021

Together, Forte will commit $ 100 million in fiat money and crypto, while BitDAO will commit $ 400 million in crypto assets for its treasury, such as Ether (ETH) and Tether (USDT). The funds will be released over a period of five years.

First, 15% of the funds will be allocated to grants that promote research, development, tools, and regulatory compliance for new blockchain games. Then 5% of the funds will be used to educate developers on creating token savings. Finally, 80% of the funds will be donated directly to game studios and DAO. In the distribution proposal, BitDAO will retain the majority of the ownership rights regarding the intellectual property, while the majority of the governance rights will be assigned to the community partners.

Forte is building secure enterprise technology for blockchain games. As for BitDAO, it is one of the largest decentralized treasuries in the world, with billions of dollars in assets. Brian Lee, Partner at Alameda Research, a quantitative trading firm involved in the business, commented on the development as follows:

The game has become one of our biggest investments this year and we are excited to be a part of Game7.io and to work with Forte, the token-based gaming infrastructure, BitDAO and Mirana Ventures, to help developers. Amazing games and accelerate adoption of blockchain-based games.

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