The BNB Chain, formerly known as the Binance Smart Chain, is one of the leading smart contract platforms in the world. It has hundreds of projects in all industries like decentralized finance (DeFi), metaverse, and non-fungible tokens. Every single day, billions of dollars worth of transactions flow through the network. In this article, we will explain what the BNB Chain is and identify the biggest metaverse projects in its ecosystem.
What is the BNB Chain?
BNB is the short-form for Build and Build. It is a leading blockchain platform that has smart contract features that make it easier for people to build applications. The network was launched by Binance, the biggest cryptocurrency company in the world that is valued at more than $300 billion.
BNB’s goal was to become a better alternative to Ethereum, one of the first smart contract platforms. The developers wanted to create a platform that was safe, faster, and eco-friendly. BNB Chain has faster speeds than Ethereum in that it can process more than 50 transactions per second. Ethereum can only handle less than 15. Further, BNB Chain is a proof-of-stake network, meaning that it does not need a lot of power.
One of the main reasons why BNB became popular is its close association with Binance. In just a few years, Binance has grown to become the biggest company in the blockchain industry. It has a global presence and handles billions of dollars every day.
However, BNB Chain is facing tough competition from other chains like Terra, Solana, Polkadot, and Avalanche.
What is the metaverse?
The metaverse is a fast-evolving industry that seeks to change how people interact with the internet. It is the next big evolution of technology in that it is making it easier for participants to take part in activities in a more immersive manner.
The future of the metaverse is bigger than what we have today. In years to come, people will be attending virtual events, playing games, and even doing weddings. Today, the metaverse is enabling people to buy virtual land and trade non-fungible tokens (NFTs) in an easy way.
While BNB Chain has made a strong presence in key blockchain areas, it lags behind in Decentralized Finance (DeFi) and the metaverse. Instead, the industries are dominated by Ethereum. So, here are the top BNB Chain metaverse projects.
MOBOX is a large metaverse project built on the BNB Chain network. Its token, known as MOBOX, has a total market cap of $301 million, making it the 173rd biggest coin in the world.
MOBOX has created a metaverse platform known as the momoverse that is made up of multiple features. One can play multiple games like the Chainz Arena, Block Brawler, and Token Master. Gamers are rewarded using the MBOX token. It also has an NFT marketplace where one can buy multiple items in the marketplace.
There is also the MOMO Farmer, where people can earn interest in the platform. At the time of writing, there were over $101 million staked in the platform, with an average APY of 96%. While the MBOX price has fallen, there is a likelihood that it will do well in the future.
BinaryX is a metaverse project built using the BNB Chain that lets people play virtual games and then earn returns. The game flow starts with recruiting heroes using the BNB token.
In the next stage, the player starts building their empires as they travel across villages, forests, and other places. Finally, you can compete with other gamers and earn rewards in the ecosystem. Further, there is a marketplace where you can shop various NFTs.
It is not clear what the market cap of BinaryX is, although the price has dropped sharply in the past few months, as you can see below.
X World Games
X World Games is a metaverse game platform built on the BNB Chain. It has received substantial backing from multiple companies like Binance, Chain Capital, AU21 Capital, and BTX Capital.
There are two play-to-earn games in X World Games: Dream Card V1 and Dream Card V2. The third version is expected to come out in the next few months.
The concept behind X World Games is relatively simple. Any person with a computer or a smartphone can play the games. The gameplay is that you will be rewarded using the XWG token.
In addition to the game, there is an NFT platform and an investment ecosystem that has over $1.5 billion in total value locked (TVL). They have given out rewards worth over 6.4 million XWGs.
Elfin Kingdom is a decentralized gaming platform built on the BNB Chain. The game has three key sections: adventure, compete, and NFTs. In the adventure section, you explore the virtual network, solve quests, strengthen your Elfins, and create your storyline. In the compete stage, you team up with other people in the metaverse, compete, and earn rewards. Finally, in the NFT ecosystem, you can buy those on offer. Elfin Kingdom is a relatively small metaverse project but it has more room to grow.
Bomb Crypto is another free play-to-earn blockchain project built on the BNB Chain. Like the other games that we have looked at, Bomb Crypto enables people to play games and see their wealth grow. They can also buy and trade NFTs using the BCOIN token. To play the game, you first need to have a metamask or any other wallet. Next, you should buy some BUSD, which is a stablecoin built using Binance. The final stage is playing the games and taking in your rewards.
Metaverse is a unique and fast-growing industry that is attracting the attention of many players globally. Microsoft cited the growth of the industry when it acquired Activision Blizzard in 2022. However, the BNB Chain metaverse industry is not as advanced as that of Ethereum.