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Binance Labs Announces Additional $5 Million Investment in Ultiverse

UTC by Bhushan Akolkar · 2 min read
Binance Labs Announces Additional $5 Million Investment in Ultiverse
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Binance is betting big on Ultiverse, a Web 3.0 social gaming Metaverse, and is ensuring that the Binance Chain offers a smooth experience for developers and users.

A week after leading the $4.5 million seed investment in Ultiverse, Binance Labs announces another $5 million investment in the startup’s equity. It means Binance Labs is doubling down on its investments in the Metaverse gaming startup.

Nicole Zhang, director at Binance Labs, said that the additional investment serves as a guarantee that both the firms are “connected in a way that we have some sort of voice in terms of the team’s future course”.

Binance Labs also stated that the funds will go towards constructing a social gaming metaverse with BNB Chain. Zhang believes that their native BNB Chain holds the potential of supporting large-scale gaming operations. She further added:

The moment you get really popular, you crash the entire blockchain. We’re the only blockchain currently that has that kind of capacity.

Being a formidable player in the market, Binance holds the first-hand experience of addressing capacity concerns. She pointed out examples of games like BinaryX and Cryptoblades. However, these games gained massive traction and caused performance issues for Binance’s blockchain in the past.

But Zhang notes that Binance has added extra capacity to deal with these issues. She notes: “Now we are super ready. We have the capacity”.

Details about Ultiverse

Ultiverse is a Web 3.0 social gaming Metaverse built together with Binance Chain. during its last week’s announcement, Binance noted:

“Ultiverse is working on connecting web3 with a VR-compatible virtual world that will be home to the first AAA blockchain game. As a first-of-its-kind MetaFi, Ultiverse’s tokenomics encourages mutually beneficial relationships among ecosystems, where players could benefit from building the community.”

Inside the Ultiverse, users will be able to import their own NFTs from multiple chains for use in the virtual world. Besides, it will also support NFT and land customizations. Binance has said that Ultiverse will launch along with the first internal game “a 3D MMORPG Play-To-Earn title with a realistic ecosystem”. In the game, players can play different roles and interact with each other.

Big market players in the crypto space are making a move in the world of Web 3.0 and Metaverse. binance seems to capitalize on this opportunity by making an early move.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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