Binance Smart Chain and Animoca invest $ 200 million in crypto gaming startups

Binance Smart Chain (BSC) unveiled a $ 200 million investment program developed in partnership with Animoca Brands , a company whose business focuses on non-fungible tokens (NFTs) and digital game ownership rights – aimed at to fund early stage blockchain-based gaming startups.

BSC is a blockchain network built to run smart contract-based applications, launched by one of the industry’s leading exchanges, Binance .

The funds will be allocated under the chain’s $ 1 billion Growth Program , Animoca Brands said in a statement. BSC and its partner will each allocate up to $ 100 million in a bid to accelerate the growth of shortlisted gaming companies in the multi-billion dollar “GameFi niche” (gaming + decentralized finance) crypto sector.

This latest development comes as analysts forecast dynamic growth in gaming industry sales in the years to come. The global games market was valued at $ 173.7 billion in 2020, and it is expected to grow to $ 314.4 billion by 2026, according to a report by market research firm Mordor Intelligence .

With over 2.1 million daily active addresses reported in recent weeks, BSC has established itself as one of the leading blockchain ecosystems. Games and play-to-earn opportunities on this network have been driving a significant increase in traffic and unique wallet interactions this year, the statement said.

“Games are one of the strong pillars of Web 2.0, reaching billions of users. Its large-scale use in real life makes it one of the main areas of focus for the mass adoption of cryptocurrencies in order to improve their performance. ‘bringing retail consumers into the world of Web 3.0, “said Gwendolyn Regina , director of investments at BSC.

She added that this investment will allow projects based on BSC “to have the opportunity to benefit from the knowledge and expertise” of large game companies like Animoca Brands, as well as “opportunities for collaboration with experts. blockchain from the BSC community. “

“We look forward to working together with GameFi projects to build next-generation scalable blockchains and bring new users into the crypto industry,” Regina said.

BSC currently offers various crypto games to its users, including role-playing games (RPG), strategy-battle arenas, sports, digital entertainment, adventure games, logic games, creative games, as well as games. social. Many of these projects have developed NFT marketplaces and play-to-earn models with the use of fungible tokens and / or NFT rewards.