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As venture capital (VC) funds squeeze the flow of money to traditional startups and invest in emerging tech like Web3.0, <keyword id="8918130" type="General" weightage="50" keywordseo="binance-labs" source="Orion">Binance Labs</keyword>, the venture capital and incubation arm of leading cryptocurrency exchange <keyword id="6359140" type="General" weightage="80" keywordseo="binance" source="Orion">Binance</keyword>, on Wednesday announced closing of a $500 million investment fund to boost Blockchain, Web3.0 and value-building technologies. The fund is supported by leading global institutional investors such as DST Global Partners, <keyword id="13441808" type="General" weightage="50" keywordseo="breyer-capital" source="Orion">Breyer Capital</keyword>, as well as other major private equity funds, family offices, and corporations as limited partners, Binance said in a statement. The new fund will invest in projects that can extend the use cases of cryptocurrencies and drive the adoption of Web3.0 and Blockchain technologies. "The goal of the newly closed investment fund is to discover and support projects and founders with the potential to build and to lead Web3 across DeFi, NFTs, gaming, <keyword id="11121339" type="General" weightage="50" keywordseo="metaverse" source="Orion">Metaverse</keyword>, social and more," said Changpeng Zhao 'CZ', Founder and CEO of Binance. Since 2018, Binance Labs has invested in and incubated more than 100 projects from over 25 countries. Its portfolio includes industry-leading projects such as 1inch, Audius, Axie Infinity, Dune Analytics, Elrond, Injective, <keyword id="2462624" type="General" weightage="50" keywordseo="polygon" source="Orion">Polygon</keyword>, <keyword id="28936" type="General" weightage="50" keywordseo="optimism" source="Orion">Optimism</keyword>, The Sandbox, and STEPN. With the new fund, Binance Labs will make investments across three different stages: incubation, early-stage venture, and late-stage growth. Early-stage venture investments include token and equity investments across all sectors of cryptocurrency and Web3.0, including infrastructure, DeFi, NFTs, gaming, Metaverse, social, and crypto adoption platforms. Late-stage growth investments target more mature companies looking to scale or bridge into the Web3.0 ecosystem with the Binance ecosystem as a solid strategic partner, said the company. Earlier, US-based investment firm Andreessen Horowitz (A16Z) announced two new funds -- a massive $4.5 billion fund for crypto and Blockchain companies and Web3.0 startups and a $600 million 'Games Fund One' that is exclusively focused on the gaming industry. A group of former executives from one of the largest cryptocurrency exchanges Binance has also reportedly created a $100 million venture fund. Web3, or Web 3.0, represents the next generation of the Internet. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="http://www.businessinsider.in/india/news/pm-modi-mourns-the-loss-of-singer-kk-who-passed-away-at-53/articleshow/91931110.cms">PM Modi mourns the loss of singer KK who passed away at 53</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="http://www.businessinsider.in/science/health/news/pmbi-crosses-100-crore-in-may-centre-to-increase-the-number-of-janaushadhi-kendras-by-march-2024/articleshow/91921003.cms">PMBI crosses ₹100 crore in May; Centre to increase the number of Janaushadhi Kendras by March 2024</a>

Binance Labs announces $500 million fund to boost Blockchain technologies and Web3.0 startups

