BinaryX introduces Cyber Incubation Fund to support blockchain games
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BinaryX launches a new 220,000 BNX Cyber Incubation Fund, aiming to drive the growth and adoption of Web3 games.
The fund, supported by the project team, seed investors and members of the BNX community, will be used to invest in on-chain gaming projects that use or experiment with blockchain technology. BinaryX also offers advisory services alongside the fund to strengthen support for projects under the fund.
The fund will be used to provide resources and all forms of support for games at all stages, including early and late development.
Distribution of distribution of BinaryX Incubation Fund
The fund allocation comes from the overall BinaryX fund as shown below:
BinaryX will allocate 8% of their total funds to the Cyber Incubation Fund, the amount is $12 million USD at the time of writing.
Rudy, head of growth at BinaryX, said:
“BinaryX is committed to accelerating the use of Web3 technologies in games. The fund is not limited to supporting blockchain games already in the space, but also traditional developer teams who want to experiment with blockchain in their games or NFTs. We believe in the overall growth and adoption of blockchain in the gaming ecosystem, and we will strive to support any project that is promising for it.”
Since the launch of the incubation arm in mid-2022, BinaryX has invested in and incubated 2 GameFi projects. The portfolio includes SHIT games and the Rh!noX NFT collection, with several exciting projects underway.
BinaryX will accelerate the search and adoption of projects in need of incubation, offering support across all stages, including early and late development.
With this incubation arm, BinaryX aims to connect projects with BinaryX’s network of resources, advisors and investors to help projects launch. The Incubation Fund is open for applications and throughout the year, providing iterative support to any project at any stage of development.
The news comes amid already refuted rumors that BinaryX is selling tokens. Reiterating their stance, Rudy said: “We would like to stress that there was no foul play from our team. We are fully focused on our games and we have communicated our upcoming plans in a transparent manner.” The team has just held a DAO vote to determine the buyback plan for BNX, and is working to execute it along with other strategic plans for long-term growth, including the development of their newest game, CyberLand.
BinaryX is the GameFi platform behind the play-to-earn games CyberDragon and CyberChess, both of which run on the BNB chain.
BinaryX began as a decentralized derivatives trading system. The team gradually evolved into developing decentralized video games, and is now transitioning to become a GameFi platform that provides IGO services to connect Web2 developers to Web3.
As one of the top 10 projects in the BNB chain, BinaryX has a large community of more than 100,000 coin holders and 17,000 monthly active wallets. It is also one of the largest metaverse projects by trading volume on the BNB chain. BinaryX also has a token, $BNX, which has consistently shown strong performance despite the bear market.
