KEY POINTS
Smart contract platform Moonbeam has revealed the launch of “The Innovation Fund,” a $13 million funding initiative designed to bolster the advancement of Web3 games, real-world assets, and projects in other key areas.
Sicco Naets, the Head of Ecosystem Development at the Moonbeam Foundation, emphasized, “The Innovation Fund showcases Moonbeam’s commitment to supporting developers who are focusing on reducing user friction with modern blockchain technology.”
The first beneficiary of this funding is N3MUS, which aims to build a gaming-centric ecosystem around Moonbeam, blending traditional gaming with blockchain technology to bring Web3 gaming to wider audiences.
Neal Peters, CEO of N3MUS, stated, “We are honored to be the first investment by the Moonbeam Innovation Fund. This partnership marks a significant milestone for N3MUS as we strive to bridge the gap between traditional gaming and blockchain technology.”
Recipients of the Innovation Fund will also gain access to Moonbeam’s Venture Capital network, which includes Arrington Capital, CoinFund, and Metazero Capital, offering further investment opportunities.
The Innovation Fund joins other akin funding initiatives aimed at broadening Web3 development and adoption. Last year, the South Korean government introduced a metaverse fund to facilitate Web3 expansion and aid companies in the space. Similarly, Google Cloud launched a Web3-specific program to support startups and projects.
