October brought with it glad tidings for the cryptocurrency ecosystem. The largest cryptocurrency exchange in the world gave a statement earlier this week. Binance, on October 20, announced that its native blockchain ecosystem would rule the blockchain gaming sector for the third quarter of 2022, according to recent research it carried out.
The research titled “State of Crypto Q3” examined the cryptocurrency and DeFi ecosystem over the previous three months, which were bearish and largely inactive.
The Dominance & Statistics
Their GameFi statistics were noteworthy since, according to Binance, BNB Chain controlled the market with a 36.6% share, dominating the industry. According to the research, “BNB Chain has the most games created on the chain.”
The rest of the research revealed Ethereum and Polygon tied for second place. The two cryptocurrency exchanges, valued at 20.2% and 11.8%, respectively, were the second-largest networks for web-3 gaming.
This valuation combines the three blockchain ecosystems to account for about 70% of the GameFi market. The survey stated that Solana had the fourth-largest platform for web3 games, with a 6.9% market share.
Market Capitalization & GameFi
The survey indicated that the genres with the most significant number of games were action, adventure, and collectables. The fact that “developers view these verticals as having the highest potential” may be implied by this. In terms of market capitalization, the Otherside leads the sector with more than $1.5 billion, according to Binance. The Metaverse platform has The Sandbox and Decentraland, which have over $1 billion market caps. The duo come immediately behind it (the Otherside).
GameFi comes as the second most popular platform using Android smartphones. With over thousand-title releases, web or browser-based games secure the lead. As most of the projects are currently in the beta or early stages of development, the gaming business is still in its development stage.
For the past 30 days, people have rated Play-to-Earn Gameta as the greatest platform, while the platform has 1.9 million players. There are 76,000 daily active users on the platform, which features 11 P2E and web3 games in the Google Play Store.
BNB Token Outlook
In the past 24 hours, the coin that drives the Binance blockchain network has experienced a modest decline of 1.3%. At the time of writing, BNB was currently trading at $268.60. While roughly 6% of tests have failed in the past two weeks, BNB performed better than most of its cryptocurrency counterparts, according to CoinGecko.
While BNB dropped “only” 60% from its peak of $686 in May 2021, four significant gaming and metaverse tokens (Sand, Mana, AXS, and ENJ) have fallen over 90% from their peaks.
Understanding Crypto, NFT & Blockchain Games
There are minute distinctions between how these terminologies refer to something and what they truly mean when used. Let’s first explore their background before getting into their complex meanings. According to a survey, the gaming business should grow to $339.95 billion by 2027. This implies a CAGR rise of 8.94% from 2022 to 2027.
Over time, video gaming has seen a significant transformation. The Pong game and Pacman may only be known to some generations. Moving forward, gaming has advanced beyond simply capturing our imaginations to creating worlds that are out of our field of vision.
The primary aim is to steer the gaming industry in a revolutionary direction. Cryptocurrencies in crypto games serve as monetary and commercial resources that circulate and revolve around a certain blockchain. As a result, the game will improve the gaming experience by using cryptocurrency as a reward.
While they started to resemble Flash games in the 2000s, they have significantly changed over time to become enjoyable and rewarding games for users. Now cryptocurrency or NFTs are used as prizes in crypto games. However, your odds of winning depend on how much time you put into the game and how skilled you are at it.
One example of a cryptocurrency game powered by player-driven universal economics is Satoshis’ Games Studio. This game developer produced several cryptocurrency games that pay players in cryptocurrency via its network. Other crypto games are accessible through Elixir, an application that combines the NFT marketplace and the app store.
Non-fungible tokens (NFTs) are distinct digital tokens used in a blockchain. These tokens have unique cryptographic properties that give users access to uncopyable digital assets. In games, they represent in-game objects, virtual characters, and avatars that players employ to play the game. In NFT games, game designers use a small pool of NFTs to increase their values.
Players in NFT games can buy, sell, trade, and exchange these in-game items for bitcoin on an NFT marketplace. Similar to purchasing an item in real life, purchasing an NFT in an NFT game results in receiving a receipt that contains a blockchain-recorded record of your transactions.
NFT games benefit both game developers and players, give players a chance to earn cryptocurrency and give developers greater leeway to experiment with different revenue strategies.
The central concept in blockchain games is a secondary market that players primarily control. It has the cost of in-game goods set by this player-driven market. The main goal of this initiative is to maintain a thriving blockchain with as many interactions and activities as possible.
All information is verifiable and logged in blockchain games. Blockchain games often keep track of everything, from arming a character with a weapon to travelling to new territory.
Blockchain games include any application of blockchain technology that does not include the usage of money or other financial assets. These games emphasize real ownership, decentralization, and censorship resistance.
Nowadays, people rely on games to reinvent how gaming and business. In a world where technology is becoming more complex, it has been a fantastic aid.