Binance Labs, the venture capital and incubation arm of cryptocurrency exchange Binance, has announced a $15 million investment in blockchain game publisher Xterio. The startup, which positions itself as a “free-to-play-and-own” game developer and publisher, aims to offer players the opportunity to earn non-fungible tokens (NFTs) while enjoying its games. Xterio believes that incorporating blockchain technology enhances the gaming experience, with player ownership being a crucial element in every Xterio game.
Binance Labs shows support with investment in Xterio
Currently, Xterio is supporting the development of 11 games across various platforms. These range from mobile Japanese role-playing games (RPGs) like Blackdawn to massively multiplayer online (MMO) PC games such as Blocklords and the RPG Abyss World. Notably, Xterio adopts a multi-chain approach to blockchain games, with Blocklords launching its crypto elements on Polygon and Abyss World targeting the newly launched Sui blockchain. The $15 million investment from Binance Labs will primarily be utilized for game and technology development. Xterio also intends to explore potential artificial intelligence (AI) integrations within its game titles.
One of Xterio’s notable initiatives is the development of an “emotion engine for artificial intelligence,” as revealed by Binance Labs. Xterio’s AI toolkit aims to generate 2D and 3D game assets for developers, enhancing their creative capabilities. Furthermore, the startup employs its AI technology to create a digital companion game called AIpal, which is set to launch a closed beta later this year.
Xterio focuses on AI integration and multi-chain development
Last year, Xterio secured $40 million in funding from investors such as FunPlus, XPLA, and FTX Ventures (now defunct). In early 2023, Xterio also invested $2.5 million in Overworld, a multiplayer RPG game studio led by Xterio co-founder Jeremy Horn, which is actively developing its namesake title. Michael Tong, the co-founder of Xterio, expressed enthusiasm about the investment from Binance Labs, emphasizing that it strengthens their ability to launch a transformative ecosystem token and deliver high-quality games.
While Binance Labs’ investment in Xterio demonstrates a focus on the crypto gaming sector, a spokesperson clarified that the firm views blockchain gaming as a crucial area for application layers. Binance Labs stated that its investments are “chain and sector agnostic,” emphasizing support for traditional game developers and studios venturing into the blockchain gaming space. This commitment is evident through Binance Labs’ investments in game studio Gomble as well as Xterio.
The investment from Binance Labs not only provides Xterio with financial resources but also signifies validation and support for their vision of merging blockchain technology and gaming. With the incorporation of NFT rewards and a commitment to player ownership, Xterio aims to revolutionize the gaming industry. By leveraging multiple blockchain networks and exploring AI integration, Xterio strives to enhance the gaming experience while empowering developers to create immersive and engaging worlds.
