People seeking start-up opportunities in the Web3 space now have support from Solana’s (SOL) latest incubator program. Solana Labs announced on X (formerly Twitter) that the Solana Incubator is live for anyone seeking an opportunity to grow in what is deemed the next era of the Internet.
Supporting Web3 Start-ups
The announcement revealed that selected teams will work directly with Solana Labs while receiving the necessary tools to help in their business. The program will keep accepting applications till November 30, 2023. Emon Motamedi, Product Manager of the company, believes new entrants need time to gain the necessary pace.
In a press release, Motamedi stated, “As with any business, Web3 start-ups need the time and resources to hone in on the needs of their customers and build new solutions that benefit their audience.” He emphasized the importance of resources, saying, “By providing founders with the resources they need to succeed, we hope to not only bring more sustainable businesses to the Solana ecosystem but also help grow the Web3 industry as a whole.”
Solana recently made news after a digital asset manager, CoinShares, said in their weekly research that the ecosystem is seeing high inflows, making it the altcoin of choice among investors. However, the permission to liquidate FTX-held assets by a judge instilled fear in the market.
FTX remains the largest stakeholder of SOL, the ecosystem’s native coin. Liquidating all the supply held by the company would mean a drastic fall in its value. On the bright side, Solana is also getting attention from low-income users, indicating the ecosystem is slowly entering the mainstream.
Web3 Gaming and Investment
Web3 is still in a nascent phase, however, it has managed to attract significant investment in the past. The current Web3 market is estimated to be around $27.5 Billion. It is anticipated to become over $80 Billion sector by 2030. Play-to-earn (P2E) games are an integral element in this space.
According to a report from data aggregator DAppRadar and a Web3 gaming promoter Blockchain Gaming Alliance, investment in Web3 gaming projects has surpassed $2 Billion. SAGE Labs, a blockchain game created by the Start Atlas team, is a popular game on Solana. They claimed in a recent X post that they account for 15 percent of daily transactions on the blockchain.
Solana gained nearly 60 percent in October, defying speculations associated with the FTX liquidation. Furthermore, the network appears to have become healthy with 100 percent uptime since February 2023. Its native coin was trading at $32.5 at the press time.