Binance Smart Chain And Animoca Brands Inject Rp2.8 Trillion For GameFi Development

Binance ready to develop Gamefi (Cryptonomist)

JAKARTA – In the midst of the metaverse boom, Binance Smart Chain is interested in developing the latest generation of games that are currently the hot topic of conversation, namely GameFi. GameFi stands for gaming and decentralized finance, this is a gamified financial system that refers to play-to-earn games. So, gamers can earn crypto money or NFT while playing games.

Binance Smart Chain has partnered with one of the leading gaming companies, Animoca Brands. Binance Smart Chain and Animoca are rumored to be a joint venture for gamefi development worth 200 million US dollars (equivalent to Rp2.8 trillion). Both parties issued 100 million US dollars (around Rp1.4 trillion). The funds are intended for gamefi development on the Binance Smart Chain network.

“Early Gamefi projects required funding to build their product, and required industry expertise for open-world gameplay and tokenomics, as well as networking opportunities to build growth in blockchain gaming and the open metaverse,” said Animoca Brands Co-founder, Yat Siu.

Animoca Brands has built and operates The Sandbox project, a game based on the metaverse. Animoca can help newcomers to develop blockchain games that are currently on the rise. This was conveyed by Binance Smart Chain Investment Director, Gwendolyn Regina.

However, Binance is not the only company that is tempted by the metaverse business. In addition, there is Kucoin, the Asia-based exchange launched a fund for metaverse development and strengthening their platform worth 100 million US dollars.

The Metaverse has become a “wetland” in the investment realm recently. On November 27, the world's largest digital asset investment firm, Grayscale Investments revealed that the metaverse is a trillion-dollar investment opportunity. Bank of America also said that the metaverse would be a great opportunity for the development of the crypto ecosystem.