HomeNewsAnimoca and BSC to support GameFi through $200M fund
Animoca and BSC to support GameFi through $200M fund

Animoca and BSC to support GameFi through $200M fund

Last updated 31st Jan 2023

Projects based on Binance Smart Chain (BSC) can benefit from insight from Animoca Brands and help from the BSC community.

BSC and Animoca Brands launched a $200 million investment fund to support cryptocurrency-focused GameFi projects on BSC, CoinTelegraph wrote. They are investing up to $100 million each. BSC will be taking the funds from its $1 billion accelerator arm for GameFi, NFTs, and DeFi, which Binance set up earlier this year with the purpose of extending BSC ecosystem services and driving mainstream adoption across the fintech sector.

Binance launches accelerator across four specialist areas

Binance showcased the impressively funded accelerator in four specialist areas: Liquidity Incentive Program, Talent Development, Investment and Incubation Program, and Builder Program. Different amounts will be allocated to each one.

The I&I Program will receive the most funding. It will place an emphasis on multi-chain expansion in the field of technology, including AI, VR, gaming, and various metaverses.

Animoca: a major metaverse player

Animoca Brands is a major player in the open metaverse and blockchain gaming. The corporation is working on providing property rights via gaming and NFTs. It has invested in OpenSea, Axie Infinity, Harmony, Bitski, and other major NFT-related projects.

BSC investment director Gwendolyn Regina commented the investment:

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.

GamiFi is the biggest buzzword in crypto

GameFi, which combines DeFi and gaming, is currently one of the biggest buzzwords in the cryptocurrency industry, mostly due to the advent of the metaverse. GameFi runs based on a play-to-earn model rather than a play-to-win one and makes reference to the financialization of video gaming.

Among the leading crypto and investment companies banking on the value appreciation of GameFi over the past several months are Solana Ventures, Huobi crypto exchange, FTX, and Sanctor Capital.

Animoca NFT subsidiary raises $5M

In related news Quidd, a subsidiary of Animoca Brands and a marketplace for digital collectibles raised $5 million in an IDO (initial DEX offering) and private pre-sale funding round. The sale took place on Thursday on the Polkadot project incubator Polkastarter. 2 million QUIDD tokens sold in less than an hour at $0.25 each, raising half a million.

Previously, sale of QUIDD tokens raised $4 million from the BSC Growth Fund, OneFootball, Kingsway, and other investors.

Daniela Kirova

Daniela Kirova

Daniela is a writer at Bankless Times, covering the latest news on the cryptocurrency market and blockchain industry. She has over 15 years of experience as a writer, having ghostwritten for several online publications in the financial sector.