Half of Top 10 GameFi Projects are on BSC

GameFi is a growing sector in the world of Web3 applications. Blockchain and cryptocurrency gaming are about to disrupt the $175 billion global video games market. Popular games such as Axie Infinity are valued at billions of dollars, which is attracting new entrants into the marketplace. Grayscale estimates that revenue from virtual gaming worlds could grow to $400 billion in 2025, from around $180 billion in 2020.

BSC blockchain hosts about half of the total decentralized apps, while Solana blockchain is growing quickly because it is decentralized and has low network fees . The Solana gaming ecosystem now now has over 300 games, up from only a few last year. GameFi popularity has been attributed to network congestion issues on Ethereum over the past year and a half as network traffic related to gaming surged.

GameFi changes the dynamics of online gaming. Players can actually make money rather than paying to play online, and the players have the ability to own a stake in the games by voting in a game’s DAO. Gaming virtual points now have value – players can swap tokens earned such as AXS for other cryptocurrencies. Many gaming companies have realized that a tectonic shift is occurring, and they have begun investing in Web3 developers to create next-generation applications.

Blockchain gaming enables players to mint and trade NFTs as well. These NFTs can be bought and sold on NFT exchanges for value, or kept as a collection. Gaming NFTs are digital assets that can range from a weapon or outfit to a character or a piece of land.

As more people move into the metaverse, they will likely be attracted to blockchain gaming. Gen Z plays more video games for their age than any prior generation. This trend has grown over the past decade, and it will likely continue.