07 December 2021
Binance Smart Chain, one of the leading smart contract platforms in the blockchain market, has partnered with Animoca Brands, operator and investor of several NFT based games, to launch a joint $200 million gamefi (financialization of gaming) incubation program. The two institutions will invest $100 million each to fund and ease the development of new gaming experiences on top of the Binance Smart Chain.
Binance Smart Chain has a new tool to entice the development of new games on top of its platform. The acceleration and investing branch of the smart contract chain has partnered with Animoca Brands, one of the leading metaverse gaming firms, to establish a $200 million gaming incubation fund. Each one of the parties will put $100 million destined to fund projects focused on gaming on top of the Binance Smart Chain.
Establishing 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 for building a successful project. On this, Siu stated:
Early Gamefi projects require funding to build their products, and need industry expertise for open-world gameplay and tokenomics, as well as networking opportunities to establish growth in the blockchain gaming and open metaverse.
Animoca Brands’ experience in building and operating projects like The Sandbox, a metaverse-based gaming experience, could help these newcomers to establish a foothold in the now crowded blockchain gaming market, according to Gwendolyn Regina, Investment Director at Binance Smart Chain.
Binance is just the one in a chain of projects that are putting serious money behind metaverse-based and crypto gaming initiatives. These $100 million will come from the $1 billion growth fund that the exchange launched earlier this year to incubate more projects on top of the BSC network.
There have been multiple companies and exchanges entering the metaverse business. One of them is Kucoin, an Asia-based exchange, which launched a $100 million metaverse fund to help young metaverse projects build their platforms. The whole metaverse sector has been vindicated by two important reports that explain the business opportunity that early adopters might catch within this newly identified sector.
The first one, issued on November 27, comes from Grayscale, which identified the metaverse as a one trillion dollar investment opportunity. The second one comes from a Bank of America strategist, who also stated the metaverse would be a massive opportunity for the entire crypto ecosystem.
What do you think about the new $200 million gamefi BSC fund? Tell us in the comments section below.
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