BinaryX has initiated a 220,000 BNX Cyber Incubation Fund to foster the development and utilization of Web3 games.
The BinaryX project team, seed investors, and members of the BNX community have pooled their resources to create a fund that will be used to invest in on-chain gaming projects that are using or testing out blockchain technology. In addition, BinaryX is providing advisory services to help bolster projects within the fund.
The fund will be utilized to supply resources and any type of assistance for games at every level, such as in early and later stages of development.
BinaryX Incubation Fund Distribution Breakdown
The fund distribution comes from the overall BinaryX fund as pictured below:
BinaryX has set aside 8% of their capital, which is currently equivalent to $12 million USD, for the Cyber Incubation Fund.
Rudy, Head of Growth at BinaryX, said: “BinaryX is committed to accelerating the adoption of Web3 technologies in gaming. The fund is not limited to supporting blockchain games already in the space, but also traditional developer teams who want to experiment with blockchain in their games or NFTs. We believe in the overall growth and adoption of blockchain within the gaming ecosystem, and we will strive to support any project that is promising to that effect.”
Since initiating its incubation division in mid-2022, BinaryX has put money into and nurtured two GameFi ventures. The company’s lineup contains SHIT games and Rh!noX NFT collection, with some electrifying projects in progress.
BinaryX will hasten its search for and take on projects that require incubation, and offer assistance throughout all phases, ranging from the initial stages to the later ones.
BinaryX’s Incubation Arm seeks to link projects with its extensive portfolio of resources, advisors and investors to aid them in getting off the ground. Submissions for the Incubation Fund are accepted throughout the year and offer continuous support regardless of a project’s current development stage.
The news comes amidst already disproven claims that BinaryX is offering tokens. To reiterate their position, Rudy declared, ‘We would like to stress that there was no misconduct on the part of our team. We are completely focused on our games, and we have been divulging our upcoming projects openly.’ The group has just organized a DAO vote to determine the buy back program for BNX, and are striving to put it into action along with other strategic plans for long-term development, such as the creation of their newest game, CyberLand.
