Animoca Brands and Binance Smart Chain Launch Investment Program worth $200 million for blockchain games developed by crypto gaming startups.
The investment program will invest and support GameFi projects that use cryptocurrencies and NFT’s in games. The intersection between crypto, NFTs, and video games has resulted in a boom for decentralized game finance.
Recently, Animoca Brands raised $65 million round at a $2.2 billion valuation!
NFT’s and cryptocurrency both have their own way of working. NFT’s use the digital ledger of blockchain to maintain uniqueness and identify in-game digital items. NFT’s are also sold as limited edition collectibles for higher prices in the market.
Both NFT’s and crypto’s are yet to become a household item and are not embraced by the larger chunk of society. Video games are playing a vital role in this regard as it is helping NFT’s and crypto reach mainstream users.
Animoca’s executive chairman Yat Siu said, “Early GameFi projects currently require funding for a runway to build their products.” He further added, “They need support to increase their industry expertise for open-world gameplay.
Binance Smart Chain investment director said, “Gaming is one of the strong pillars of Web 2.0, reaching billions of users,” said Gwendolyn Regina.