Sonic SVM and Galaxy Interactive have launched a new fund that will boost Web3 gaming and other new crypto sectors. The announcement follows the growing interest in artificial intelligence (AI) agents lately.
According to Sonic, a layer-2 network on the Solana blockchain, the fund known as G.A.M.E. Fund 1 will help boost innovations in AI Agents and Web3 games. The G.A.M.E. acronym stands for games, AI, meme, and ecosystem.
According to the announcement, each project will receive up to $1 million worth of support from the fund and there’s no cap on the number of accelerator participants. The fund will also provide user acquisition, technical, marketing and infrastructure support and inclusion into Sonic’s TikTok Applayer, which boasts over 2 million users.
Sam Englebardt, Galaxy Interactive’s general partner, noted that the fund is the firm’s way of supporting projects using AI and social media in new ways to build the future of interactive entertainment. The fund also announced its investment in Gomble Games, a project backed by Animoca Brands and Binance Labs, aiming to transform traditional Web2 games into Web3.
It’s the fund’s first investment in a Web3 gaming project. Gomble Games stated that it was the most downloaded mobile game app in South Korea in 2023, surpassing 110 million users with 230 games.
The Sonic announcement comes twenty-four hours after its native token’s (SONIC) generation event, during which the token hit a market cap of $442 million in less than a day of launch, according to CoinGecko data. Interested project teams can check out the Sonic website on the process to receive funding and technical support.
SONIC’s Peak Market Cap. | Source: CoinGecko
Meanwhile, Sonic SVM CEO Chris Zhu said that the future of gaming would depend on the integration between AI, social connectivity and high-performance infrastructure. He added that AI Agents which can interact between multiple social media platforms such as TikTok and X, will have the largest growth potential.
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