Binance Smart Chain Sets Up $200M Fund for Gaming Investment

Through its $1B Growth Program, Binance has unveiled a $200 million funding program alongside Animoca Brands. The fund will be used to accelerate and incubate blockchain gaming startups built on the Binance Smart Chain (BSC).

Each of the investors will put forward about $100 million. The fund will help accelerate identified gaming projects in the GameFi niche. The move is similar to that of Solana Ventures and others who recently floated a $100 million gaming fund.

Estimates suggest that the GameFi industry could be worth $200 billion by 2023. By investing in the industry, Binance, Animoca Brands, and others are positioning for even more relevance in the industry. 

Gaming Critical to Web 3.0 Adoption

In her comment, Investment Director at Binance Smart Chain, Gwendolyn Regina believes gaming is a key pillar of web 2.0. She said, “Its large-scale real life use case makes it a core focus area for mass adoption to onboard retail consumers into the Web 3.0 world.” 

In addition to the co-investment, Gwendolyn believes developers on BSC will enjoy the expertise of gaming giants like Animoca Brands. Likewise, she believes it will provide a chance for intra-community collaboration and networking.

“We look forward to working together with GameFi projects to build next-gen scalable blockchains and onboard the next one billion new users into crypto.” she stated. 

A Hub of Potentials

The Binance Smart Chain (BSC) is a leading blockchain platform with more than 2.1 million daily active addresses. Recently, it’s become the go-to platform for all kinds of play-to-earn games. From RPGs to strategy-battle arenas, sports, digital entertainment, creative, and social games, BSC has it all. 

With developers seeing blockchain and NFTs as key trends in video game designs, many of these projects are NFT-based and have their marketplaces and tokens. Also, many have the potential to emerge as unique metaverses. Chairman and Co-Founder of Animoca Brands, Yat Siu believes funding is key to exploring the potential of the gaming sector.

“Early GameFi projects require funding to build their products, and need industry expertise for open-world gameplay and tokenomics.“ Also, Siu believes the co-investment provides an abundance of the two and enough aid mainstream adoption of blockchain.