The largest crypto exchange by trading, Binance, is further expanding its offerings into the non-fungible token (NFT) space.
Today, the leading crypto firm announced that it had signed a Memorandum of Understanding (MoU) to develop a global Play to Earn (P2E) and offer NFTs. The deal was signed with Netmarble F&C, a subsidiary of Netmarble Corp.
Binance and Netmarble Signs MoU
These developments will further improve Binance Smart Chain gaming infrastructure. Netmarble will have a private chain on BSC Application Side Chain (BAS) to develop p2e and GameFi projects.
Netmarble is a top game developer that has established itself as a major player in the gaming and entertainment scene with several PC and video games. Some of its popular games include Blade & Soul Revolution and The Seven Deadly Sins: Grand Cross.
Just recently, it purchased ITAM CUBE, a GameFi project on BSC, signaling its intent to enter into the blockchain gaming scene.
Netmarble Eyes a Place on Binance NFT marketplace
Beyond the gaming solutions this partnership offers, the two firms would also consider an Initial Game Offering (IGO) on the Binance NFT marketplace.
This will allow the gaming company to sell its NFT on the crypto exchange NFT platform and, at the same time, further help it cement itself in the ecosystem.
This move aligns with the gaming company’s statement about its plans to incorporate blockchain, metaverse, and NFT into its products.
According to Netmarble’s CEO Seo woo-won, who also heads the Metaverse Entertainment unit, this MoU starts an extensive partnership with Binance.
Per his statement, the two firms would be “bringing blockchain entertainment to the mainstream and realizing borderless joy and fun – together.”
Centralized Exchanges are Making Moves into NFT
For Binance, this partnership is a great way to maintain its prominent position among crypto exchanges. The increasing popularity of NFTs has led to several other centralized exchanges like Coinbase and FTX making strategic moves into the space.
Thus, helping a known name in the video gaming space pivot into the blockchain gaming scene could help it further cement its lead over its rivals
Already, a number of gaming blockchains like Gala ecosystem and The Sandbox have recorded varying degrees of success in recent weeks.
As of press time, BNB is trading for $423.60 after rising by 1.9% in the last 24 hours.