Binance’s VC branch has made an initial investment into the Web3 metaverse project to accelerate its development and increase brand awareness.
According to the official report by Binance, the world’s largest crypto exchange will be helping Ultiverse’s development team create the "first AAA blockchain game" that features VR support, P2E initiatives, tokenomics, and AI track.
Alongside Binance Labs, several other large investors in the crypto industry have supported the Ultiverse project including Defiance Capital, Three Arrows Capital, and SkyVision Capital.
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With the investment, Ultiverse will be looking to implement external NFT support so players can use and customize their digital assets inside the game. More than that, due to it being an MMORPG game, users will be able to interact with one another inside the Ultiverse environment, which, according to the Investment Director of Binance Labs Nicole Zhang, will become a "bridge between Metaverse gaming and traditional gaming."
The CEO of Ultiverse Frank Ma spoke on Binance Labs and its co-investors involvement and interest in the project, stating:
"I am confident that Ultiverse will be the proof-of-concept that both Web3 and gamers have been clamoring for. We’ll do this by providing intricate virtual worlds and, more importantly, ways in which these worlds can be interacted with and affected in a truly collaborative way."
Binance has increased its play-to-earn initiatives over the past couple of months, presumably seeing the potential in blockchain gaming, and taking into account the ever-rising trend of gamers wanting to earn passive income by playing video games.
Just a few weeks ago, Binance Labs invested $1.1M into a Canadian blockchain-based gaming platform AlwaysGeeky Games.
