- Binance Labs makes a substantial investment in a Web3 gaming company, Xterio.
- Xterio will use the funds to accelerate the development of Xterio-incubated games and integrate artificial intelligence (AI) in its tech development.
- Binance Lab’s move confirms its commitment and vision for Web3 gaming.
Binance Labs, the venture arm of Binance, has made a substantial investment in a blockchain gaming company, Xterio. The Web3 game platform has received a $15 million investment from Binance Labs, the venture financing and incubation division of Binance.
Xterio is well-known for developing and publishing “free-to-play-and-own” games, where players can acquire non-fungible tokens (NFTs) while playing. The company leverages the unique features of blockchain technology to build games that offer players a genuine sense of ownership and control over their in-game assets and progress.
Binance will back Xterio in its efforts to offer people worldwide cutting-edge digital entertainment driven by AI and digital ownership. Xterio will use the funding it has raised to accelerate the creation of games it has incubated and to incorporate artificial intelligence (AI) into its technological advances.
Further, Xterio seeks to create, produce, and promote first-rate interactive content for Web2 and Web3. The company is upbeat about working closely with its supporting partners to offer high-quality on-chain gaming to players globally and deliver the best of Web2 and Web3 gaming experience led by its richly endowed core team.
Yi He, Co-Founder of Binance & Head of Binance Labs, stated:
“The Xterio core team brings together experienced Web2 professionals with Web3 expertise. We look forward to closely working with them to allow gamers worldwide to experience rich on-chain gameplay.”
Yi He also added that the Xterio ecosystem is rapidly growing and combining free-to-play genres with on-chain gaming improved by AI capabilities.
On the other hand, Michael Tong, co-founder of Xterio, has given his remarks noting that:
“Binance Labs’ investment enhances our ability to launch a transformative ecosystem token and high-quality games.
Binance Lab’s Commitment To Web3
The investment by Binance Labs in Xterio indicates the company’s dedication to backing innovative companies at the vanguard of the Web3 revolution. Incorporating blockchain technology into decentralized applications, Web3 is the next generation of the internet that will give users more security, privacy, and autonomy.
Xterio is developing an “emotion engine for AI,” a project that aims to imbue game characters with realistic and dynamic emotional responses, enhancing player immersion. Xterio’s AI toolkit seeks to generate 2D and 3D game assets, providing developers with efficient and cost-effective solutions.
Various cross-platform PC and mobile games are planned for release on Xterio, and the ecosystem is expanding rapidly. Digital collectibles sold on Xterio’s online marketplace will also be a part of this system. With this funding, Xterio’s in-house game projects and those of its partners will move forward faster. To improve its Web3 distribution platform and ecosystem, Xterio promotes the development of original, high-quality intellectual properties.
Moreover, Xterio is leveraging its AI technology to create a digital companion game called AIpal, which is set to enter a closed beta phase later this year.
Last year, Xterio raised $40 million in funding, with FTX among the funders. Following this, Xterio received an additional investment of $2.5 million this year. Binance Lab’s investment indicates the project’s promising future for blockchain games.
In conclusion, Binance Labs’ funding of Xterio is a significant step toward the evolution of Web3 gaming. The cutting-edge platform and AI capabilities of Xterio will allow for a more engaging on-chain gaming experience for players.
