A $500M blockchain ecosystem acceleration DAO called Game7 has been designed to facilitate the development of blockchain games and their adoption by billions of gamers globally.

The proposal, which was prepared by the world’s largest DAO-directed treasury BitDOA, proposed that the initiative would be backed by gaming and technology industry veterans, including BitDAO, Forte, Alameda Research, Mirana Ventures, Warner Music Group, Aleo, Avalanche, Interchain Foundation, Offchain Labs, OP Games, Polygon Studios, and Solana Ventures.

The aim of Game7, according to the proposal, is “to accelerate the adoption and development of the blockchain gaming industry, and become the largest unbiased, impartial blockchain gaming support network in the world.”

In the last 24 hours, bitcoin has been down by 3.27%, with a current price of $57,546.08 as of the time of writing this. Within 24 hours, bitcoin dropped to $55,666.41 low and $59,514.41high. The trading volume of bitcoin in the last 24 hours is $2.66B. The current market capitalization of bitcoin is $1.09T. Currently, $18.88M bitcoins are in circulation.

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BitDOA will invest $400 million of the proposed $500, while Forte will invest the remaining $100 million. Funds will be distributed over five years.

15% of the funds will be given as grants to developers to fund game research and development, toolings, and handle regulatory compliance.

5% will be allocated to fund the creation of educational content to enlighten developers on building token economies.

80% of total funds would be used as strategic capital for purchasing and game studios, hiring talents, distributing games, and funding infrastructure tools and services.