Binance Smart Chain, one of the leading smart contract platforms in the blockchain market, has partnered with Animoca Brands, operator and investor of several NFT based games, to launch a joint $200 million gamefi (financialization of gaming) incubation program. The two institutions will invest $100 million each to fund and ease the development of new gaming experiences on top of the Binance Smart Chain.

Binance smart chain and Animoca bet on Gamefi

Binance Smart chain has a new tool that encourages the development of new games. The acceleration and investing branch of the smart contract chain has partnered with Animoca Brands, one of the leading metaverse gaming firms, to establish a $200 million gaming incubation fund. Each one of the parties will put $100 million destined to fund projects focused on gaming on top of the Binance Smart Chain.

Establishing projects from scratch can be difficult, according to Yat Siu (Executive Chairman and Co-Founder of Animoca Brands Yat Siu). It requires a combination of factors in order to build a successful project. Siu said:

Early Gamefi project need funding to build their products. Industry expertise is required for open-world gaming and tokenomics as well as networking opportunities to grow in blockchain gaming and the open metaverse.

According to Gwendolyn Regine, Investment Director at Binance Smart Chain,

Animoca Brands have experience in operating and building projects such as The Sandbox. This is a metaverse-based gaming experience that could be used by these newcomers to get a foothold in this crowded market.

Investment Firms Running to the Metaverse

Binance just one of a number of projects investing serious money in metaverse-based and cryptocurrency gaming initiatives. These $100 million will come from the $1 billion growth fund that the exchange launched earlier this year to incubate more projects on top of the BSC network.

There are many companies and exchanges that have entered the metaverse market. One of them is Kucoin, an Asia-based exchange, which launched a $100 million metaverse fund to help young metaverse projects build their platforms. Two important reports have affirmed the value of the metaverse sector. They explain what business opportunities early adopters may find in this new sector.

The first one, issued on November 27, comes from Grayscale, which identified the metaverse as a one trillion dollar investment opportunity. The second one comes from a Bank of America strategist, who also stated the metaverse would be a massive opportunity for the entire crypto ecosystem.

What do you think about the new $200 million gamefi BSC fund? Please leave your comments below.

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