Binance Labs has led a fundraising round for its Bulletin Board System (BBS) Network platform. In the seed round, the Binance incubator raised an impressive $1.5 million.
What is the BBS Network?
Bulletin Board System (BBS) Network is a “SocialFi” platform, a decentralized social network in which creators, curators, and stakeholders are automatically and transparently rewarded with the project’s native token.
Each BBS Network post is minified and converted into an NFT that can be sold and traded. Furthermore, the platform allows for the transparent creation of auctions on the space to be occupied with posts.
Why did Binance Labs invest in the BBS Network?
Binance Labs’ investment in this social network is part of the leading cryptocurrency exchange’s strategy to broaden the landscape of the crypto and blockchain industries.
Binance’s incubator has already invested over $150 million in over 50 projects and is gearing up for “Season 3” of its incubation program, which will support additional gaming, DeFi, and NFT projects.
BBS’s founder and CEO, Eyal Hertzog, stated:
“The mission of BBS Network is to reclaim control of content and its economic upside for social media users.” We are thrilled to be working with Binance Labs to further decentralize the reach of SocialFi, the next great blockchain frontier. The investment will allow us to concentrate on developing and launching new features such as the Native App, Search Engine, and Cross-BBS Authentication.”
Binance Labs’ investment director, Ken Li, added:
“Our team has been thoroughly researching the Web 3.0 SocialFi landscape, and we are excited about what decentralization can do for the creator economy as well as billions of daily social media users.”
“The founding team of BBS Network has a strong track record in the crypto ecosystem, with Eyal previously serving as co-founder and CPO of Bancor, one of the first mainstream decentralized trading protocols.” It is a once-in-a-lifetime opportunity for us to collaborate with a group as crypto-experienced as Eyal and the BBS team.”
Binance collaborates with Animoca Brands on GameFi projects.
Speaking of gaming, Binance Smart Chain has launched a $1 billion Growth Program in which it will invest $200 million alongside Animoca Brands to develop blockchain-based games. Both will contribute $100 million to GameFi cryptocurrency projects.
Gwendolyn Regina, Binance Smart Chain’s investment director, explained:
“Gaming is one of the most important pillars of Web 2.0, with billions of users.” Because of its large-scale real-world application, it is one of the primary focus areas for crypto’s mass adoption to onboard retail consumers into the Web 3.0 world.”
“With this co-investment, projects built on BSC will gain insights and expertise from leading gaming giants such as Animoca Brands, as well as collaboration opportunities with blockchain experts from the BSC Community.” We look forward to collaborating with GameFi projects to build next-generation scalable blockchains and onboard the next billion new crypto users.”
Yat Siu, Animoca Brands’ executive chairman and co-founder, concluded:
“Early GameFi projects require funding to construct their products, as well as industry expertise for open-world gameplay and tokenomics, as well as networking opportunities to establish growth in the blockchain gaming and open metaverse.” This investment program will provide these requirements to projects that we believe have the potential to bring blockchain into the mainstream.”