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Tuesday, May 30, 2023

Binance Smart Chain and Animoca Brands Create $200M fund for GameFi Projects.

Animoca Brands with Binance Smart Chain (BSC)are beginning a $200 million investment program to incubate cryptocurrency-based games.

BSC and Animonica declared Dec. 6 that they will invest up to $100 million each in game projects within the GameFi sector.
From its $1 billion accelerator arm, BSC will invest in decentralized finance (DeFi), nonfungible tokens (NFT) and GameFi, one of the largest blockchain ecosystems. This year’s fund will extend BSC ecosystem services, and mainstream adoption across the fintech sector will be encouraged.

A major participant in blockchain gaming and the open metaverse, Animoca Brands provides property rights via NFTs and gaming. Axie Infinity, OpenSea, Bitski, Harmony, and other NFT-related projects have been funded by the firm.

With this co-investment, projects building on BSC will be able to gain insights and expertise from leading gaming giants such as Animoca Brands, as well as the BSC Community’s blockchain experts,” Animoca Brands investment director Gwendolyn Regina said.

As well as the metaverse concept, GameFi, a mix of gaming and DeFi, has been one of the biggest buzzwords recently in the cryptocurrency industry. GameFi refers to the financialization of video games and works on a play-to-earn model instead of a play-to-win model.

Several major crypto companies and investment firms have invested in GameFi over the past few months, including Huobi cryptocurrency exchange, Solana Ventures, FTX, Sanctor Capital, and others.

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