Binance Smart Chain (BSC) has partnered with Animoca Brands to launch a $ 200 million investment program to accelerate and incubate early crypto gaming startups. The aim is to significantly increase the acceptance of blockchain technology.
The new investment program will support GameFi projects. Blockchain games, like those that use crypto or NFT, hit this year with a hugely successful mix of games and crypto. That boom has helped Animoca Brands successfully raise several rounds of funding, including a recent $ 65 million round that raised the company’s valuation to $ 2.2 billion.
NFT leverages transparency and security from the blockchain’s digital ledger to identify unique in-game digital items that can be sold as limited-edition collectibles at a higher price. But there’s the complication of needing a secure digital wallet, especially for tasks like changing money.
This has hindered the adoption of blockchain in mainstream circles. The game is helping to reach more general users, with a boom during the pandemic. The adoption of blockchain by traditional gambling companies has been slow – in part due to environmental concerns, regulation, fraud, and player resistance.
Animoca Brands acquires sandbox developer Pixowl for $ 4.875 million | Animoca brands
The ultimate goal is to build scalable blockchains and bring a billion new users into crypto.
“Games are one of the strong pillars of Web 2.0 and reach billions of users. The large-scale use case from practice makes integration into the world of Web 3.0 one of the core areas for cryptocurrency – mass adoption in retail, ”said Gwendolyn Regina, Chief Investment Officer, Investment at the BSC Accelerator Fund.
Animoca’s chief executive officer Yat Siu said in a statement that the investment program has the potential to bring blockchain into the mainstream.
BSC and Animoca Brands will help GameFi projects that initially need funding to develop their products, strengthen their presence in the decentralized financial gaming sector, and grow in the play-to-earn (P2E) blockchain and open Metaverse industry.
“The original GameFi projects now need to fund a launch pad on which to build their product. They need support to improve their industry expertise in open world gaming and networking opportunities to establish growth in open blockchain and metaverse games, ”added Yat Siu.
$ 200 million new investment program, including $ 100 million from BSC’s $ 1 billion growth fund. Another $ 100 million came from Animoca Brands, which promotes digital ownership through NFT and Games, based in Hong Kong.
NFT game from Animoca Brands | Source: Animoca Brands
With features like The Sandbox, Animoca’s goal is to build an open metaverse to accelerate and incubate crypto game startups that were originally built on BSC.
In October, BSC launched a $ 1 billion growth fund, an accelerated branch of the leading DeFi, NFT, and GameFi infrastructure platform, to drive the mass adoption of cryptocurrencies and blockchain by supporting projects that could help drive the next Bring billion users into the next area 2 years.
Animoca Brands’ blockchain portfolio and partnerships include over 100 of the most promising NFT-related companies and projects, including Axie Infinity, OpenSea, Dapper Labs (NBA Top Shot), Bitski, Harmony, Alien Worlds and Star Atlas. Subsidiaries include The Sandbox, Blowfish Studios, Quidd, Gamee, nWay, Bondly, Lympo, etc.
BSC is one of the largest blockchain ecosystems with over 2.1 million daily active addresses in the last few weeks. P2E games and opportunities on BSC saw a significant surge in traffic and engagement in 2021.
With the support of BSC, GameFi projects have increased the number of users tenfold and the transaction volume by 200%. Some of these games have been listed on global digital asset exchanges.
BSC currently supports an ecosystem of highly simulation games including RPGs, strategy arenas, sports, digital entertainment, adventure story based, logical and social creations. Most of these game projects have developed the NFT market and the P2E model with rewards that mirror the NFT. In addition, these GameFi projects have the potential to act as a metaverse.
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