Wallets connecting to the play-to-earn dapp jumped 100% in the last 7 days
The number of users connecting to play-to-earn blockchain game Elfin Kingdom doubled week over week as the Pokemon-inspired game launched its native NFT marketplace. The marketplace, which allows players to start buying and selling Elfin and Elfin pack NFTs, proved popular with players as play-to-earn gaming continues to find footing on Binance Smart Chain.
Week over week, the number of wallets connecting to Elfin Kingdom shot up over 100% to 5,390. While transactions also increased by almost 40% up to 10,750. Looking at the trading volume, we also see that an average transaction on Elfin Kingdom in the last seven days is worth around $170.
Furthermore, a significant increase in wallets can be seen right after the marketplace announcement on February 17, when wallets connecting jumped from 932 on February 16 to 1,590 on February 17, peaking on February 19 at 1,840—effectively doubling upon the announcement.
What is Elfin Kingdom
Elfin Kingdom is an MMORPG play-to-earn game running on Binance Smart Chain where players choose their role inside the game, then explore maps, complete daily quests, mine and collect NFTs, and more. Players select their roles and adventures within the Elfin Kingdom to earn ELFIN tokens and in-game rewards. Further rewards are available through the platform’s staking contract, where players can currently stake five different crypto tokens, including BNB and USDC, to earn more ELFIN.
The NFT marketplace lets users view Elfins attributes, skills, combat values, and other stats in detail with the added ability to filter Elfins by rarity, combat value, and evolution level to help players further with purchasing. Additionally, players can transfer tokens, send gifts, and trade between other users with the new platform keeping a record of each transaction a user makes.
Users can now click on the Elfin NFTs before making any purchasing decisions to check all the information, like price, general information, and the Elfins’ parts.
Another feature is that players can trade Elfin NFTs in the native marketplace, and they will keep their experience level, which is vital for gameplay. However, they will have a 24-hour cooling period, but players can use the Elfins in battle after this time.
Play-to-Earn on Binance Smart Chain
It is fair to say that 2021 saw the gamification of DeFi, also known as GameFi, become an essential part of the Binance-branded network. The game category on BSC improved substantially in 2021, boosting usage of the network and the whole industry.
A couple of BSC games stand out. Mobox, a GameFi dapp, crystallized its position as one of the top dapps in the BSC ecosystem. The second one is BombCrypto, a play-to-earn dapp where players battle to gain the game’s currency BCOIN became one of the top 10 most played blockchain games. If Elfin Kingdom can follow the example of games like Mobox, BSC could become less dependent on DeFi, and more engaged with the growing play-to-earn movement.
The above does not constitute investment advice. The information given here is purely for informational purposes only. Please exercise due diligence and do your research. The writer holds ETH, BTC, AGIX, HEX, LINK, GRT, CRO, OMI, IMMUTABLE X, GALA, AVASTR, GMEE, CUBE, RADAR, FLOW, FTM, BNB, SPS, WRLD, ATOM, and ADA.