428% surge in active users as NFT staking is introduced
Binance Smart Chain play-to-earn gaming ecosystem X World Games has seen a markable surge in active users as its NFT staking and rewards system came online for players. The surge also coincides with the platform’s native XWG token being listed on several exchanges, including crypto.com.
XWG being listed on Crypto.com is a strong signal that there is demand for the token as it becomes available to the platform’s 10 million registered users. Further stimulus comes from the imminent arrival of X World Games update to its flagship game Dream Card and additional NFT staking to earn XWG.
The BSC-based play-to-earn game has increased the number of unique active wallets interacting with the platform by over 420%, to over 13,000, driving 35,610 transactions. As mentioned, the platform is currently in the middle of a major update to its flagship game and has opened up staking and earning opportunities for players which is responsible for the bulk of this activity.
Rewards drive users
The first surge in active wallets is seen around the 19th of October. At the same time, the Binance NFT Expedition Phase 2 registration officially opened. Anyone holding a Dream Card in Binance NFT could register for the second phase, which includes the first issue of the Dream Card special edition series and Dream Card mystery box 2, and 3 series cards. By adding cards to the expedition, players could start mining for XWG token revenue and withdraw the XWG tokens to a BSC wallet.
Further stimulus arrived in the shape of X pools which allow players to deposit their NFTs to earn XWG tokens. Already the pool has over $1.4 million in total value locked with the Dream Card pool giving an APR of over 334%. Additionally, there are two more pools set to go live in the near future, Giving players even more opportunities to earn.
Aside from staking NFTs, X World Games has more play-to-earn gaming to offer. There are a proportion of the tokens reserved for user incentives. Players could earn XWG tokens by simply playing games. This design is to encourage user participation in the game, grow the community and maintain platform traction.
Game mining lets players receive token rewards from playing games. For example, token holders could participate in creating new cards and earn a token as a creator from the marketplace. furthermore, X World Games distributes a portion of the revenues made from the sale of a mystery box, card sales, asset sales, transaction fees, etc. A fixed portion is distributed to staking pool rewards.
Owning XWG tokens also enables players to participate in the governance process through a decentralized autonomous organization (DAO), with development proposals and voting structures. Issues related to the platform operations and development could be voted based on the preference of the token holders. In order to encourage users to participate in the voting process, there will also be rewards for voting actions.
Binance gaming ecosystem
Overall interest in Binance Smart Chain game dapps increased exponentially during Q3, the number of daily unique active wallets connected to games on the network reached over 168,000 on average, a 1,700% increase quarter-over-quarter. While the number of daily wallets interacting with DeFi dapps reached an average of 412,000 UAW, down 14% from the previous quarter. Showing that while the appetite for DeFi is still healthy, it’s play-to-earn gaming or gamified finance dapps that are seeing increasing real-life usage.
The thirst for gaming dapps is also being echoed on other blockchains right now as dapp developers and networks work together to try and bring in those vital users. We’ve watched as the gaming category exploded from what was basically two or three leading games, to a vibrant ecosystem of over 165 games spread across several blockchains. At the time of writing three of the top ten dapp games are on BSC.
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.