The program has already incurred a cost of roughly $1.2 million with the vast majority stemming from legal fees for entity setups and expenses for general administration.
Arbitrum’s governance token has a market cap of $3.5 billion.
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Posted January 3, 2025 at 6:04 pm EST.
More than six months after the Arbitrum DAO approved the use of 225 million ARB tokens worth roughly $190 million to grow the network’s gaming ecosystem, the “Gaming Catalyst Program” is ready to start investing and providing grants to gaming projects.
GCP contributors not only created an initial entity structure to support investment mandates but also formed a corresponding structure enabling GCP staffing and compensation frameworks, per the program’s first transparency report published on Wednesday.
Unchained was not able to identify the name of the legal entity formed by GCP contributors.
Arbitrum’s gaming program has already incurred a cost of nearly $1.2 million, with 93.5% of costs dedicated to legal fees to set up various entities and expenses for general administration which includes salaries for team members.
In Q1 of 2025, the program contributors will begin funding gaming projects and continue expanding the team to shore up operational capabilities. While those steering the gaming catalyst program have not made any investments or grants, the goal is to fund 100 total projects within a three-year window, according to the report.
Read More: Arbitrum Reaches Record TVL at $21 Billion as Its Incentive Programs Draw Scrutiny
“As of December 29th, 2024, we have 64 projects in the pipeline and a highly active funnel of interest from game builders through our new website and submission form,” wrote Dan Peng, who is on the operating team for the program, in Arbitrum’s governance forum earlier this week.
“It is exciting to see this momentum building, and while it’s early days, things are clearly coming together,” wrote Arbitrum community member Joseph Axisa who goes by @ImmutableLawyer early Friday.
Arbitrum currently has 60 games in its ecosystem, ranging from third-person shooter games to ones focused on baseball strategy, according to Arbitrum Portal, a resource hub showcasing projects on the network.
ARB – the native governance token for Arbitrum – has increased by more than 8% in the last 24 hours, but has decreased roughly 58% in the past year to trade at 83.5 cents, giving the cryptocurrency a market cap of $3.5 billion, data from CoinGecko shows.
