Binance Smart Chain (BSC) has collaborated with Animoca Brands to create a $200 million funding initiative to help early crypto gaming firms develop and incubate
Binance Smart Chain (BSC) partners with Animoca Brands
Binance Smart Chain (BSC) has collaborated with Animoca Brands to create a $200 million funding initiative to help early crypto gaming firms develop and incubate. The goal is to greatly enhance blockchain technology’s acceptance.
GameFi initiatives will be supported by the new financing program. Blockchain games, such as those that employ crypto or NFT, have had a highly successful year in terms of combining gaming and crypto.
Animoca Brands has been able to attract many rounds of finance as a result of the boom, including a recent $ 65 million round that increased the company’s worth to $ 2.2 billion.
NFT uses the blockchain’s digital ledger’s transparency and security to identify unique in-game digital artifacts that can be sold as limited-edition collectibles for a greater price. However, there is the added burden of requiring a secure digital wallet, particularly for services such as money exchange.
The general adoption of blockchain has been hampered as a result of this. The game is assisting in reaching out to a wider audience, with a spike during the pandemic. Traditional gaming corporations have been sluggish to implement blockchain, owing to environmental concerns, legislation, fraud, and player reluctance.
Goal of the coperation
The ultimate goal is to create scalable blockchains and attract a billion additional cryptocurrency users.
“Games are one of Web 2.0’s strongest pillars, with billions of users. “One of the major areas for cryptocurrencies – mass adoption in retail – is integration into the realm of Web 3.0, as demonstrated by the large-scale use case from practice,” stated Gwendolyn Regina, Chief Investment Officer, Investment at the BSC Accelerator Fund.
The investment initiative, according to Animoca’s chief executive officer Yat Siu, has the potential to push blockchain into the mainstream.
BSC and Animoca Brands will assist GameFi initiatives in developing their products, strengthening their presence in the decentralized financial gaming sector, and expanding their footprint in the play-to-earn (P2E) blockchain and open Metaverse industries.
“The initial GameFi projects will now need to raise funds to build a launchpad for their product. “They require assistance to strengthen their industry experience in open-world gaming as well as networking possibilities in order to establish growth in open blockchain and metaverse games,” Yat Siu stated.
A new investment program worth $ 200 million has been launched, with $ 100 million coming from BSC’s $ 1 billion growth fund. Another $100 million came from Animoca Brands, a Hong Kong-based company that encourages digital ownership through NFT and games.
Animoca’s mission is to create an open metaverse with features like The Sandbox to accelerate and develop crypto gaming firms that were originally built on BSC.
Growth for BSC
BSC announced a $1 billion growth fund in October, an expedited branch of the leading DeFi, NFT, and GameFi infrastructure platforms, to accelerate the widespread adoption of cryptocurrencies and blockchain by backing projects that might help bring the next billion consumers within the next two years.
Over 100 of the most promising NFT-related companies and initiatives are represented in Animoca Brands’ blockchain portfolio and partnerships, including Axie Infinity, OpenSea, Dapper Labs (NBA Top Shot), Bitski, Harmony, Alien Worlds, and Star Atlas.
The Sandbox, Blowfish Studios, Quidd, Gamee, nWay, Bondly, Lympo, and other subsidiaries include The Sandbox, Blowfish Studios, Quidd, Gamee, nWay, Bondly, Lympo, and others.
With over 2.1 million daily active addresses in the last few weeks, BSC is one of the largest blockchain ecosystems. In 2021, P2E games and opportunities on BSC experienced a huge increase in traffic and engagement.
With BSC’s help, GameFi projects have grown tenfold in terms of users and 200 percent in terms of transaction volume. Some of these games have been listed on cryptocurrency exchanges throughout the world.
BSC presently supports an ecosystem of high-simulation games, such as role-playing games, strategic arenas, sports, digital entertainment, and adventure story-based, logical, and social inventions.
The majority of these gaming projects have created an NFT market and a P2E model with NFT-like rewards. Furthermore, these GameFi initiatives have the ability to serve as a metaverse.