Oluwapelumi is a believer in the transformative power Bitcoin and Blockchain industry holds. He is interested in sharing knowledge and ideas. When he is not writing, he is looking to meet new people and trying out new things.
An announcement made by Binance disclosed that the new investment fund would see Nine Chronicles strengthen its team and product suite.
In its effort to help bring open-source blockchain gaming mainstream, the venture capital and innovation incubation arm of Binance, Binance Labs, has made a strategic investment in Nine Chronicles, the world’s first open-source, decentralized role-playing game.
Binance and Blockchain Gaming
The said Nine Chronicles is a non-server online role-playing game that operates on a blockchain network that is players-powered. The Planetarium is the team behind Nine Chronicles, the first open-source and fully moddable game that leaves the power of the game development in the hands of its community.
A Binance blog post announcement disclosed that the new investment fund would see Nine Chronicles strengthen its team and product suite. It will also add some core features like a mobile client, cooperative gameplay, guild DAO support, and dual token economy that will attract new users in the year.
In addition, the strategic investment will enable the two partners to work hand in hand towards building an asset bridge to the Binance Smart Chain (BSC) and providing exclusive in-game NFT skins to the NFT marketplace of the number one crypto exchange in the world. Further collaborations will allow players to join the Binance community of millions of active users.
While speaking on the strategic investment, the Investment Director of Binance Labs, Chase Guo, noted that the partnership was long-term. He continued to add that “we believe that the team’s deep gaming expertise and the game’s sophisticated graphics will bring them great success in the blockchain gaming space.”
Since its launch in October 2020, it has minted no fewer than 2 million NFTs items on its gasless network. Additionally, it has distributed over 10 million of its native tokens $NCG to players on its P2E economy.
In the comment of Co-CEO of Planetarium, Kijun Seo and JC Kim said the team has always been committed to giving the ownership of online gaming back to the community. They noted:
“We plan to take Nine Chronicles mainstream this year by adding new competitive and collaborative features for players and guilds, launching the game on mobile, upgrading our decentralized network infrastructure, and enabling our passionate community of creators. We believe that we can bring decentralized, open-source gaming to the masses through the new partnership with Binance Labs.”
The Rise of Play-to-Earn Games
One of the perks of the current interest in the NFT space is that it has allowed the focus to shift to other crypto niches that were hitherto in the dark.
In recent times, gaming platforms like Arc8, Sandbox, Battle Racers to Sorare, have witnessed an uptick in their growth and adoption.
Per a report by Blockchain Game Alliance, the space recorded over $2 billion in revenue for 2021 Q3. This was around 22% of all NFT trading volume during the same time period.
All of this shows that the industry has the enormous potential to grow beyond its current level if the craze for NFTs were to persist.