Binance Labs Invests $15 Million in Xterio to Support Web3 Games
A July 12 report by Binance Labs revealed that the crypto exchange invested $15 million in Xterio, a blockchain-based publisher. The investment will finance blockchain gaming projects and support innovation by leveraging artificial intelligence technology.
Over the past, the Xterio team has gained proficiency from its “free-to-play-and-own” platform. The Xterio group has provided the players with a rewards system where the players earn sizable income from blockchain games.
Binance Labs Commits $15 Million to Xterio
A news feed on the Xterio website revealed that the game developer would leverage blockchain technology to boost the gaming experience. The Xterio team confessed that the player ownership feature is vital in blockchain games.
The game developer is currently working on launching 11 games. The Xterio team anticipates launching mobile games such as Japanese role-playing games (RPGs), RPG Abyss World, and PC games in the coming days.
From Xterio’s latest development, it is evident that the gaming company has adopted a multi–chain approach to create blockchain games. The game development company plan to debut the Blocklords game on the Polygon network, while the Abyss World will be launched on the Sui blockchain.
A recent publication confirms that the Xterio team is currently working on developing an exclusive emotion engine for artificial intelligence. The Xterio report revealed that its AI toolkit will support game developers in generating 2D and 3D games.
Xterio Adopts AI Technology to Develop Blockchain Games
Besides the use of AI in game development, the Xterio team utilized advanced technology to create a digital companion game dubbed AIpal. The AIpal is currently undergoing testing and experimentation before the official launch. The AIpal developers anticipate closing the beta testing this year.
Nonetheless the attempt to revolutionize the gaming sector has inspired the Xterio team to seek financial and human support from the best-performing companies. In August 2022, the Xterio team yielded $40 million from a funding round led by FunPlus, XPLA and FTX. The funds generated were utilized in the expansion of Xterio’s operation.
At the beginning of this year, it was reported that the Xterio group committed $2.5 million to develop a multiplayer RPG called Overworld. In a statement issued by the co-founder of Xterio, Michael Tong revealed the $15 million from Binane Labs will be used to launch a unique digital token. The executive added that the investment will be used to develop high-quality blockchain games.
Responding to Tong’s remarks, a spokesperson from Binance Labs argued that the crypto exchange believes that blockchain games plays a crucial role in developing application layers. The spokesperson added that having supported the crypto industry through the listing of thousand of tokens such as BNB and BUSD, among others, its latest investment on Xterio was a “chain and sector agnostic.”
The Binance Labs pledged to continue supporting game developers to migrate to the blockchain ecosystem. Earlier the Binance Labs had invested heavily in the game studio Gomble to support the growth of gaming sector.
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