Crypto exchange OKEx said it is launching a $10 million fund to help develop GameFi, or “play-to-earn,” projects.
- GameFi introduces financial mechanisms into games, allowing users to make money by playing.
- OKEx will host a hackathon on Aug. 26 dubbed "BUIDL IN METAFORCE," including a demo day aimed at connecting developers with potential investors.
- The winning team in the hackathon will receive $1 million in funding as well as advanced listing and promotion.
- GameFi has demonstrated the potential to be the next blockchain battleground after decentralized finance (DeFi). The most recent demonstration occurred on July 30, when transactions on Binance Smart Chain outstripped Ethereum's thanks in a large part to the BSC-based game CryptoBlades, which boasted more than 621,000 users last month.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.