The new fund supports Moonbeam’s efforts to advance the development of key sectors for the blockchain industry, such as Web3 gaming and the tokenization of real-world assets.
Called the Moonbeam Innovation Fund, this $13 million fund will be focused on providing financing to Key projects in the Web3 gaming sector, such as N3MUS, which has become the first recipient of the fund.
N3MUS is a gaming platform built on the Polkadot parachain, committed to innovation in the digital world. According to the Moonbeam Foundation, this platform is bringing blockchain gaming into the mainstream, seamlessly integrating the technology with traditional gaming experiences.
On the other hand, the Moonbeam Foundation highlighted that the main focus of its new innovation fund will be the use cases of applications of blockchain technology in the real world, which in addition to Web3 games includes the RWA Asset TokenizationThese blockchain applications have the potential to bring about significant change in society, the foundation noted.
Moonbeam, Moonriver and Blockchain Innovation
The Moonbeam Innovation Fund raises $13 million to be dedicated to accelerating the development and growth of the Moonbeam blockchain ecosystem. These resources include $10 million to fund key projects in the above sectors, $1,5 million to support grants for the broader Moonbeam ecosystem, and $1,5 million to support grants to encourage growth and experimentation on Moonbeam’s testnet, Moonriver.
Part of the new fund's resources will also be used to subsidize innovative projects by developers in the Moonbeam ecosystem, including DeFi and infrastructure development.
Some of the beneficiaries of the funds allocated to the Moonbeam and Moonriver ecosystems include StellaSwap DEX, Moonwell Lending Protocol, Beamswap, and Moonwell, among others.
On the other hand, the Foundation highlighted that the projects that receive support through the new innovation fund will not only have access to financial resources, but will also have access to the parachain's venture capital investment network, which includes firms such as Arrington Capital, CoinFund, Scytale Digital, Metazero Capital, AD8 Dot Play, among others. This will accelerate the growth of emerging projects and ensure innovation in the blockchain world.
Commenting on the grant, N3MUS CEO Neal Peters said: said which was honored to be the first project to receive an investment from Moonbeam's fund.
“Moonbeam provides the perfect foundation for creating a thriving gaming ecosystem, and we are committed to bringing high-quality games to the platform while working closely with existing game developers.”, Peters said.
The Moonbeam Foundation stressed that its new innovation fund is a long-term initiative, which is set to “constantly incentivize growth and nurture applications that can provide value to the world and users,” so the organization is expected to announce new beneficiaries of the fund in the coming weeks.
What is Moonbeam?
Moonbeam Network is a parachain of the Polkadot ecosystem, which was developed in 2021 as a Web3 smart contract platform using the Substrate framework, ensuring speed and security. This network acts as a bridge that interconnects the Polkadot and Ethereum blockchains, facilitating the same level of functionality as the latter, but with the scalability and low costs that characterize Polkadot.
At the close of this edition, the GLMR token, native to Moonbeam Network, shows a correction of 1% in the last hours and 18% in the last week. This token is trading at around $0,27 per unit.
