This week, Animoca Brands and Binance Smart Chain teamed up for a $200 million fund dedicated to blockchain gaming companies. Together, the two giants aim to mainstream the crypto gaming industry as a whole.
Animoca Brands & Binance Smart Chain’s blockchain gaming fund
Blockchain gaming leader Animoca Brands continues its quest to make crypto gaming mainstream. This time, the company joined forces with the Binance Smart Chain (BSC) network to launch a new fund called GameVest.
Accordingly, the GameVest fund will focus on supporting GameFi (decentralized game finance) projects. Surprisingly, the team has already pumped $200 million into the fund, which will definitely help multiple crypto gaming startups.
BSC will be contributing $100 million from its Growth Fund, currently valued at $1 billion. Meanwhile, Animoca Brands will come with another $100 million.
Of course, blockchain games need plenty of financial support – although it may not seem like it. Although the blockchain industry has exploded this year, developing an NFT-powered game requires multiple tech innovations. From securing digital wallets to currency exchange and in-game trading, every aspect is crucial for a high-quality user experience.
It’s also among the main reasons why blockchain gaming hasn’t gone mainstream just yet.
Gaming companies, reluctant to accept crypto games
Thankfully, the gaming industry has evolved tremendously since the pandemic started, and people spent more time at home. However, traditional gaming giants are still reluctant when it comes to the newer blockchain games.
For example, the crypto gaming industry is still facing a concerning amount of scams. Meanwhile, iconic gaming companies are concerned about the environmental impact, although we have plenty of low (or zero) carbon footprint solutions (think Polygon or VeVe).
The blockchain gaming space also took a hit when Steam banned all crypto games from its platform. Now, Animoca Brands and Binance Smart Chain aim to support crypto gaming startups for a better future:
“With the 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,” said BSC Accelerator Fund Director Gwendolyn Regina. “We look forward to working together with GameFi projects to build next-gen scalable blockchains and onboard the next one billion new users into crypto.”
Will the GameVest fund make blockchain mainstream?
The core goal of the GameVest fund is ambitious – but it’s definitely attainable. This mission is also supported by the two companies’ growing blockchain businesses.
Animoca Brands’ The Sandbox, for instance, is undoubtedly the most successful metaverse to date. Last month alone, the project raised over $90 million in a funding round led by giant SoftBank Vision. The project also increased in popularity as many big names purchased land, including Snoop Dogg and Adidas.
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