BinaryX has launched a new 220,000 BNX Cyber Incubation Fund, aimed at driving the growth and adoption of Web3 games.
The fund, supported by the project team, seed investors and members of the BNX community, will be used to invest in on-chain gaming projects that utilize or are experimenting with blockchain technology. BinaryX is also offering advisory services alongside the fund to bolster support for projects under the fund.
The fund will be used to provide resources and all forms of support for games at any stage, including early-stage, and late-stage development.
BinaryX Incubation Fund Distribution Breakdown
The fund distribution comes from the overall BinaryX fund as pictured below:
BinaryX will allocate 8% of their overall funds to the Cyber Incubation Fund, the amount is $12 million USD at the time of writing.
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 launching the incubation arm mid-2022, BinaryX has invested in and incubated 2 GameFi projects. Its portfolio includes SHIT games, and Rh!noX NFT collection, with several exciting projects underway.
BinaryX will accelerate its search and adoption of projects in need of incubation, and offer support across all stages, including early-stage and late-stage development.
With this incubation arm, BinaryX aims to connect projects with BinaryX’s network of resources, advisors and investors to help projects go to launch. The Incubation Fund is open to receive applications and all year round, providing iterative support to any project at any stage of development.
The news comes amidst already refuted rumours that BinaryX is selling tokens. To reiterate their stance, Rudy said,
‘We would like to emphasize that there was no foul play from our team. We are entirely focused on our games, and we have been communicating our upcoming plans transparently.’
The team has just arranged a DAO vote to decide on the buy back plan for BNX, and are working to execute it alongside other strategic plans for long-term growth, including the development of their latest game, CyberLand.
