BinaryX (BNX) is a popular play-to-earn gaming marketplace. The protocol combines aspects of DeFi (decentralized finance) with NFTs (non-fungible tokens) to provide gamers with new earning opportunities. Users can create, trade, and auction their in-game assets to secure real-world returns.
The goal of the project is to enable gamers to share in the billions that the industry profits yearly. Sharing the wealth enables the gamers to enjoy more than just props on the leaderboard. Now they can convert their hard work and efforts into an income.
What Problems Does BinaryX Attempt to Fix?
BinaryX (BNX) seeks to solve some long-standing issues in the market. For one, it helps to eliminate centralization across multiple sectors. The decentralized nature of the protocol provides a better alternative to traditional gaming options. Additionally, the protocol operates on the advanced Binance Smart Chain (BSC). This decision provides blockchain users with an alternative to Ethereum’s high gas fees.
Low-Quality Games
Another concern that the project targets is the low quality of play-to-earn games. Most blockchain-based NFT titles are collector’s games with minimal graphics and interactions. BinaryX envisions more for P2E gamers. Their protocols introduce top-tier gaming to the market. Users can explore adventurous terrain and much more using the group’s first title CyberDragon.
Lack of Transparency
Another major concern for gamers in the past is a lack of transparency. When you play traditional games, you are left at the mercy of the developer in terms of the scarcity of certain digital assets. There is no way for you to ever know if the developers have created more or if you hold the original asset.
BinaryX gamers can leverage the full power of the blockchain to gain real-time insight into their digital assets. They can see vital statistics using a blockchain explorer such as scarcity, traits, and date of issuance. This approach is ideal for gamers because it requires no trust in the developers and is fully transparent throughout the entire gaming experience.
Real Ownership
When you played your favorite games in the past, you earned assets but they were stuck in the gaming ecosystem. You could spend days, weeks, and even years creating and building up characters, virtual real estate, and weapons. However, you never fully owned these items. BinaryX provides gamers with real ownership over in-game assets. You can take your NFTs and leave the gaming ecosystem. You can trade or auction off these assets for other cryptocurrencies.
Benefits of BinaryX
There are many reasons why BinaryX continues to garner the attention of traders and gamers alike. The protocol makes gaming profitable, which is a huge plus for the billions of players globally. There are multiple ways you can secure returns using the BinaryX strategy. For one, you can secure returns during gameplay. You can also mine assets in-game that can be traded for cryptocurrencies.
As your experience level rises, you can mine different types of assets. The more experienced your player has and the more valuable the assets you acquire. This strategy incentivizes gamers to play and helps to build up the virtual ecosystem. There are also other rewards available. For example, the protocol currently has offerings like 50 BNX for 50 random players that play more than 50 games with a win rate of 60%.
How Does BinaryX Work?
BinaryX leverages a multi-token economic system that runs on the Binance Smart Chain (BSC). The BSC is a fourth-gen blockchain that was built to support the latest DeFi functionalities available. The network provides high performance and scalability. Additionally, it’s much cheaper to operate compared to Ethereum.
Cyber Dragon
The first title released by BinaryX is CyberDragon. This title combines the adventures of an RPG with the excitement of a battle royal. Users journey through the digital landscape in search of rewards and earning opportunities. The large digital landscape spans villages, battlefields, forests, and much more. Gamers can secure returns when they create characters, collect rare equipment, and challenge Dungeons.
The first step to joining the P2E revolution is linking your network wallet to the platform. Once connected, you can select your player from the available heroes. As you secure more rewards, you can unlock more players. These better-equipped warriors possess special traits to help you along your journeys and defeat your enemies. Notably, you can recruit more heroes using BNX and BUSD tokens.
Market
The market provides users with a secure way to convert their tokens into other cryptocurrencies. The protocol provides near-instant trades via a p2p exchange protocol. The market operates as a non-custodial DEX. As such, your NFTs remain secure in your wallet until the time you execute your trade. You can also join a guild to leverage your efforts further.
Liquidity Mining
The developers intend to introduce a liquidity mining protocol to the network soon. Liquidity mining is a lot like staking in that you will provide liquidity to a pool in exchange for rewards at a later date. This feature will add another form of passive income for users to leverage moving forward.
Token
The BNX token is required to interact with the features and services of the network. BNX is a BEP-20 token that lives on the BSC. It can be used to pay for fees, recruit warriors, and secure returns. The token also plays a vital role in the governance aspects of the network.
Consensus
The BSC is an advanced PoS (Proof-of-Stake) network. Users can participate in the network’s validation process in exchange for rewards by staking their tokens. This strategy is more democratic than mining because it doesn’t require users to purchase expensive hardware or learn technical aspects.
Governance
BNX token holders gain the ability to vote on vital network upgrades and changes. The system enables users to stake their tokens to vote. The more tokens you stake and the more weight your vote holds. This style of a weighted voting system is the most popular in the blockchain sector today.
Bottom Line
Given the massive growth projected for the p2e gaming sector, it’s no surprise that blockchain enthusiasts are eager to improve the user experience. BinaryX streamlines the p2e gaming experience and empowers users to secure tangible returns for their virtual explorations. As such, BinaryX has long-term growth potential.
