Binance Labs invests $15 million in crypto game publisher Xterio [Advance Cash ]

Binance Labs Invests $15 Million In Crypto Game Publisher Xterio

Binance's venture capital and incubation arm, Binance Labs, has invested $15 million in blockchain game publisher Xterio, the company announced on Wednesday.

Xterio markets itself as a "free-to-play-and-own" game developer and publisher, which means it adopts the dominant free-to-play model, but will also offer players the opportunity to earn NFTs by playing games. his games.

"We believe that blockchain technology allows for a better gaming experience," says Xterio. website bed. "And player ownership is a key aspect of every Xterio game."

The startup currently supports the development of 11 games listed on its website, ranging from mobile Japanese role-playing games (RPGs) like Blackdawn to massively multiplayer online (MMO) PC games like Blocklords and the RPG Abyss World.

Xterio also appears to be taking a multi-chain approach to blockchain gaming, as Blocklords will launch its crypto assets on Polygon while Abyssal world has set its sights on the recently launched Sui blockchain.

Xterio said it will use the funds for game and technology development, as well as exploring potential artificial intelligence (AI) integrations into its titles.

Xterio is currently developing an "emotions engine for artificial intelligence", Binance Labs said. Xterio's AI toolkit also aims to generate 2D and 3D game assets for developers. The startup is also using its AI technology to develop digital companion game AIpal, which is expected to launch a closed beta later this year.

Last August, Xterio raised $40 million in funding from investors like FunPlus, XPLA and the now defunct FTX Ventures. Earlier this year, Xterio itself invested $2.5 million in Overworld, a multiplayer RPG game studio headed by Xterio co-founder Jeremy Horn, which is developing its homonymous title.

"Binance Labs' investment enhances our ability to launch a transformative ecosystem token and high-quality games," Xterio co-founder Michael Tong said in a statement.

When asked if crypto gaming was a primary area of ​​focus for Binance Labs, a spokesperson said Decrypt that the firm"[believes] that blockchain gaming is a key area for application layers.

While Binance itself is a crypto exchange that offers many tokens as well as its own stablecoin BUSD and BNB token, Binance Labs said. Decrypt that its investments are "chain and sector independent".

Binance Labs said it supports traditional game developers and studios moving into the blockchain gaming space, citing its investments in the game studio erase as well as Xterio.