How Binance played a part in GameFi's revival

admin

Oct 29

The GameFi sector grew by $1.44 billion compared to the previous month.
BNB Chain has the leading number of games in the sector.

The GameFi industry, like the broader cryptocurrency sector, has not escaped the recent downturn. Nevertheless, recent reports indicate a potential resurgence in the sector, with BNB Chain playing a prominent role in this revival.

Read Binance Coin's [BNB] Price Prediction 2023-24

GameFi receives a boost

According to a 28 October tweet by Coin98Analytics, there has been a noteworthy decline in the GameFi sector since the beginning of the year. However, this decrease cannot be solely attributed to the overall market downturn. It was also influenced by a decrease in the user base.

Nonetheless, there has been a recent upturn in the sector's market cap, which increased by more than $1 billion. At the time of writing, the market cap had reached $13.6 billion, marking October as a pivotal month for the sector.

Source: Coin98Analytics

However, the user count has yet to rebound, with March being the sole month with more than 2 million users. Notably, the majority of sector activities take place on the BNB Chain.

GameFi sees more activities on the Binance chain

According to the data gathered, the BNB Chain hosted the largest number of games in GameFi at press time. Notably, it had 953 games, while Ethereum [ETH] followed next with 764 games.

Source: Coin98Analytics

Binance also led in terms of the highest percentage of active games among all the analyzed blockchains. The network had 181 active projects, constituting 25% of the active games across all blockchains.

Does this increased activity on the chain lead to a corresponding increase in overall blockchain activities?

Analyzing BNB Chain's activities

Data from DefiLlama indicated that the BNB Chain had recently experienced a surge in trading volume. The volume chart illustrated that it surpassed $400 million in daily trading volume twice in October. T

This was a notable increase compared to September when this milestone was reached only once. At the time of writing, the trading volume had declined again and was almost $200 million.

However, the Total Value Locked (TVL) did not follow the same pattern as the volume. The TVL trend showed a decline over the past few months, but there has been a slight uptick in recent days.

How much are 1,10,100 BNBs worth today?

At press time, the TVL was around $3.1 billion. This suggested that the positive developments observed in the GameFi sector are also reflected in the chain's activities.

Source: TradingView

Furthermore, as of this writing, BNB was trading at over $220, with a decline of less than 1%. The daily chart also showed that it had been on an uptrend in the last couple of days.