Binance Smart Chain now has a tool that encourages the development of new games. The smart contract chain’s acceleration and investing branch has partnered to create a $200 million gaming incubator fund. Animoca Brands is a leading metaverse gaming firm. Each party will contribute $100 million to the Binance Smart Chain for gaming projects.
According to Yat Siu (Executive Chairman and Co-Founder of Animoca Brands Yat Siu), it is difficult to establish these projects from scratch and requires a combination of factors in order for a project to succeed. Siu said:
Funding is required for early Gamefi projects. Industry expertise is needed to open-world game and tokenomics. There are also networking opportunities that can help establish growth in blockchain gaming and the open metaverse.
Gwendolyn Regine, Binance Smart Chain Investment Director, said that Animoca Brands has experience in operating and building projects such as The Sandbox. This is a metaverse-based gaming experience that could be a boon for newcomers in the crowded blockchain gaming market.
Investing Firms Run to the Metaverse
Binance is only one of a number of projects investing in crypto-gaming and metaverse-based initiatives. The $100 million will be financed by the $1 billion growth fund, which Binance launched earlier in the year to help other projects emerge from the BSC network.
Multiple companies and exchanges have entered the metaverse market. Kucoin, an Asia-based platform, launched $100 million metaverse funds to support young metaverse projects. Two important reports have affirmed the existence of a metaverse sector. They explain the potential business opportunities that early adopters may find within this sector.
Grayscale issued the first one on November 27th. It identified The Metaverse as an investment opportunity worth one trillion dollars. The second comes from a Bank of America strategist who stated that the metaverse would provide a huge opportunity to the entire crypto ecosystem.