Binance Smart Chain, which powers Binance’s native currency (BNB), has seen remarkable growth during the last quarter of 2021, with interactions between games and unique active wallets increasing by 1,700% in one year alone. Let’s take a closer look at the unique Binance Smart Chain gaming ecosystem and its benefits to gamers and game developers, who collectively make blockchain gaming the next big thing in the $138 billion mobile gaming industry.
How Did Binance Smart Chain Start?
When Binance launched in July 2017, it grew in popularity among the crypto community, quickly becoming one of the largest crypto exchanges in terms of volume. However, the native token, Binance Chain, had trouble working with Ethereum based applications. This stone on the road was the cue for Binance Smart Chain to come in. In September of 2020, BSC dove into the market as a solution for Ethereum Virtual Machine compatibility, running alongside Binance Chain. From then on, developers could create decentralized applications on the Binance Smart Chain.
What Do Gamers Want in a Crypto Game?
When you play a crypto game, you’re not just betting on a developer’s vision for a platform. You’re also betting on that developer’s knowledge of what players want. When it comes to crypto games platforms, the most appealing are those that keep the games simple, the bonuses high, and the transactions fast. It is not surprising that Binance Smart Chain gained so much popularity since its fees are considerably more cost-effective than Ethereum’s, and the network has branched out so much to satisfy the gamers’ needs.
The NFT BSC Ecosystem
In BSC NFT Marketplace, users can buy, sell and trade NFT collectibles using BEP20 tokens and BNB coins. BSC presents fewer complications than other blockchains in terms of development possibilities, making it the first choice for self-made developers. The offer for NFT exchange within Binance NFT Marketplace is growing by the second. For instance, the network has recently generated new associations with companies such as YG Entertainment, a South Korean agency representing K-Pop artists, to develop sustainable NFTs.
The Incorporation of Unique Active Wallets
As you read this, Binance Smart Chain boasts over 60 unique active wallets that participate in the gaming network. The incorporation of wallets into decentralized gaming applications has been massive, reaching a staggering amount of 754,000 in the last quarter of 2021. Simply put, this expansion means that now 49% of the blockchain industry is dedicated to games.
What we can conclude from this analysis is that Binance Smart Chain offers a holistic solution for DeFi, NFT marketplace and blockchain gaming. This being said, it looks like interest in the blockchain will not fade, and capital will continue to flow towards new developments.