Binance Smart Chain, one of the most popular smart contract services on the blockchain, has teamed up with Animoca Brands, the operator and investor of multiple NFT-based games, to establish a $200 million gamefi (gaming financialization) incubation program.
Both firms will each invest $100 million to help fund and facilitate the creation of new gaming experiences on the Binance Smart Chain.
Binance Smart Chain has released a new tool to encourage the creation of new games on its platform.
Also read, How NFTs will change Blockchain Gaming
The smart contract chain’s advancement and funding section has teamed up with Animoca Brands, one of the most well-known metaverse gaming companies, to launch a $200 million gaming incubation fund.
On top of the Binance Smart Chain, each of the stakeholders will invest $100 million in gaming-related businesses.
According to Yat Siu, Executive Chairman and Co-Founder of Animoca Brands, establishing these enterprises from the ground up is challenging and needs a combination of things to be productive.
Commenting on this, Siu said that the early Gamefi companies need capital to develop their products, as well as industry knowledge in open-world gameplay and tokenomics, as well as networking possibilities to promote improvement in the blockchain gaming and open metaverse.
According to Gwendolyn Regina, Investment Director at Binance Smart Chain, Animoca Brands’ experience in establishing and maintaining initiatives like The Sandbox, a metaverse-based gaming session, could enable the newbies to gain ground in the highly congested blockchain gaming market.
Binance is just one of several enterprises that are investing heavily in metaverse-based and crypto gaming activities. These funds will come from the exchange’s $1 billion expansion fund, which was formed earlier this year to help incubate more enterprises on top of the BSC network.
There have been a number of firms and exchanges that have entered the metaverse market. Kucoin, an Asian exchange, had announced a $100 million metaverse fund to assist emerging metaverse enterprises in developing their platforms.
Two major publications that illustrate the possible chance that early adopters could catch in this newly found industry have validated the entire metaverse space.
Grayscale, which recognized the metaverse as one-trillion-dollar investment potential, released the first one on November 27.
The second proceeded from a Bank of America specialist, who believes the metaverse will be a big potential for the whole crypto industry.
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