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Game On: BNB Chain Dominates GameFi With Most Titles

2 mins
Updated by Kyle Baird
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In Brief

  • Ethereum and Polygon were the second two by market share.
  • Gameta led in terms of users in September.
  • Gaming and metaverse tokens are down 90% from their peaks.
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The Binance blockchain ecosystem has dominated web3 gaming, also called GameFi, for the third quarter, according to a recent report from the company.

In a report released on Oct. 20, the world’s largest crypto exchange Binance revealed that its own native blockchain ecosystem dominated the blockchain gaming sector in the third quarter of 2022.

The ‘State of Crypto Q3’ report delved into the crypto and DeFi ecosystem over the past three months, which has been bearish and pretty flat in terms of activity.

Its GameFi data was interesting as, according to Binance, BNB Chain has dominated the sector with a 36.6% market share. “BNB Chain has the highest number of games built on the chain,” the report stated.

BNB Chain, Ethereum, and Polygon dominate GameFi

The second largest two networks for web3 gaming were Ethereum with 20.2% and Polygon with 11.8%. Between them, the three blockchain ecosystems made up almost 70% of the GameFi market.

Solana was the fourth largest platform in terms of web3 games, with a 6.9% market share, according to the report.

GameFi is still an embryonic industry. The majority of projects are still in development, beta, or alpha stages, it added.

Web or browser-based games are leading the pack with over 1,000 titles released. Android mobile devices make up the second most popular platform for GameFi.

Looking into genres, the report noted that action, adventure, and collectibles were the categories with the greatest number of games. This could possibly indicate that “developers see these verticals with the most potential.”

Play-to-earn platform Gameta was top for users over the past 30 days, and the platform itself touts 1.9 million gamers. The platform has 11 P2E and web3 titles on the Google Play Store and 76,000 active daily users.

In terms of market cap, Binance found that The Otherside was the industry leader with more than $1.5 billion. It is closely followed by Metaverse platforms The Sandbox and Decentraland, both with more than a billion dollars in market capitalization.

BNB token outlook   

The token that powers the Binance blockchain network has taken a slight dip of 1.3% over the past 24 hours.

At the time of writing, BNB was trading at $268.60. It has dipped almost 6% over the past fortnight. Overall, BNB has fared better than most of its altcoin brethren, having ‘only’ dropped 60% since its May 2021 all-time high of $686, according to CoinGecko.

Leading gaming and Metaverse tokens such as SAND, MANA, AXS, and ENJ are all down more than 90% from their peaks.

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Martin Young
Martin Young is a seasoned cryptocurrency journalist and editor with over 7 years of experience covering the latest news and trends in the digital asset space. He is passionate about making complex blockchain, fintech, and macroeconomics concepts understandable for mainstream audiences.   Martin has been featured in top finance, technology, and crypto publications including BeInCrypto, CoinTelegraph, NewsBTC, FX Empire, and Asia Times. His articles provide an in-depth analysis of...
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