Two blockchains have been primarily dominating the GameFi space. And, it appears that one of them is playing to win. Will BSC’s strategy see it emerge successfully, or will Ethereum remain at the top?
What is GameFi and how does it work?
GameFi, simply put, is the decentralized version of the gaming world. The games attract users with a play-to-earn system. This, in turn, benefits the blockchain as well.
Traditionally, this sector has been dominated by Ethereum thanks to its DeFi capabilities. Built on Ethereum, Axie Infinity, an NFT-based online video game, is the market leader right now. In fact, it is the biggest GameFi product with over $200 million in its balance.
Furthermore, it is also the most expensive NFT collection in the entire crypto-space, with sales crossing $42 million in June alone.
Binance Smart Chain-based “CryptoBlades” has been trying to best the leading blockchain game, however. Like Axie Infinity, CryptoBlades is also an NFT-based game. Operating on the Binance Smart Chain (BSC), it has grown rapidly, both with respect to user base and valuation.
In fact, less than a few weeks ago, CryptoBlades managed to beat Axie Infinity on the former count as well. On a single day, CB hit 621k users while AI lagged by a mile. Additionally, on a single day, BSC handled more than 10 million transactions. On the contrary, Ethereum could only manage 1.2 million transactions.
As this space grows, more and more people will be joining it. That applies to institutions and traditional crypto-entities as well. OKEx announcing a $10 million fund to help develop GameFi across multiple blockchains is a case in point.
Moreover, GameFi tokens themselves have been picking up pace in the market. AXS, for example, has rallied by 415% over the past month. Another token, Enjin (ENJ), rose by 119% over the same period.
Ergo, it is becoming apparent that the market is beginning to shift its attention towards GameFi at a staggering pace. And, the same has been fueled by this contest between Ethereum and Binance Smart Chain.
Now, who will win it though? Well, that’s for markets and users to decide.