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Phil Hall
Phil Hall
Jan 13, 2021
News

Animoca Will Start Using Binance Smart Chain

Animoca Brands have signed a partnership with Binance Smart Chain to use the blockchain solution in a variety of blockchain applications.
Animoca Will Start Using Binance Smart Chain

Animoca Brands have signed a partnership with Binance Smart Chain to use the blockchain solution in a variety of blockchain applications. The two companies want to explore innovative and meaningful adoption of blockchain technology, which would include gaming and esports. It's unknown which projects will use Binance's blockchain technology.

In addition Animoca Brands will bring digital assets to the Binance blockchain, while Binance will advise Animoca in the areas of product, market and blockchain technology. Ultimately the two companies both want to bring more mainstream users into the crypto space.

It's not the first time that Binance and Animoca Brands collaborate. Last year Binance acquired 4012 land parcels in The Sandbox, which is a subsidiary of Animoca Brands. In addition The Sandbox launch its SAND token through Binance Launchpad.

Binance Smart Chain is quite a new player on the blockchain market. The blockchain solution is home to a variety of decentralized finance products, including Venus, PancakeSwap and BakerySwap. Aside from financial products there are some gaming dapps. When it comes to games, the offer is quite limited with for example Battle Pets and Chainz Arena.

Animoca Strong on Ethereum

At the moment most gaming projects from Animoca Brands work on the Ethereum blockchain. Think about for example The Sandbox, the Gamee portfolio and F1 Delta Time. However, the gaming company already announced that some projects, for example Star Girl and Bratz, will use the Flow blockchain.

Obviously Animoca knows that they can't rely their business on the development of Ethereum 2.0. The next version of Ethereum is still far away, while alternatives like Flow and Binance Chain offer a better experience. Because these chains have low or non-existent gas fees and faster transactions. Moving to other blockchains makes sense, because nobody wants to pay 30 dollars in fees for a 5 dollar item.

Many Ethereum projects move to Matic Network, because this layer-2 solution to the Ethereum blockchain is very compatible. Technically it's easy to swap a project from Ethereum to Matic. Projects like Decentraland, MegaCryptoPolis, Aavegotchi and SkyWeaver already announced their move to Matic. In addition Axie Infinity and Gods Unchained are building their own solutions.

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