Binance Labs Invests $15M Into Xterio for Web3 and AI Games

"If a year ago I criticized Xterio for being too ambitious, I certainly am not about to row back now they have added AI technology to the company's scope. What I will say is that 12 months later, I'm more confident the company can execute their plan, and I'm all the more hopeful they will."

Xterio is one of the quiet but alluring up-and-comers in web3 gaming and after some previous success with a large funding round, Binance Labs has now invested a further $15 million.

Nearly a year ago, I first covered Xterio — a web3 gaming platform — because they completed a staggering $40m funding round, with the likes of Animoca Brands and Forte investing. Incidentally, FTX Ventures were also heavily involved, so perhaps it wasn’t exactly $40m.

After reading the platform’s whitepaper and intentions, I had mixed feelings that I’ll summarize: Firstly, they needed to drop the focus on Play-to-Earn and every variation of it, along with the god-awful term, “GameFi”. Secondly, as absurd as it sounded, $40m was unlikely to be sufficient to do what they wanted to do. Why? Well, thirdly, they were overambitious. I sound overly critical of Xterio, but I’ll end my summary with a quote from the end of the article from a year ago: “My only criticism so far (only after assessing their whitepaper and concept, admittedly) is it’s too ambitious. Prove me wrong, Xterio; I’ll cheer you on as you do it.”

https://twitter.com/ageofdino/status/1679483767407398913

Well, not only have they avoided perishing in the past 12 months — a real risk in web3 presently — but they’ve made a lot of ground. I’m pleased to see Xterio has pivoted slightly with its approach, now calling itself a “free-to-play-and-own” (we’ll have to workshop that description) game developer and publisher. They still are comprised of a smorgasbord of industry veterans from the likes of Blizzard, EA, and Krafton, among others, and they have inducted a number of new projects (like Age of Dino, as seen above). Some of the roster will be familiar to regular readers, such as a game we have followed for some time, Blocklords.

Binance Invests in Xterio to Expand Game Development Capabilities in AI and Web3

The investment from Binance Labs of $15m is of particular note due to what the funds are intended for. Xterio is looking at expanding its AI technology development, as well as AI-driven experiences. One element of Binance’s announcement of this investment that leaves me wondering, however, is the mention of resolving AI provenance issues in web3. I can’t make sense of that line, given much of web3’s benefit to gaming is digital provenance.

If a year ago I criticized Xterio for being too ambitious, I certainly am not about to row back now they have added AI technology to the company’s scope. What I will say is that 12 months later, I’m more confident the company can execute their plan, and I’m all the more hopeful they will.

Robert Baggs
Robert Baggs
Full-time professional crypto writer and Editor of Token Gamer. Co-host of the Mint One Podcast. Obsessed with MMOs. London based. Primary holdings: WAXP, ENJ, & BTC. Secondary holdings: ETH, GALA, & MATIC

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