According to a recent report from the company, the Binance blockchain ecosystem is dominated by Web3 Gaming, also known as GameFi, for the third quarter.
In a report released on October 20, Binance, the world’s largest crypto exchange, revealed that its own native blockchain ecosystem is dominating the blockchain gaming sector in the third quarter of 2022.
The ‘State of Crypto Q3’ report delves into the crypto and DeFi ecosystems over the past three months, which have been bearish and fairly flat in terms of activity.
Its GameFi data was interesting, as according to Binance, BNB Chain dominates the region with a market share of 36.6%. “The BNB series has the highest number of games produced on the series,” the report said.
BNB Chain, Ethereum, and Polygon dominate GameFi
The two largest networks for Web3 Gaming were Ethereum at 20.2% and Polygon at 11.8%. Between them, the three blockchain ecosystems make up about 70% of the GameFi market.
According to the report, Solana Web3 was the fourth largest platform in terms of games with 6.9% market share.
GameFi is still an embryonic industry. It added that most of the projects are still in development, beta or alpha stages.
Web or browser-based games are leading the pack with over 1,000 titles released. Android is the second most popular platform for mobile devices GameFi.
Looking at genres, the report stated that action, adventure and collectibles were the games with the largest number of categories. This could possibly indicate that “developers see these verticals with the most potential.”
Play-to-earn platform Gameta was at the 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 over $1.5 billion. It is followed by metaverse platforms The Sandbox and Decentraland, both of which have a market capitalization of over a billion dollars.
BNB Token Outlook
The token that powered the Binance blockchain network has lost a modest 1.3% over the past 24 hours.
At the time of writing, BNB was trading at $268.60. In the last fortnight, it has fallen by about 6 per cent. Overall, BNB has outperformed most of its altcoin brethren, according to CoinGecko, having fallen ‘only’ 60% since May 2021, hitting a high of $686.
Major gaming and metaverse tokens such as SAND, MANA, AXS, and ENJ are all down more than 90% from their peak.