Binance Labs will use the investment to develop the GameFi metaverse while improving the gaming sector on Binance Smart Chain.
Binance Labs Invests in NFT GameFi Project
Binance Labs has announced its investment deal with community-driven GameFi metaverse on Binance Smart Chain (BSC), Star Sharks. Binance Labs is the venture capital arm of Binance, and the deal would expand the gaming sector in the BSC ecosystem and increase the interest in virtual worlds.
The largest crypto exchange dropped an official statement about the strategic partnership on Tuesday, November 2nd. However, according to Insider report, the amount invested is under $1 million and will be used to develop the Star Shark metaverse.
“Binance is pleased to announce that Binance Labs, the venture capital and incubator of Binance, made a strategic investment in Star Sharks, a community-driven shark metaverse where players, developers, and investors can own, mate, trade the underlying shark NFTs within the ecosystem,” Binance announced the new development in its public statement.
Star Sharks is a GameFi project developed by the Timi Studio group. The group is one of the best in the industry with a proven track record, creating several games that have attracted over a million active daily users within three months.
Timi Studio group comprises talented individuals in the GameFi industry, and star Sharks will use the investment from Binance Labs to attract more skilled game developers. With this, Star Sharks will execute its long-term goal of creating more exciting games on BSC.
A Strategic Partnership To Develop the GameFi Sector on BSC
While the investment will be significant for the blockchain game start-up, it will also promote the BSC ecosystem. Investment Director of Binance Labs, Chase Guo, was optimistic about the deal, stating that the GameFi protocol would contribute to BSC’s gaming sector.
“The Star Sharks team has deep gaming expertise and extensive product design experience,” Chase Guo was quoted in Binance’s public statement on November 2nd. “After launching their GameFi platform on Binance Smart Chain (BSC), we believe that Star Sharks will be an important contributor to the development of the gaming sector and therefore benefit all users in the BSC ecosystem.”
The CEO of Star Sharks, Franky, also put in some good words about the deal. First, he made mention of the protocol’s vision, adding that the investment from Binance Labs is enough support to build the Star Sharks metaverse.
In his words, “At Star Sharks, we are dedicated to ensuring that everyone has fair and equal rights to access decentralized games. We have seen how decentralized games have the potential to build an inclusive, passionate global community, and Star Sharks wants to achieve that in our Shark Metaverse. With Binance Labs’ strategic investment, we believe that we have the support needed to achieve our vision.”
What Next For Star Sharks?
The protocol will launch its first game, Starsharks.Warriors in November, allowing users to own, breed, and trade sharks as NFTs. Star Sharks also intends to implement a referral system on top of innovative “rent-to-play” features in the future.
The rent-to-play feature will fully activate the liquidity and utilization of NFTs, connecting NFT holders with less playing time and active players with less initial capital to buy in-game NFTs. On the other hand, the referral system will give users rewards for bringing users to the GameFi metaverse. Also, the rewards will be based on the referred users’ activities in gaming competitions.
For more information about Star Sharks, refer to their media pages below:
Source : bsc.news
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