<a href="https://www.businessinsider.com/category/master-your-crypto"></a><div type="image" title="People playing video games" height="4480" width="5973" msid="94207720" hostid="261"></div><ul class="summary-list"><li>Insider spoke with industry experts about gaming's potential to take crypto to a broader audience. </li><li>Blockchain gaming VC investments notched $2.5 billion during Q2 2022, according to DappRadar.</li></ul>Blockchain gaming raked in $2.5 billion in funding during Q2, 2022, according to a DappRadar <a href="https://www.businessinsider.com/crypto-gaming-blockchain-report-growth-slows-still-less-volatile-market-2022-7">report</a>. The burgeoning space has attracted some of the biggest names in Silicon Valley, with Andreessen Horowitz <a href="https://www.wsj.com/articles/andreessen-horowitz-debuts-600-million-gaming-fund-to-add-to-web3-bets-11652878800">debuting</a> a $600 million fund for gaming startups in May. Animoca Brands, a Hong Kong-based game developer and crypto investor, also <a href="https://www.forbes.com/sites/zinnialee/2022/07/12/animoca-brands-hits-59-billion-valuation-as-crypto-winter-deepens/?sh=7d12d3f8469d">secured</a> a $75 million raise at a $5.9 billion valuation in July. Total investments in the sector this year, by some <a href="https://www.businessinsider.com/crypto-gaming-blockchain-report-growth-slows-still-less-volatile-market-2022-7">measures</a>, are outpacing last year's by around 33%.Franklin Bi, the director of portfolio development at crypto hedge fund Pantera Capital, previously told <a href="https://www.businessinsider.com/crypto-gaming-blockchain-report-growth-slows-still-less-volatile-market-2022-7">Insider</a> that it is blockchain gaming's "perfect moment" to "take off.""The gaming industry travels in cycles. New cycles are historically marked by new tech or new business models or novel user experiences. Crypto and NFTs have opened up all of the above," Bi said in a statement.There have been a slew of household names jumping on the blockchain gaming bandwagon. Microsoft Corp. <a href="https://decrypt.co/90634/microsoft-69b-activision-blizzard-deal-metaverse-move">announced</a> plans in January to acquire Activision Blizzard Inc. – commonly known as the publisher of franchises like Minecraft and Call of Duty – for $68.7 billion. Microsoft says the deal will help develop "building blocks for the metaverse," according to a statement from CEO and Chairman Satya Nadella. With the gaming market <a href="https://newzoo.com/insights/trend-reports/newzoo-global-games-market-report-2022-free-version">valued</a> at almost $200 billion this year, there is potential in onboarding a critical mass of users through blockchain games. Insider spoke with industry experts about the nascent space and its potential to take crypto to a broader audience. <h2>NFTs as a way to own in-game assets</h2>Gaming may be one of the main driving forces for mainstream adoption in crypto, Pavel Bains, the CEO of blockchain startup Bluzelle, says."I have three kids who grew up on Fortnite, Minecraft, and Roblox," Bains told Insider in a statement. "Virtual currencies and acquiring in-game digital assets is what they already know." He added: "The power of crypto can help turn those virtual goods into tangible assets for committed gamers. It's a natural progression for the upcoming generation and they will use it as a vehicle to learn valuable finance lessons at the same time."In traditional games, players commonly buy skins or virtual cosmetics for their characters. This is a market, per trading platform <a href="https://venturebeat.com/2020/12/18/newzoo-u-s-gamers-are-in-love-with-skins-and-in-game-cosmetics/">DMarket,</a> that generates roughly $40 billion in annual revenue. These assets belong to the studio, instead of the buyer, which could make NFTs an attractive alternative to the traditional gaming model. "So what's happened with the advent of blockchain games is that now those virtual goods and items can be put on-chain and you can have actual ownership of that," Justin Kan, cofounder of NFT marketplace Fractal, previously told <a href="https://www.businessinsider.com/nfts-in-gaming-twitch-justin-kan-investing-outlook-advice-2022-4">Insider.</a> "The only difference is that these companies themselves are giving up control and what they get in exchange is a more robust economy."NFTs verify ownership of a player's asset because it's recorded on a public ledger via the blockchain. Instead of holding these assets with a Web2 gaming studio, participants can hold tokens in their crypto wallets or some other more decentralized custodian."We believe ownership of digital assets will open up another layer of excitement and experience for gamers as they will now have additional motivation playing the games they enjoy," Kyu Lee, a partner at venture capital firm CRIT Ventures, told Insider in a statement.<h2>Games are entertaining and people want to play them</h2>Gaming is an effective onboarding tool, STEPN's Shiti Rastogi Manghani says, because it's entertaining and accessible to a broader audience. STEPN, dubbed a "move-to-earn app," allows users to earn game tokens through exercising. "Anything that is fun, social, engaging will get the users in the door," Manghani, the startup's CMO, told Insider in a statement. "We've seen this time and again in multiple industries like retail, e-commerce, and social media. It serves basic human needs. Gaming or any utility app that checks those boxes will go mainstream. If it benefits the users in the process, that's icing on the cake." Younger generations, in particular, are long accustomed to playing video games. Games have always been at the "forefront of emerging technologies" because humans love to be entertained, Shahaf Bar Geffen, the chairman of Web3 startup UnCaged Games, says. "The game of Tetris was built by Alexey Pajitnov to make computers less intimidating and more accessible to people," Geffen told Insider in a statement. <h2>Roadblocks to blockchain gaming</h2>With any new technology – and especially one in a volatile market – comes plenty of obstacles.Amid a crypto bear market, blockchain gaming has shown signs of slowing down as well. Axie Infinity, the game which once had the largest user base in the industry, had 83% fewer participants in Q2 than in Q1, according to <a href="https://www.businessinsider.com/crypto-gaming-blockchain-report-growth-slows-still-less-volatile-market-2022-7">DappRadar.</a> The downtrend in players steepened following a $650 million hack on its Ethereum-linked sidechain, Ronin."While gaming activity still dominates the overall landscape, we have also begun to see the first cracks appearing in the industry, and many top blockchain games started to show weakness," the DappRadar report says. Potential hurdles for mainstream adoption are a game's usability, Steven Goldfeder, the CEO and cofounder of Ethereum scaling solution provider Offchain Labs, says. Is it fun or are people just playing for the returns and financial rewards? "A good blockchain game needs to be a game first, and a blockchain application second," Goldfeder said in a statement to Insider. "The incorporation of blockchain technology should be purely additive, enhancing the gaming experience for users that wish to engage with the blockchain, but not by limiting accessibility to those who just want to play the game."He added: "Ironically, in order for blockchain to go mainstream, it needs to be able to operate in the background, and core to that are ease of onboarding, fast confirmation times, and low transaction costs that are abstracted away from users." This article is intended to provide generalized information designed to educate a broad segment of the public; it does not give personalized investment, legal, or other business and professional advice. Before taking any action, you should always consult with your own financial, legal, tax, investment, or other professional for advice on matters that affect you and/or your business.

Web3 founders and top VCs break down how blockchain gaming can take crypto mainstream &ndash; and explain potential hurdles for widespread adoption

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Binance Labs announces $500 million fund to boost Blockchain technologies and Web3.0 startups

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Web3 founders and top VCs break down how blockchain gaming can take crypto mainstream – and explain potential hurdles for widespread adoption

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Binance Labs announces $500 million fund to boost Blockchain technologies and Web3.0 startups

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Web3 founders and top VCs break down how blockchain gaming can take crypto mainstream &ndash; and explain potential hurdles for widespread adoption

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Web3 founders and top VCs break down how blockchain gaming can take crypto mainstream – and explain potential hurdles for widespread adoption