Binance's venture capital branch Binance Labs has announced that they've successfully funded the upcoming P2E blockchain game called Heroes of Mavia with $5.5M.
Binance Labs have been supporting multiple crypto startups in the past couple of months, especially blockchain gaming projects. Their newest being Heroes of Mavia which is an MMO strategy game, set in a fictional island called Mavia where players can "occupy" plots of land via purchasing, renting the space, or partnering with the owner of the land.
The seed round was supported by other VC firms including Animoca Brands, Genblock Capital, Delphi Digital, Double Peak Ventures, Alameda Research, Hashkey Capital, Merit Circle, ExNetwork Capital, YGG, YGG SEA, and Mechanism Capital.
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Managing Director of Skrice Studios (development studio for Heroes of Mavia) Tristan Chaudhry stated that he hopes to bring out a game with a balanced ecosystem, and a "sustainable tokenomic model that allows a broad range of players to participate and enjoy the game."
In order to start playing, players will need to own one of these plots of land where they can build a base. Players could buy the land right of the bat, or choose to rent it that requires much less capital upfront.
Heroes of Mavia, just like a couple of other blockchain gaming projects, will have a dual token model. The first one will be called MAVIA which will let players vote for or against upcoming changes. RUBY will be the secondary token that will be used for in-game needs such as NFT equipment, skins, etc.
With Binance Labs extending its reach in the blockchain gaming industry, we can only speculate that Binance is looking to build its own blockchain gaming platform in the near future. In fact, on January 14th, Binance Labs made a strategic investment into an online role-playing game called Nine Chronicles.