Binance and Animonica announced on December 6 that they will co-invest up to $100 million each to encourage game developments in the GameFi sector of the gaming industry.
Binance-based initiatives will have the opportunity to learn from Animoca Brands and receive help from the BSC community. Binance is one of the largest blockchain ecosystems, will invest $1 billion in decentralized finance (DeFi), nonfungible tokens (NFT), and GameFi through its accelerator arm. The fund was established earlier this year to expand the BSC ecosystem’s services and promote mainstream use of fintech.
Animoca Brands is a key participant in blockchain gaming and the open metaverse, focusing on giving property rights through non-fungible tokens (NFTs) and gaming. Axie Infinity, OpenSea, Bitski, Harmony, and other key NFT-related initiatives have received funding from the business.
“Through this co-investment, initiatives built on BSC will have access to insights and knowledge from industry leaders like Animoca Brands, as well as cooperation possibilities with blockchain specialists from the BSC Community,” BSC investment director Gwendolyn Regina said.
Gaming and the crypto industry
Along with the notion of the metaverse, GameFi, a combination of gaming and DeFi, has lately become one of the most popular terms in the cryptocurrency sector. GameFi is a financialization of video gaming that uses a play-to-earn approach rather than a win-to-win strategy.
Over the last several months, a number of significant crypto startups and investment firms have invested in GameFi, including Huobi crypto exchange, Solana Ventures, FTX, Sanctor Capital, and others.
