Binance Labs Supports Web3 Gaming, Invests in Ultimate Champions

Binance Labs, the accelerator and venture capital arm of the cryptocurrency exchange Cryptocurrency Exchange A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f Read this Term, Binance, announced on Tuesday that it has made a $4 million investment in the Web3 sports game platform dubbed Ultimate Champions.

Due to the recent move, Binance Labs wants to support the Web3 gaming industry and help build a free-to-play fantasy sports platform using its blockchain technology, BNB Chain. According to the press release, Ultimate Champions will spend the obtained financing to secure the additional partnership and grow its community.

"The world of Web3 gaming is expanding, and Binance Labs is looking for Web3 gaming projects that have missions of providing real entertainment to the users rather than the ones focusing on giving out more opportunities to earn," Yi He, the Co-Founder of Binance and Head of Binance Labs, said.

The Ultimate Champions platform is currently focusing mainly on football and has partnered with 45 football clubs from Europe, including big brands like VfL Wolfsburg or Arsenal FC. In the future, the project's developers want to attract even more teams and expand their offerings to other sports.

Alex Odagiu, Investment Director at Binance Labs, confirms that "Web3 brings massive potential" to the gaming industry and makes it more accessible.

Web3 Transforms the Gaming Industry

Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term technology brings decentralization and new solutions to many industries, not just finance and investment. A great example is gaming where the Web3 revolution allows many independent studios to succeed.

"Web3 expands the appeal of making your own world and actually owning it. This concept is already built into several metaverse games on the blockchain, which focus on providing building opportunities and then lets their players create unscripted unique digital 3D venues," Konstan Dinev, the CEO of TimeShuffle, said.

Over the years, the game industry has changed its approach to financing models. Today, it is very common for games to be free, especially mobile games, with payment for in-game upgrades. The blockchain industry is now proposing a new gaming model called free-to-own, which Limit Break and its DigiDaigaku NFTs were the first to offer.