665,000 and counting – Game-Fi project brings the masses to BSC
The wildly popular CryptoBlades NFT-meets-DeFi gaming project on Binance Smart Chain (BSC) is having a moment amidst heightened interest in play-to-earn blockchain games. The platform attracted over 665,000 unique active wallets in the last 30-days. Surpassing every other project on the blockchain. Except for the decentralized exchange platform PancakeSwap (also on BSC) and another Game-Fi title Alien Worlds on the WAX blockchain.
In the next round of blockchain dominance wars, we are observing networks going head-to-head competing for gamers, rather than DeFi enthusiasts. Arguably, they fall into the same category when discussing blockchain games. Game-Fi is attempting to bridge the gap between earning an income and entertainment. So far, it appears to be working.
At the time of writing, CryptoBlades has attracted over 650,000 unique active wallets to its platform. Generating volume of just over $103 million. Not bad for a project that really only started to gain traction in early July 2020. As reported in the Q2 Dappradar Dapp Industry Report BSC previously flipped Ethereum on the number of transactions based on the massive success of PancakeSwap, a decentralized exchange on BSC. This time, however, BSC’s success is the outcome of a game that merges DeFi mechanics, NFTs, and gaming.
GameFi or play-to-earn as it is also known combines gaming and DeFi into one entity, which is the gamification of financial services so that users can earn profits by playing games.
CryptoBlades is arguably taking over the gaming sector on BSC. When it comes to volume passing through the platform, CryptoBlades smashes the competition with close to $103 million.
To some extent, the boost in activity for CryptoBlades was driven by a series of promotional airdrops and marketing events. However, there is a clear trend indicating that blockchain-based gaming and play-to-earn dapps are becoming the next big thing in crypto, especially judging by the performance of games on the Binance Smart Chain.
Both BNB, the utility token for Binance and BSC, and BUSD, a U.S. dollar-pegged stablecoin powered by Binance play an essential role in crypto games on BSC. For example, to buy CryptoBlades native token SKILL, first users must buy BNB and swap their BNB for SKILL on ApeSwap. Representing a big increase in demand for BNB as well as a boost for liquidity on ApeSwap. Additionally, any transactions made in CryptoBlades, such as trading game characters or weapons, require users to pay a small gas fee with BNB. Resulting in a lift for the entire ecosystem, not just CryptoBlades.
According to the July DappRadar Dapp Industry Report, BSC was the most used blockchain with more than 658,000 unique users in July; WAX comes second with 336,000 and Ethereum is now third with 105,000. Binance is not the only blockchain eyeing the huge potential of the blockchain-based gaming industry. Polygon and Wax are clearly laying out their stalls while other crypto companies and blockchains are also taking big steps in this direction. Crypto exchange FTX recently announced several NFT gaming-related investments, including a sponsorship deal with decentralized gaming startup Yield Guild Games (YGG).
For some time now the cryptocurrency space has been looking for a mass-market use case. Arguably Game-Fi is a sector that people have been talking about for a while. As it represents the first sector of crypto where average users, without the need for a complete understanding of blockchain and cryptocurrencies can participate.
The above does not constitute investment advice. The information given here is purely for informational purposes only. Please exercise due diligence and do your research. The writer holds positions in ETH, BTC, ADA, NIOX, AGIX, MANA, SAFEMOON, SDAO, CAKE, HEX, LINK, GRT, CRO, SHIBA INU, AND OCEAN.