Fantom Foundation launched Sonic Labs initiative

The Fantom Foundation announced the launch of the Sonic Labs startup acceleration program. It aims to promote innovation within the new Fantom Sonic technology stack. The initiative is designed to empower the next generation of creators in the Web3 sector.

Fantom Foundation also announced applications for participation in the qualifying round. Developers will be able to create their projects on Sonic starting December 15, 2023. The program is open to all interested programmers and new applications using Fantom technology in sectors such as GameFi, DeFi, RWA and others.

The competition will be judged by Fantom Foundation executives as well as venture capital partners. Applications will be accepted until February 6, 2024. Winners will be announced in a few days. As part of the acceleration program, the Foundation will identify up to 5 projects that will receive grants from a pool of 1 million FTM (about $294 thousand). The funds will be used to finance the development of the MVP of each product.

All startups will also receive technical support, marketing strategies and mentoring from key institution leaders, including renowned specialist André Cronje. Developers will then be able to pitch projects to partner venture capital firms and the Fantom Foundation to receive additional investment. The products will launch alongside the Fantom Sonic mainnet, which will be ready by spring 2024.

“We firmly believe that our community is the driving force behind Fantom’s success,” said Fantom Foundation CEO Michael Kong. “We want the Sonic Labs program to demonstrate confidence in the next generation of Web3 entrepreneurs and innovators. By leveraging the Foundation’s resources and Andre Cronje’s industry knowledge, we will be able to bring together the most ambitious pioneers at Fantom.”

Fantom Foundation head Andre Cronje added: “I look forward to working with the best projects from Sonic Labs. I want to use my personal application experience and general industry knowledge to improve and adapt promising projects in the Sonic Labs ecosystem.”