financemagnates.com
Binance Labs, the venture capital and innovation incubation arm of digital exchange Binance, today announced that the company has led the $5.5 million seed round of Heroes of Mavia, a prominent play-to-earn MMO strategy game.
The latest investment will facilitate Heroes of Mavia in the development of its game along with the growth of its community. The company is also planning to increase its headcount. Heroes of Mavia aims to transform the NFT gaming landscape through its unique features.
Earlier this month, open-sourced game Nine Chronicles announced that the company has received investment from Binance Labs. Due to the growing NFT, gaming, and Metaverse ecosystem, Binance Labs made several investments in emerging companies to increase the adoption of relevant technologies.
“Our team views Mavia as more than just a game, but as a mini-nation containing its own robust economy and ecosystem that must be balanced correctly. Equally as important to us as producing AAA-quality graphics and engaging gameplay is creating a sustainable tokenomic model that allows a broad range of players to participate and enjoy the game. We are excited to receive the backing of Binance Labs, and with their investment, we have the support we need to carry out our vision for Mavia,” Tristan Chaudhry, Managing Director of Skrice Studios, said.
In addition to Binance Labs, several other investors, including Genblock Capital, Delphi Digital, Mechanism Capital, Alameda Research, and Animoca Brands participated in the latest seed round.
Funding
Binance Labs has increased its volume of funding significantly amid the growing crypto and NFT market. In December 2021, the venture capital arm of Binance led Multichain’s $60 million investment round.
“At a time when play-to-earn gaming is exploding in interest globally, we believe Mavia and the team behind it is positioned to be a top AAA-title in the space,” Bill Chin, Head of Investment at Binance Labs, commented.