Animoca Brands and Binance Smart Chain (BSC) are unveiling a $200 million investment program to incubate the early crypto-focused gaming projects that are building on BSC. On December 6, Animoca and Binance said that they are co-investing nearly $100 million each to support game projects in the GameFi industry.
Binance Smart Chain-based projects will get an opportunity to gain some insight from Animoca Brands and assistance from the BSC community. BSC is one of the biggest blockchain networks and it will invest from its $1 billion accelerator arm for decentralized finance (DeFi), GameFi, and nonfungible tokens (NFTs). That fund was set up earlier in 2021 to extend BSC ecosystem services and push mainstream adoption across the fintech industry.
Animoca Brands is a major operator in the open metaverse and blockchain gaming industries. These platforms work on offering property rights through gaming and NFTs. The company has invested in major NFT-related projects like OpenSea, Harmony, Axie Infinity, Bitski, and many others.
BSC investment director Gwendolyn Regina said:
“With this co-investment, projects building on BSC will get the opportunity to gain insights and expertise from leading gaming giants such as Animoca Brands, along with collaboration opportunities with blockchain experts from the BSC Community.”
GameFi is a mix of gaming and DeFi. It has been one of the largest buzzwords in the crypto space recently together with the concept of the metaverse. GameFi refers to the financialization of video gaming and it is powered by the play-to-earn model instead of play-to-win.
Several major crypto firms and investment companies have been investing in GameFi over the last several months, including Solana Ventures, Huobi crypto exchange, Sanctor Capital, FTX, among others.