Binance Smart Chain Q3 performance reiterates gaming’s dominance, says Dragos Dunica
According to DappRadar’s latest report, interest in gaming dapps on Binance Smart Chain (BSC) increased exponentially during Q3, with over 1,700% more unique active wallets (UAWs) interacting with games than in the previous quarter. Interestingly, these games are more akin to gamified financial platforms, offering users the chance to earn, trade and invest, in a fun and engaging way. The shift towards gaming and its merger with DeFi might be signaling the next episode for the space. We had a chat about it with our CDO, Dragos Dunica.
The third quarter of 2021 saw the blockchain industry expand its usage by 25% from the previous quarter, reaching more than 1.54 million UAW connected on a daily average. At the same time, UAW connecting to game dapps increased 140% QoQ, while DeFi-connected wallets decreased by 11%. Binance Smart Chain’s performance over the past quarter very much mirrors this shift away from DeFi, with a 14% UAW quarterly decrease, but draws even more attention to gaming and what the crypto space might look like in its next iteration.
“Watching Binance Smart Chain develop and go head-to-head with the dominant networks in the space over the last 12 months has been fascinating. Its growth since launch, and especially over the past quarter, only confirmed my belief that it could mount a serious challenge, and it seems like that might happen through gaming — the next big vertical in the dapps space,” says Dragos.
A year from launch, BSC has become one of the most utilized blockchains, attracting over 600,000 daily unique active wallets on average. The game sector has increased immensely within the network due to leading games like MOBOX — an NFT-infused gaming experience that surpassed Axie Infinity in regards to UAWs over the past month. Moreover, developers are creating more dapps than ever before on the blockchain, and BSC currently lists 792 dapps on DappRadar.
The growth in interest for play-to-earn and GameFi is also visible when analyzing newly launched dapps on a monthly basis. Since the start of Q3, the games category has increased constantly. User behavior on DappRadar paints a similar picture: in August, traffic to games-related pages represented 45% of the total, outperforming DeFi and NFTs by far. For comparison, in May, gaming captured less than a quarter of our users’ interest.
“My inkling is that within a couple of years most, if not all games will have tokenomics baked in. And this is the very least that could happen in the foreseeable future. With DeFi and NFTs intersecting with games, I believe we’re ushering in a whole new era for our space — one where we would play, earn, socialize in a complete virtual overlay to our reality. We’re probably not too far off this future,” Dragos concludes.
Overall, Binance Smart Chain is looking more and more well-rounded. The network’s NFT ecosystem will certainly benefit from the launch of the PancakeSwap marketplace. Further complementing the Featured by Binance marketplace. The next months will be key to determine whether BSC can maintain a stronghold in DeFi’s second position, as blockchains like Terra, Avalanche, and Solana try to close the gap. Whereas on the game sphere, it will be interesting to see how the current BSC games can compete with the next generation of blockchain games that are set to launch either in Q4 of 2021 or in 2022.