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Play-to-Earn Platform CryptoBay Attracts Thousands of Users

Posted by
Ian Kane

Over 17,000 unique wallets connect to dapp on Binance Smart Chain in only one day

The CryptoBay platform on Binance Smart Chain has attracted more than 17,570 unique active wallets over the past week. It’s one of the latest GameFi products to hit the spotlight on Binance Smart Chain, as it attracts a big audience of active users.

CryptoBay, a play-to-earn metaverse platform on Binance Smart Chain, has achieved incredible traction in the last 24-hours. The GameFi dapp, which debuted on BSC on the 25th of August has already amassed over 17,000 active users and over 95,000 transactions as players rush to seize yet another play-to-earn opportunity.   

In the last 7-days, CryptoBay has attracted 17,570 unique active wallets to its platform that completed over 95,000 transactions. Interestingly, 17,090 of the unique active wallets and 44,300 transactions occurred in the last 24-hours leading us to dig deeper as to what is happening on CryptoBay to stimulate such a result.

What is CryptoBay? 

In CryptoBay, users can buy and build ships, fight against pirates in adventure mode, and fight against players in the arena. Additionally, players can participate in boss battles, build their own harbors, recruit captains and raise pets, and participate in other interesting daily missions to build their own kingdom.

The platform announced via Twitter that more than 18,000 ships had been sold in the last three days. Additionally, a competition rewarding 1 BNB to ten lucky winners was also publicized. 

Earning in CryptoBay 

As mentioned, CryptoBay is one of several new GameFi opportunities on the Binance Smart Chain. Fundamentally these titles offer users a gamified way to invest in cryptocurrencies. These types of dapps are proving very popular. In order to earn, the crypto game must have its own tokenomics. 

PEARL token plays the most central role in the CryptoBay metaverse. When users build ships, they need to spend a certain amount of PEARL. Moreover, repairing a ship, maintaining the harbor, participating in fishing missions, and treasure map missions, etc., all cost users a portion of the PEARL token. For those familiar with the tokenomics of Axie Infinity – Shipbuilding will consume a certain amount of PEARL tokens, similar to when breeding an Axie. To explain in the simplest of ways CryptoBay offers a virtual world. The PEARL token is the token that powers the economy. Just like, for example, the USD dollar in the world.

Players can mint PEARL tokens by participating in daily adventures and fighting pirates. Additionally, more tokens can be earned by participating in the daily arena and fighting with other players. For full information about tokenomics within CryptoBay head here

In a nutshell, as with other GameFi titles. Users are piling in to earn PEARL in the hope that the token price will rise accordingly when the game fully launches and with increasing user activity. Looking at BSC Scan we see that 2,050 wallets already hold PEARL. Additionally, the platform states it will soon add liquidity provider opportunities for PEARL/BNB through Binance’s leading DEX PancakeSwap.  

Source: BSC Scan

GameFi Grows in Stature

In the first quarter of 2021, the term GameFi was just something we banded around for ease internally. Fast forward just eight months and it’s become not only a recognized business model but a successful one in numerous cases. Gamified investment in cryptocurrencies is opening up the industry to an entirely new audience. Seemingly pairing the powerful earning mechanics of DeFi protocols such as farming and staking tokens with immersive metaverses where players can live out adventures. All whilst earning. 

Source: DappRadar

A quick glance at the DappRadar overview charts shows more clearly the trend of 2021 so far. Just over 4 million active wallets have interacted with DeFi and Exchange dapps tracked by DappRadar. Blockchain games are now leading the way with over 5.2 million active wallets. Quarter four of 2021 will surely be one of the most exciting to date. 

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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, NIOX, AGIX, MATIC, MANA, SAFEMOON, SDAO, CAKE, HEX, LINK, GRT, CRO, OMI, GO, SHIBA INU, AND OCEAN.

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