In Brief:
- Crypto-industry experts will establish Game7, a $500 Million joint venture .
- The goal of the venture is to unite gamers worldwide with the blockchain ecosystem.
- Forte Labs, and Magnus proposed the creation of this “blockchain-gaming joint”.
- BitDAO, the largest decentralized treasuries in the world, will keep the majority of the ownership rights.
Industry veterans are proposing to establish Game7, an upcoming $500 million blockchain ecosystem acceleration decentralized autonomous organization (DAO), as per the official proposal. The venture is taken up with the goal of getting the gamers worldwide together onto the blockchain ecosystem.
The press release read, “Game7 will set ambitious returns and social impact metrics, measure itself against quantifiable results and emphasize community participation. We will bring together the global gaming community and lead the transition from the current status quo to a new, prosperous meta-world”.
Industry experts 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.
At the same time, it was Forte Labs, and Magnus who proposed the creation of this “blockchain-gaming joint”.
Together, Forte will commit $100 million in fiat and crypto whereas BitDAO will commit $400 million worth of crypto assets like Ether (ETH) and Tether (USDT) in its funds. The funds will be released eventually over a period of five years.
The first 15% of the funds will be reserved to grants promoting the research, development, tooling and regulatory compliance of new blockchain games. Next, 5% of the chunk will be used to educate developers on building token economies. Lastly, 80% of the funds will be given directly to game studios and DAOs.
Also, in the distribution proposal, BitDAO will keep the majority of ownership rights, specifically the “intellectual property”. As for the other community partners, they’ll have most of the governance rights.
“Our vision for an interoperable metaverse and gaming economy is expansive. We believe that Game7 can only fulfill its mission if it is supported by multiple stakeholders who believe in interoperability, collaboration, and altruistic values to advance the blockchain gaming ecosystem.”
Forte builds secure economic technology for blockchain games. Speaking of which, recently, Forte had raised $725 Million to lead in Blockchain Platform. As for BitDAO, it is one of the largest decentralized treasuries in the world, with billions of dollars in assets.
