Game7 is an upcoming $500 million blockchain ecosystem acceleration decentralized autonomous organization, or DAO, with the purpose of onboarding gamers throughout the world to the blockchain ecosystem, according to a statement acquired by Cointelegraph.
In addition to BitDAO and Forte, the idea has the support of Mirana Ventures and Warner Music Group.
Others that have backed the plan include Interchain Foundation, Offchain Labs, OP Games and Polygon Studios as well as a number of venture capital firms. Magnus and Forte Labs, on the other hand, campaigned for its establishment.
Lots of money for the plan
Forte and BitDAO will invest $100 million in fiat and crypto assets, with BitDAO investing $400 million in crypto assets such as Ether (ETH) and Tether (USDT). Over the course of five years, the cash will be disbursed.
At the outset, 15% of the funds will be allocated toward scholarships that will support blockchain game research and development as well as tools and regulatory compliance.
Around 5% of the funds will be used to educate developers on how to build token economies. Finally, the funds will be distributed directly to game companies and DAOs to the tune of 80%.
BitDAO will retain the majority of intellectual property ownership rights under the proposed distribution, while community partners will be granted the majority of governance authority.
Billions in assets
For blockchain gaming, Forte develops secure economic technology. With billions of dollars in assets, BitDAO is one of the world’s largest decentralized treasuries.
In response to the development, Brian Lee, a partner at Alameda Research, a quantitative trading business involved in the initiative, said:
“We are thrilled to be a member of Game7.io and to partner with Forte, the leading token-based gaming infrastructure, BitDAO, and Mirana Ventures to help incredible game developers and encourage the uptake of blockchain-based games in the gaming community.”
Image courtesy of Cointelegraph News/YouTube
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