BNB Chain Dominates the GameFi Sector with Higher Market Share Than Ethereum (ETH) and Polygon (MATIC)

binance gaming dominating web3 cloud top

BNB Chain, the public blockchain supported by Binance, has overtaken Ethereum to become the most dominant chain for Web 3.0 gaming, also known as GameFi. 

BNB Chain Dominates GameFi

Since the launch of Axie Infinity on top of its network, Ethereum has dominated the blockchain gaming sector. However, data from the third quarter of 2022 shows that the BNB Chain has snatched away much of the market share held by Ethereum.

In a Thursday, October 20th report titled ‘The State of Crypto Q3, Binance provided insight into the crypto and DeFi ecosystem’s third quarter. According to the release, BSC now accounts for the largest share of the GameFi sector.

The report reveals that the BNB Chain had the highest number of blockchain games built on it in the third quarter, attaining dominance in the GameFi sector with a market share of 36.6%. 

The report revealed the leading genres to be action, adventure, and collectibles, as more than 1,000 titles were released for web browsers.

Ethereum and Polygon trail the BNB Chain

The BNB Chain’s Q3 GameFi performance bested that of Ethereum and Polygon, which hold 20.2% and 11.8% of the market share respectively, while Solana registered in fourth place with a share of 6.9%.

In terms of market cap, the BNB Chain’s GameFi sector is valued at approximately $1.5 billion. ‘Gameta’ was the most played game by users over the past 30 days, recording more than 1.9 million players. 

On the Flipside

  • The BNB Chain recently suffered a major exploit, as more than $100 million was stolen by a hacker on October 7th.

Why You Should Care

Although the GameFi sector is still in its early development phase, Binance is expected to play a major role in its expansion to compete with the $300 billion traditional gaming industry.

Read the latest on the BNB Chain hack in:
BNB Chain Undergoes Hard Fork as a Fix for $100M Exploit

Find out more about the growth of the chain’s recent Web 3.0 expansion:
Web3 Platform LiveArt Brings World-leading Arts and Culture to BNB Chain

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

Author

Milko is a DailyCoin reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs).