BitMart Launches $50M Fund to Empower Early-stage GameFi Projects
BitMart, the digital asset trading platform, has recently established a $50 million GameFi fund to invest and incubate GameFi and NFT-related projects. The fund is also aiming at developing more quality projects in terms of marketing, operations, trading, and more.
BitMart is the world’s leading digital asset trading platform, ranked top 15 on CoinGecko, and has experienced rapid growth since its inception in 2017. BitMart increased its daily active users by 100x and doubled its team members in the last 12 months. The exchange has also launched several offerings in the easy-to-use category, including flexible savings and locked savings for cryptocurrency users and the company has further strengthened its systemic infrastructure. These efforts built an impregnable stage for BitMart’s high-standard performances in 2021.
Meanwhile, the past year has shown a noticeable surge in crypto market funding, and GameFi saw unprecedented success, with a series of iconic names such as Axie Infinity, Thetan Arena, DeFi Kingdoms, and more. Searches for Metaverse and GameFi are often in the spotlight. Many believe 2022 may see exponential growth in metaverse and GameFi.
GameFi turns in-game props into NFTs and makes DeFi’s liquidity mining into a playable game, enabling Play to Earn (or P2E). Driven by liquidity mining, GameFi, a gaming model combined with NFT and DeFi, can further its development quickly.
BitMart is quite optimistic about the future potential of this track and has been actively involved in the “Play-2-Earn” hype. The $50 million fund will be bolstering the existing GameFi and Metaverse tracks and incubating new developments.
Sheldon Xia, Founder and CEO of BitMart said:
“BitMart has a long-standing interest in the development of high-quality GameFi projects, and has always aimed to build the crypto ecosystem; BitMart has strong partners and media resources and can provide a one-stop and streamlined IGO process for quality blockchain game project owners in conjunction with BitMart’s Shooting Star IGO platform.”
The fund will nourish GameFi projects in three main aspects: 1) Distribution channels: Cryptoization of traditional game publishers; 2) Content providers: encouraging innovative use cases of blockchain technology; 3) Underlying infrastructure: reuse and iteration of various middleware.
With BitMart’s participation, more GameFi “gems” with high quality and big potential will be developed and introduced to the public to the greatest possible extent, injecting new vitality into the GameFi circuit.