In Brief:
- BSC and Animoca Brands from $200 million funds for GameFi projects.
- The fund will help GameFi projects to gain insight from Animoca Brands and support from the BSC community.
- Initially, BSC and Animoca Brands will raise $100 million.
Binance Smart Chain (BSC) and Animoca Brands announced the $200 million investment program. The reason behind this contribution is to develop cryptocurrency-based gaming projects with the play-to-earn model on BSC.
Initially, BSC and Animoca brands will raise $100 million through co-investment to provide game projects in the GameFi sector from Binance Smart Chain’s $1B Growth Program.
GameFi is the abbreviation of Gaming and DeFi, which is mostly focused on the financialization of blockchain-based games through a play-to-earn model.
In a blog post, the company writes, “The investment program will accelerate and incubate early crypto gaming startups that are building on Binance Smart Chain (BSC)”.
BSC is one of the largest blockchains in the world, which has allocated a $1 billion fund to boost decentralized finance (DeFi), non-fungible tokens (NFT), and GameFi. The fund will also be used to enhance the efficiency of the Binance Smart Chain as well as its adoption into the mainstream for the financial sector.
Currently, Animoca Brands is involved in many blockchain gaming projects and metaverse such as Axie Infinity, OpenSea, Bitski, Harmony, and others. The company provides in-game property rights through NFTs and gaming concepts.
“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,” BSC investment director Gwendolyn Regina said.
With the expansion of blockchain technology and decentralized finance, across the world, many industries are falling into the GameFi sector to develop fascinating games on the blockchain. Players can earn NFTs or cryptocurrency by completing the task.
In August, another crypto exchange platform, OKEx, allocated $10 million funds to develop GameFi projects from the $100 million OKEx BlockDream venture Fund.
