Binance Smart Chain, one of the leading smart contract platforms in the blockchain market, has teamed up with Animoca Brands, operator and investor of several NFT-based games, to launch a gamefi incubation program (financialization of the game) of $ 200 million. The two institutions will invest $ 100 million each to fund and facilitate the development of new gaming experiences in addition to the Binance Smart Chain.
Binance Smart Chain and Animoca bet on Gamefi
Binance Smart Chain has a new tool to incentivize the development of new games in addition to its platform. The acceleration and investment arm of the smart contract chain has teamed up with Animoca Brands, a leading metaverse game company, to create a $ 200 million game incubation fund. Each of the parties will put $ 100 million to fund gambling-focused projects on top of the Binance Smart Chain.
Building these projects from scratch is a difficult thing, according to Executive Chairman and Co-Founder of Animoca Brands Yat Siu, and requires an amalgamation of factors to build a successful project. Regarding this, Siu said:
Early Gamefi projects require funding to create their products, and need industry expertise for open-world gameplay and tokenomics, as well as networking opportunities to establish blockchain game growth and of the open metaverse.
According to Gwendolyn Regina, director of investments at Binance Smart Chain, Animoca Brands’ experience building and operating projects like The Sandbox, a metaverse-based gaming experience, could help these newcomers gain a foothold in the now crowded blockchain gaming market.
Investment firms look to the metaverse
Binance is just one of a chain of projects that invest a lot of money in metaverse and crypto-based gaming initiatives. That $ 100 million will come from the $ 1 billion growth fund that the exchange launched earlier this year to incubate more projects above the BSC network.
Many companies and exchanges have entered the metaverse industry. One of them is Kucoin, an Asian-based exchange, which launched a $ 100 million metaverse fund to help young metaverse projects build their platforms. The entire metaverse industry has been vindicated with two important reports that explain the business opportunity early adopters could seize in this newly identified industry.
The first, released on November 27, comes from Grayscale, who identified the Metaverse as a trillion-dollar investment opportunity. The second comes from a Bank of America strategist, who also said the metaverse will be a huge opportunity for the entire crypto ecosystem.
What do you think of the new $ 200 million BSC gamefi fund? Tell us in the comments section below.
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