Intella X, the crypto subsidiary of South Korean game publisher Neowiz, is initiating the Gaming Accelerator Grant Program with a budget of $10 million. This program aims to facilitate the growth of Web3 games on the Ethereum scaling solution platform Polygon by providing financial assistance to upcoming games in this area.
Intella X’s grant program is part of Neowiz’s plan to welcome new games to its ecosystem following its $12 million funding round for its blockchain gaming ecosystem just three months ago. The company hopes to bring more games into its ecosystem and expand its offerings through this initiative.
Intella X CEO Jose Ko said that the grant program would promote the development of a thriving gaming ecosystem and actively participate in advancing Web3 gaming.
Ko recognized the pivotal role of game developers in the Web3 gaming revolution and acknowledged their importance. The purpose of the $10 million gaming initiative grant program is to support game developers by providing them with the resources and assistance they need to foster creativity and develop innovative gaming experiences.
“At Intella X, we understand that game developers fuel the Web3 gaming revolution. Our $10M gaming initiative grant program is designed to spark their creativity and equip them with crucial resources and support to create groundbreaking gaming experiences.”
Jose Ko, CEO of Intella X
Grant application process
The Intella X grant application process should take around four weeks, but this can be affected by the number of applications received and the complexity of the projects. Applicants must complete and submit the application form and clearly explain how their project will contribute to the Intella X ecosystem.
After submitting a grant application, potential grant recipients should expect to receive a response within a few weeks to a month. Those selected to proceed in the grant process will need to undergo an interview and a due diligence period.
According to the official statement, the accelerator fund does not have a specific grant amount, and the grant size will vary depending on the project’s nature.
Intella X said the Grant Committee would comprehensively evaluate all grant applications for the Intella X ecosystem. Factors such as potential impact, innovation, feasibility, sustainability and alignment with Intella X’s goals will be considered during the evaluation process.
After the grant application is approved, the recipient will receive the grant funds based on the offer or plan agreed upon with the Grant Committee.
The grant can be provided as digital assets or fiat currency. The disbursement process may be either milestone-based or a one-time payment, depending on what best supports the project’s success and meets the requirements of both parties.
The responsibilities of grant recipients will be based on the terms and conditions agreed upon with the Grant Committee and may vary from project to project.
These responsibilities may include providing frequent updates on progress, financial reporting, adhering to project milestones and participating in promotional events or community engagement initiatives.
Neowiz’s foray into Web3 through Intella X
To make inroads into the Web3 gaming space, Neowiz has partnered with investment firm specializing in blockchain technology MODORI. With the collaboration, Neowiz developed its Web3 gaming platform.
Although Intella X plans to expand its collection of Web3 games, the company has already included various titles. It is actively working on creating two Web3 versions of the famous mobile game Cats & Soup.
It also developed a Web3 RPG game called Brave Nine and a shooter game called A.V.A. The platform houses the Web3 adaptation of the mobile MMORPG EOS Red, now known as EOS Gold.
Intella X announced in January that it would expand to WEMIX as part of its multi-chain expansion plan. Its objective was to become a user-friendly platform that would design and operate games.
The platform would provide services such as a DEX, NFT launchpad, NFT marketplace and Intella X Wallet, its in-house Web3 wallet.