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Binance Labs Invests in BinaryX to Deploy a GameFi Product on BNB Chain

2021-12-21

Binance Labs, the venture capital and innovation incubation arm of Binance, has invested in BinaryX. BinaryX develops CyberDragon, a metaverse on-chain game combining the elements of DeFi, NFTs, and crypto economy in a gaming environment.

Users can mine, experience dungeon adventure, PvP gaming, trade in the marketplace for land and castle NFTs in CyberDragon game. The contribution of Binance Labs will accelerate the development of the game.

CyberDragon has a dual token model involving a governance token BNX and in-game token GOLD. As the governance token, BNX is used to vote and to participate in in-game hero NFT lotteries as well as hero upgrades. GOLD is the in-game token designed to pay various fees incurred while playing games. Players can use BNX to gain hero NFTs which can generate GOLD tokens sustainably for other in-game consumption. 

Bill Chin, Head of Binance Labs Fund, said “BinaryX is a team with blockchain operation experience and we hope that the contribution of Binance Labs can drive the development of CyberDragon. It is exciting to see a PvP tournament platform turning into a gaming space with NFT trading features and coming up with a dynamic economic model.”

BinaryX has plans to build CyberDragon in stages. In 2021, its PvP system was developed to add gaming elements. In the coming year, there will be a land trading function added to create a more diversified economic model with virtual land constructions. Also, a new guild system will be introduced to add a social element to increase user interactions. 

James, Co-founder of BinaryX, said “The team aims to build a sustainable GameFi model within the BNB Chain ecosystem to create real-life value out of gaming time for users. There are many features to come and we believe that with the support of Binance Labs, we can bring the user-focused GameFi model to the industry.”

Disclaimer: Only Binance Labs is a strategic investor of BinaryX. Binance exchange currently bears no responsibility and is not connected to any of their tokens.