Binance Labs Announces Investment into P2E Platform Merit Circle

Binance Labs Announces Investment into P2E Platform Merit Circle

Binance’s VC arm will be helping Merit Circle to become the "first vertically-integrated Gaming DAO."

Blockchain gaming has been a highly-anticipated market, speculated to be the future of video games. According to a report by the Blockchain Game Alliance (BGA), video games with digital asset integration raked in approximately $2.32B in revenue last year.

The latest initiative comes from Binance Labs via an investment into a gaming DAO called Merit Circle. With Binance's support, Merit Circle will attempt to build a worthwhile space for gamers with an upcoming "NFT and metaverse fund", and prepare for the launch of its NFT creative project Edenhorde.

Merit Circle has previously attracted several other investors in the blockchain industry including Defiance Capital, Maven11, Mechanism Capital, Dialectic, Bitscale Capital, Yield Guild Game, CitizenX, Spartan Group, DCG, and OP Crypto, with the DAO’s earlier "Liquidity Bootstrapping Pool" surpassing $105M.

Head of Binance Labs Bill Qian spoke on the investment into Merit Circle, stating:

"We see Merit Circle as a high potential DAO with a deep understanding of play-to-earn mechanisms and the gaming industry. That’s why Binance Labs invested in MC last November and will keep working closely and continue to build a gaming ecosystem together on BNB Chain."

Subsequently, the CEO of Merit Circle Marco van den Heuvel highlighted the platform’s community-driven ecosystem and investments into "promising games", putting Merit Circle’s task of "shaping the future of GameFi" as the main goal.

Dom Z. - Crypto Analyst

by Dom Z. - Crypto Analyst, BitDegree