• Binance Lab has made an investment in the Star Sharks metaverse

  • Binance Lab announced a $1 million investment in the GameFi metaverse, which was developed by start-up Star Sharks on Binance Smart Chain, on Tuesday.

    Binance, the Star Sharks, has entered the metaverse.

    “Binance Labs, Binance’s venture capital and incubator, is pleased to announce a strategic investment in Star Sharks, a community-driven shark metaverse where players, developers, and investors can own, mate, and trade the underlying shark NFTs within the ecosystem.”

    This is the company’s announcement of the partnership.

    Star Sharks is a GameFi project created by Timi Studio. After only three months of operation, the group has become one of the most well-known NFT game developers, with millions of active users.

    Binance will invest in a game that uses a dual token economic model, Star Sharks Sea (SEA), and the governance token, Star Sharks (SSS). The SEA token is used in the marketplace and as a reward in the game.

    With this investment, the world’s largest cryptocurrency exchange enters the GameFi NFT market, which is becoming an increasingly attractive market for the BSC protocol, according to Chase Guo, the head of the Binance lab:

    “The Star Sharks team has extensive product design experience as well as deep gaming expertise.” We believe that by launching their GameFi platform on Binance Smart Chain (BSC), Star Sharks will be an important contributor to the development of the gaming sector, benefiting all users in the BSC ecosystem.”

    The new game is set to be released on November 21.

    DeFi and gaming

    DeFi is without a doubt one of the most rapidly growing sectors in the cryptocurrency world in recent months. According to DeFi Pulse, the sector’s Total Locked Value (TVL) would be $92.24 billion in October 2021, a $22 billion increase since July.

    And games appear to be one of the most intriguing application fields in the DeFi sector. According to a recent BGA Blockchain Game Report published by DappRadar, there are over one million unique users of blockchain games, representing a more than 100 percent increase over September.

    DeFi games with the ability to reward players for specific operations they perform during the game appear to be the key to making them appealing to a large number of gamers worldwide. There are now dozens of new start-ups developing similar games.

    According to Jeff Mei, director of global strategy at cryptocurrency exchange Huobi, the world of DeFi games appears destined to soon supplant traditional ones, ranging from Axie Infinity, the DeFi game with the most users at the moment, to Decentraland and MOBox.

    Because “this is going to be a very hot sector,” Huobi has set aside a $10 million fund specifically for GameFi’s emerging projects.

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