Binance Smart Chain (BSC) and leading blockchain gaming company Animoca Brands are partnering to launch a $200 million investment initiative. According to reports, this project will be geared towards developing, fostering, and facilitating crypto-centric gaming projects.
The partnering platforms stated on Monday that they are each going to invest $100 million to back the decentralized gaming finance space (GameFi). Both BSC and Animoca will be looking to benefit from each other’s strong suits on this project. In fact, BSC investment director Gwendolyn Regina took it a step further by suggesting that her platform will tap into the BSC Community. As she put it:
“With this 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.”
Animoca Brands is a Hong Kong-based gaming software firm specializing in blockchain gaming and the open metaverse. In addition, the company also issues property rights through non-fungible tokens (NFTs) and has already invested in prominent NFT-centric initiatives. Some of these include Axie Infinity, OpenSea, Bitski, and Harmony.
The concept of GameFi is the latest phenomenon to take center stage in the crypto space alongside the larger emerging metaverse. GameFi encompasses the monetization of video games under a play-to-earn model as opposed to pay-to-win.
Image Credits: Pixabay
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