- Binance has participated in a Series C funding round of Mythical Games platform.
- Andreessen Horowitz led the funding round.
- Binance posted a vague announcement saying it is hopping into the metaverse.
Binance has invested further in GameFi by participating in the series C funding round of Mythical Games, a blockchain-based gaming firm. Prominent investment firm Andreessen Horowitz led the funding round, along with other investors such as Redbird Capital, D1 Capital, Raine Group, and Binance’s contemporary exchange FTX.
That said, Mythical Games has reached its unicorn status by reaching $1.25 billion after the success of the last investment effort.
Meanwhile, Binance made a random post that comes off as vague:
Frankly, Binance did not specify what type of “hopping” into the metaverse it is doing. At the time of posting, the premiere crypto exchange did not write an additional post that provides context to its post.
Some are speculating that Binance will create its own GameFi ecosystem, while others are alleging that the exchange will invest in their respective platforms.
Binance is a partner of the GameFi hit Axie Infinity. Meanwhile, FTX has partnered with a forthcoming NFT game called Star Atlas, which will use the Solana blockchain instead of Ethereum.
For those who may be asking, “what is GameFi”, basically, it is the shortened version of the “play-to-earn” concept. Interested investors and gamers buy a certain asset to play the game. Once they complete tasks, they can obtain in-game tokens that they can sell to the marketplace for fiat money or other cryptocurrencies.