Binance Labs Invests in BinaryX to Deploy a GameFi Product on Binance Smart Chain

Binance Labs, the enterprise capital and innovation incubation arm of Binance, has invested in BinaryX. BinaryX develops CyberDragon, a metaverse on-chain sport combining the weather of DeFi, NFTs, and crypto economic system in a gaming atmosphere.

Users can mine, expertise dungeon journey, PvP gaming, commerce in {the marketplace} for land and chateau NFTs in CyberDragon sport. The contribution of Binance Labs will speed up the event of the sport.

CyberDragon has a twin token mannequin involving a governance token BNX and in-game token GOLD. As the governance token, BNX is used to vote and to take part in in-game hero NFT lotteries in addition to hero upgrades. GOLD is the in-game token designed to pay numerous charges incurred whereas taking part in video games. Players can use BNX to acquire hero NFTs which may generate GOLD tokens sustainably for different in-game consumption. 

Bill Chin, Head of Binance Labs Fund, stated “BinaryX is a team with blockchain operation experience and we hope that the contribution of Binance Labs can drive the development of CyberDragon. It is exciting to see a PvP tournament platform turning into a gaming space with NFT trading features and coming up with a dynamic economic model.”

BinaryX has plans to construct CyberDragon in levels. In 2021, its PvP system was developed to add gaming components. In the approaching 12 months, there might be a land buying and selling operate added to create a extra diversified financial mannequin with digital land constructions. Also, a new guild system might be launched to add a social factor to enhance consumer interactions. 

James, Co-founder of BinaryX, stated “The team aims to build a sustainable GameFi model within the BSC ecosystem to create real-life value out of gaming time for users. There are many features to come and we believe that with the support of Binance Labs, we can bring the user-focused GameFi model to the industry.”

Disclaimer: Only Binance Labs is a strategic investor of BinaryX. Binance alternate at the moment bears no duty and isn’t related to any of their tokens.

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