Two blockchains have mainly been dominating the GameFi space. And it seems that one of them is playing to win. Will the BSC strategy see it emerge successfully or will it? Ethereum stay on 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 game system to win. 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 largest GameFi product with more than $ 200 million in its balance.
Furthermore, it is also the most expensive NFT collection in the entire crypto space, with sales topping $ 42 million in June alone.
However, “CryptoBlades”, based on Binance Smart Chain, has been trying to improve the leading blockchain game. Like Axie Infinity, CryptoBlades is also an NFT-based game. Trading 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 first count as well. In a single day, CB reached 621,000 users while AI lagged a mile. In addition, in a single day, BSC handled more than 10 million transactions. By contrast, Ethereum could only handle 1.2 million transactions.
As this space grows, more and more people will join it. That applies to traditional crypto entities and institutions as well. OKEx announcing a $ 10 million fund to help develop GameFi across multiple blockchains is a good example.
Furthermore, the GameFi tokens themselves have been accelerating on the market. AXS, for example, has rallied 415% in the last month. Another Enjin (ENJ) token, increased 119% over the same period.
Ergo, it is becoming apparent that the market is starting to shift its attention to GameFi at a staggering rate. And the same has been driven by this contest between Ethereum and Binance Smart Chain.
Now, who will win it? Well, that is decided by the markets and the users.
This is a machine translation of our English version.
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