Binance launches investment program on $200 million for the development of GameFi – Bits Media

Amid the growth of the GameFi market, Binance and law firm Animoca Brands have established a program to support leading startups in the GameFi sector.

Binance Exchange
reported, that as part of the Binance Smart Chain growth program, it has partnered with Animoca Brands, managing digital property rights through NFTs and games. As part of the partnership, the companies launched an investment program for incubating startups, developing games based on cryptocurrencies, which are deployed on the Binance Smart Chain blockchain (BSC).

Both companies invest up to $100 million to the BSC Growth Program for $1 billion. The funds raised will be used to accelerate the development of the best projects in the GameFi sector. Investment Director of Binance Smart Chain Gwendolina Regina (Gwendolyn Regina) stated, that games are one of the strengths of the Web 2.0, reaching billions of users.

“Gaming's large-scale real-life use case makes it a major driver of mass adoption of cryptocurrency among retail consumers in the Web 3.0 world.”.

Директор по инвестициям Binance заявила, что цель проекта — создание масштабируемых блокчейнов следующего поколения и привлечение новых пользователей в криптовалюты.

The decision to expand the user base at the expense of GameFi is a completely reasonable decision. In July, cryptocurrency wallets were connected to blockchain-based games 804 thousands of unique users - that’s practically 50% all wallets. During the survey 197 video game developer companies from the US and UK, Straits has found out, what more 50% develop games on the blockchain, and more 40% have already begun to integrate NFTs into video games. However, not all companies consider, that the introduction of cryptocurrencies into games will benefit both markets. Thus, the popular computer games distribution platform Steam has banned any games using NFTs., cryptocurrencies and other blockchain-based technologies.