The good news for Binance Smart Chain (BSC) users is that the blockchain company merges with Animoca Brands, a blockchain gaming company based in Hong Kong. The two companies joined hands to launch a US$200 million investment project, further pumping money to crypto gaming entrants created by BSC.
What contributions has Binance made to the blockchain market?
Binance Smart Chain is one of the most reputable smart contract platforms in the blockchain market. It has a set of games on top of its platform. By joining hands with Animoca Brands, BSC intends to boost its incubation program. Each company is expected to pump $100 million to kickstart the GameFi project.
Animoca Brands, on the other hand, is a Hong Kong-based blockchain gaming, metaverse, and non-fungible token (NFT) company. It has to experience building and operating giant projects like the Sandbox, a metaverse-based gaming sensation that could help newcomers to blockchain gaming. With over 100 successful NFT-related projects, the company has managed to raise capital for US$65 million during its pre-money valuation initiative.
What next for smart contracts in the blockchain marketplace
Smart contracts are virtual programs stored on a blockchain that run when expected conditions are met. People use smart contracts to automate the execution of an agreement so that all users can predict the outcome and use what they’ve observed to their advantage. Users can streamline workflow, triggering the next call of action when conditions work their way.
To a layman, knowing how smart contracts work can be daunting. Smart contracts work by following specific statements written using a code on the blockchain. For example, a network of computers spearheads a specific action when predetermined conditions work to their advantage. The actions by this network of computers allow them to release funds to deserving parties. Depending on how the computer programs its operations, it can also issue a ticket, register a vehicle or send notifications.
What next after the BSC and Animoca Brands merging relationship?
The main reason BSC and Animoca Brand had a handshake is to help budding GameFi projects thrive. The two companies realized that these projects have little capital, and they need fund boosting to establish growth in the blockchain gaming marketplace. According to Yat Sui, the executive chairman and co-founder of Animoca Brands, GameFi projects need enough capital to build their online presence and expand their networking gimmicks.
Since the two companies merged, interest in decentralized gaming applications (dApps) on BSC went up by September. It is no surprise that this interesting revelation has led to the increase of unique active wallets (UAWs) by over 1,700%.
Currently, iGaming is one of the strongest pillars of Web 2.0, attracting billions of users. In the future, we expect the number of crypto users to grow and prove to other retail consumers that the Web 3.0 world exists. According to Gwendolyn Regina, an investment director at BSC, predicts that the onboard retail consumers will keep the iGaming marketplace active thanks to the funding BSC and Aminoca Brands gave.
The benefits of smart contracts include:
- 1. Speed, efficiency, and accuracy
Once a user meets a specific condition, the contract gets executed thanks to automation and digital programs immediately.
- 2. Trust and honesty
Since smart contracts are decentralized, users don’t have to worry about security issues. They rely on encrypted technology, giving you peace of mind knowing your financial activities won’t get compromised by third parties.
- 3. Savings
Unlike centralized financial solutions, smart contracts don’t need intermediaries. Once you do a transaction, you won’t experience any delays or security issues. With the current measures smart contracts have put in place, it is no surprise that most users prefer blockchain solutions to anything else.
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