Binance Smart Chain has partnered up with Animoca Brands to create a $300 million program for gamefi, which is a financialization of gaming. Each institution will contribute $100 million in order to facilitate and fund the development of innovative gaming experiences.
Binance Smart Chain, Animoca bet on Gamefi
Binance Smart Chain offers a tool for encouraging the development of new game ideas on its platform. The smart contract chain’s acceleration and investment branch has partnered up with Animoca Brands to create a $200 million gaming incubator fund. The $100 million will be used to finance projects that are gaming-related on the Binance Smart Chain.
According to Yat Siu (Executive Chairman and Co-Founder of Animoca Brands Yat Siu), it is difficult to establish these projects. It requires a combination of many factors in order for a project that succeeds. Siu said:
Gamefi’s early projects need funding in order to develop their products. They also require industry knowledge for tokenomics and open-world gaming, as well networking opportunities that will allow them to expand into the blockchain gaming market 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.
Investing Firms Run to the Metaverse
Binance is one project in a series of crypto-gaming projects. The $100 million comes from the $1B growth fund, which Binance launched in early 2018 to help more projects emerge on the BSC network.
Numerous companies and exchanges entered the metaverse industry. Kucoin (an Asia-based exchange) launched a $100,000,000 metaverse fund to assist young metaverse project builders. Two important reports have defended the whole metaverse industry. They explain what business opportunities early adopters may find in this new sector.
Grayscale issued the first, on November 27th, and identified the metaverse to be a $1 trillion investment opportunity. A Bank of America strategist also issued the second, which stated that the metaverse was a huge opportunity for all of crypto.
Let us know your thoughts on the $200 million new gamefi BSC funds. Comment below.
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