Binance bets on a gaming NFT metaverse where players can mate their pet sharks | Currency News | Financial and Business News

Shark. Source: Getty Images

  • Crypto exchange Binance said on Tuesday that its venture capital arm had invested in blockchain game startup Star Sharks.
  • Players can own, trade, and mate the underlying Shark NFTs as they compete in its game’s metaverse.
  • Games from the makers of Star Sharks attract 1 million players per day and are part of the growing crypto gaming space.
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Binance, the world’s largest crypto exchange, is backing the shark metaverse of a blockchain games startup as interest in virtual worlds grows more mainstream.

Its venture capital arm and incubator Binance Labs has placed a “strategic investment” of just under $ 1 million in Star Sharks, the company told Insider.

Star Sharks’ first game lets players compete for rewards by trading and even matching the pet sharks they own, in the form of underlying Non-Fungible Shark Tokens (NFTs) on a mobile platform 3d.

According to Binance Labs, “Starsharks.Warriors” players are joining forces to create and manage a new shark metaverse as a community. He is expected to make his debut this month.

Built on the Binance Smart Chain (BSC) blockchain, decentralized gaming reflects a growing interest in the metaverse, as with Facebook’s recent decision to change its corporate name to “Meta”. A metaverse is a virtual space where people can interact digitally using avatars.

“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 industry and therefore benefit all users of the BSC ecosystem,” Chase Guo, Director investments at Binance Labs. , was quoted in a company press release.

Binance Labs said its investment will help grow the gaming industry on its BSC network. It launched the BSC network for decentralized peer-to-peer applications in October of last year.

The team behind Star Sharks came in part from Timi Studio Group, whose games have attracted more than a million users per day in three months, and from Google.

GameFi, where decentralized finance meets the gaming industry, is attracting a lot of attention from the crypto community and the biggest gaming guilds in the industry.

Its business model often allows players to obtain a share of the dividends generated by the development of the game, their most common characteristic being “play to win”. The Ethereum-based game “Axie Infinity” is one of the most popular GameFi projects.

In Star Sharks’ first game, those who sponsor new players will receive tokens based on the activity rewards of the people they have referred.

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