Two blockchains have primarily dominated the GameFi space. And it seems that one of them is playing to win. Will BSC’s strategy be successful or will Ethereum stay on top?
What is GameFi and how does it work?
To put it simply, GameFi is the decentralized version of the gaming world. The games attract users with a play-to-earn system. The blockchain in turn benefits from this.
Traditionally, this sector is dominated by Ethereum thanks to its DeFi capabilities. Based on Ethereum, Axie Infinity, an NFT-based online video game, is currently the market leader. In fact, it’s the largest GameFi product with a balance of over $ 200 million.
On top of that, it’s also the most expensive NFT collection in the entire crypto space, with sales of $ 42 million in June alone.
However, “CryptoBlades” based on Binance Smart Chain has tried to outperform the leading blockchain game. Like Axie Infinity, CryptoBlades is also an NFT-based game. It works on the Binance Smart Chain (BSC) and has grown rapidly in terms of both user base and rating.
In fact, less than a couple of weeks ago, CryptoBlades managed to beat Axie Infinity in the first place as well. In a single day, CB reached 621,000 users, while AI was a mile behind. In addition, BSC processed more than 10 million transactions in a single day. On the contrary, Ethereum could only manage 1.2 million transactions.
As this space grows, more and more people will join it. This also applies to institutions and traditional crypto entities. A good example of this is the announcement of a $ 10 million fund to develop GameFi across multiple blockchains.
In addition, GameFi tokens have gained momentum in the market themselves. AXS, for example, has rebounded 415% in the last month. Another token, Enjin (ENJ), rose 119% over the same period.
Ergo, it is becoming apparent that the market is shifting its attention to GameFi at a breathtaking pace. And the same was fueled by this competition between Ethereum and Binance Smart Chain.
But who will win now? Well, that is what markets and users have to decide.