After Facebook's founder, Mark Zuckerberg, changed the company's name to Meta, the interest of millions of people turned to metaverse projects. The native tokens of game-based metaverse projects The Sandbox and Decentraland, MANA and SAND, showed serious bullish movements.
In the crypto ecosystem, major brands and many altcoins are partnering with metaverse projects. One of these breakthroughs came from Binance Labs, the investment arm of Binance, one of the largest cryptocurrency exchanges.
Binance Labs is Binance's Venture Capital Arm and Incubator. Binance Labs identifies, invests and empowers viable blockchain entrepreneurs, startups and communities by funding industry projects that help the larger blockchain ecosystem grow. Binance Labs is dedicated to supporting fast-paced teams that are positively impacting the crypto space.
Binance Labs has announced that it has reached a partnership agreement with Elfin Kingdom, a play-to-play metaverse project.
In the Elfin Kingdom game, users try to catch cute characters called "Elfin". Players can make these characters fight or feed them to improve their abilities.
Elfin Kingdom CEO Juan Ibagon emphasized that this partnership is extremely important both for them and for Binance. Stating that the support of game-based decentralized platforms by Binance Labs is vital for the development of the industry, Ibagon said that they can focus more on project development thanks to this partnership.
“Through our GameFi model, we are on a mission to facilitate increased interaction for users with the decentralized finance ecosystem and to disseminate sound principles of financial education, while providing working opportunities for people, particularly in developing regions such as LATAM and South East Asia. We are delighted that Binance Labs is with us as a strategic partner to expand the reach of GameFi, currently the hottest segment in crypto. The investment will allow us to focus on building a solid platform with a variety of new features for our growing user community.”
A statement regarding the partnership also came from Binance Labs Investment Director Ken Li. Emphasizing that the crypto industry has developed a lot in recent years, Li noted that web 3.0 projects are exciting. Talking about the success of game-based projects, Ken Li explained that they are happy with the partnership.
“The Web 3.0 environment offers great opportunities, with Elfin Kingdom leading the way as one of the most promising projects in GameFi. We are excited to support their team as they strive to make a positive impact in the lives of millions of potential users through this strategic partnership.”