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Binance Coin as Gateway to Initial GameFi Offerings and Metaverse Projects on BNB Chain

Albert Morgan

— 4 min read

Binance Coin (BNB) has emerged as a leading gateway to new GameFi and metaverse projects building on the BNB Chain. The benefits and opportunities unlocked by BNB and BNB Chain are attracting developers and users alike to explore new possibilities in blockchain gaming and virtual worlds.

Why Build on BNB Chain?

BNB Chain, formerly known as Binance Smart Chain, is a high performance EVM-compatible blockchain built by Binance. Some of the key advantages of building on BNB Chain include:

  • Speed and scalability - BNB Chain can process transactions faster and handle higher throughput than Ethereum mainnet. This enables smooth user experiences for games and metaverse projects.
  • Low fees - Transaction fees on BNB Chain are a fraction of the cost on Ethereum. This reduces the barrier to entry for users.
  • Interoperability - BNB Chain implements the Ethereum Virtual Machine, allowing projects to easily port over from Ethereum. Tokens can also be bridged between chains.
  • Strong ecosystem - BNB Chain has an established ecosystem of projects across DeFi, GameFi, metaverse and more. New projects can leverage existing infrastructure.
  • Support from Binance - Building on BNB Chain provides opportunities to collaborate with and receive support from the leading global exchange Binance.

How BNB Fuels Growth of GameFi and Metaverse

As the native token of BNB Chain, BNB plays an integral role in the ecosystem. Here are some of the key ways BNB powers growth of GameFi and metaverse projects:

  • Paying for fees - BNB is used to pay for transaction and gas fees on BNB Chain, which are significantly lower than on Ethereum. This improves user experience and retention.
  • Staking - Users can stake BNB to validators to help secure the network while earning staking rewards. This also provides liquidity for dApps.
  • In-game purchases - BNB can be used as payment currency within games to buy NFTs, tokens, upgrades and other in-game assets.
  • Access to IDOs - Projects distribute tokens via BNB-based Initial DEX Offerings (IDOs), providing access to early investment opportunities.
  • Liquidity rewards - Projects incentivize liquidity providers with BNB rewards for adding funds to AMM pools on BNB DEXs like PancakeSwap.
  • Governance participation - Users can stake BNB for governance rights in games and metaverses, influencing decision making on upgrades and new content.
  • Ubiquity and brand recognition - BNB is widely used throughout the BNB Chain and Binance ecosystems and recognized globally, providing legitimacy for projects.

Notable GameFi and Metaverse Projects on BNB Chain

BNB Chain has cultivated an impressive array of gaming and metaverse projects across different verticals:

MetaFi - Next-Generation Social Casual Gaming

MetaFi is building a Web3 social gaming metaverse that combines gameplay with community governance, digital land ownership and NFT-based rewards. Users can earn tokens by playing casual games and contributing to the ecosystem. The intuitive user experience reaches mainstream gamers.

MOBOX - Yield Generating NFT Gaming

MOBOX pioneered sustainable Play-to-Earn mechanics using yield generating NFTs. Gamers can earn valuable MBOX tokens and collectible NFTs by playing casual games developed in-house as well as third party games plugged into its platform. MBOX has distributed over $100M in rewards so far.

Bomb Crypto - Popular Blockchain RPG

Bomb Crypto is one of the most popular free-to-play RPG style blockchain games. Players earn BOMB tokens and NFTs by battling monsters and completing quests across the vibrant game world. It exemplifies classic gameplay reimagined for the blockchain era.

MetaBlitz - Competitive eSports Gaming

MetaBlitz has built a multiplayer online battle arena (MOBA) game with integrated eSports tournaments and leagues. It merges the competitive gameplay of traditional MOBAs with the transparency of blockchain. Users can earn tokens and NFTs by competing and spectating matches.

Marsverse - VirtualMars Metaverse

Marsverse is constructing an expansive 3D virtual simulation of Mars in partnership with NASA. Key features will include Mars land ownership NFTs, simulations of living on Mars, tokenized assets and wearables for avatars. This shows the potential of blockchains and metaverses to depict expansive virtual worlds.

As a long time gamer and metaverse enthusiast, I'm truly excited by the new experiences being built at the intersection of games, community and blockchain incentives. The combination of fun and rewards is attracting users and talent into Web3 in droves. And BNB Chain provides the ideal foundation for this innovation due to its speed, low fees and lively ecosystem. The stage is set for the next generation of GameFi and metaverse dApps to engage millions on BNB Chain.

What Does the Future Hold for GameFi and Metaverses on BNB Chain?

Despite the tremendous growth already, GameFi and metaverses built on BNB Chain are still early in their life cycle. There is enormous room for improvement and expansion ahead. Here are two key questions about the future:

How Can Mainstream Gamers be Onboarded to Play-to-Earn Models?

Play-to-earn represents a paradigm shift from traditional gaming, where players grind solely for achievement and entertainment. Monetizing time spent gaming can be highly compelling, but also adds complexity around crypto wallets, tokens, NFTs, liquidity and security. Smoothing and simplifying the onboarding process will be critical for crossing the chasm to mainstream adoption. User experience refinements and better education about blockchain benefits can help make the value tangible to everyday gamers.

What New Interoperability Will Emerge Between Metaverses?

Metaverses aim to offer boundless possibilities for virtual exploration, creation and interaction. However, closed siloed worlds severely limit the vision. The open nature of blockchains enables progress towards metaverse interoperability - the ability for users, creators, assets, and economies to traverse different metaverse environments. Cross-chain bridges like the one between BNB Chain and Ethereum will facilitate greater fluidity. And initiatives like Moonbeam's Polkadot parachain spotlight how to build on one chain and deploy across others. As metaverse architects shift mentality from "walled gardens" to "connected worlds", richer unified experiences will unfold for users.

Conclusion

BNB Chain's high performance, low fees, andbustling ecosystem make it an ideal hub for GameFi and metaverse innovation. Progressive projects like MetaFi, MOBOX, Bomb Crypto, MetaBlitz, and Marsverse are showcasing what’s possible for the future of immersive blockchain-powered experiences. And BNB fuels this growth by providing liquidity, reducing friction, and strengthening communities. While onboarding and interoperability remain challenges on the path ahead, the pieces are falling into place for the next generation of games and metaverses to engage millions on BNB Chain. Exciting new worlds are just beginning to form!

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