Polkadot parachain Moonbeam launches a $13M Web3 gaming fund Polkadot parachain Moonbeam launches a $13M Web3 gaming fund
N3MUS is the first recipient of Moonbeam's innovation fund and is tasked with developing a gaming-focused ecosystem on the network.
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Updated: Jun. 12, 2024 at 2:04 pm UTC
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Moonbeam Network, a Web3 smart contract platform, has launched a $13 million funding initiative to boost its ecosystem growth in key areas like gaming and real-world asset (RWA) tokenization.
The $13 million package consists of a $10 million innovation fund, $1.5 million in Moonbeam ecosystem grants, and $1.5 million in Moonriver grants.
Moonbeam said the funding marks the next phase of its Moonrise initiative, which aims to evolve the parachain into a leading solution for integrated Web3 networks, including Polkadot and Ethereum.
Innovation fund
The Moonbeam team explained that one of the network’s primary goals was to attract more games to its blockchain to boost its gamer acquisition and retention.
To this end, it has selected N3MUS as the first recipient of the innovation fund to develop a gaming-focused ecosystem. N3MUS aims to integrate Web3 gaming into the mainstream by merging traditional gaming with blockchain technology.
Sicco Naets, Head of Ecosystem Development at Moonbeam Foundation, told CryptoSlate that the N3MUS funding demonstrates Moonbeam’s commitment to supporting developers and reducing friction in blockchain technology.
Similarly, Neal Peters, the CEO of N3MUS, added:
“This partnership marks a significant milestone for N3MUS as we strive to bridge the gap between traditional gaming and blockchain technology.”
Additionally, Moonbeam’s partnership with N3MUS will include co-organizing events to integrate N3MUS into Moonbeam and promote gaming projects. Moonbeam will also connect N3MUS and other fund recipients with venture capital firms for potential further investment.
Ecosystem grants
Beyond the innovation fund, Moonbeam is also supporting its parachain projects and the Moonriver canary network with grants.
The first ecosystem grant will allocate 4.5 million GLMR, valued at approximately $1.5 million, to four projects on the parachain, including StellaSwap DEX, Moonwell Lending Protocol, Cross-Chain Interactions platform Prime Protocol, and Beamswap. These protocols are expected to launch their incentive programs on June 14.
Additionally, efforts are underway to enhance DeFi activities through a proposal for the Moonriver canary network, which would distribute 113,618 MOVR, worth $1.5 million.
The intended beneficiaries include DeFi projects like Beamswap and Moonwell, amongst others. These projects will use the funds to facilitate liquidity provision on their platforms. However, the proposal is currently pending approval.
Disclaimer: CryptoSlate has received a grant from the Polkadot Foundation to produce content about the Polkadot ecosystem. While the Foundation supports our coverage, we maintain full editorial independence and control over the content we publish.
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Moonbeam
$0.19604
Moonbeam is an Ethereum-compatible smart contract parachain on Polkadot.
Moonriver
$11.3987
Moonriver is a smart-contract parachain on Kusama that provides compatibility with the existing Ethereum developer toolchain and network.
