Future of Web3 Game Development on BSC: What Is Elfin Arcade?

Web3 gaming projects attracted $739 million in investment this year so far, according to a new report from DappRadar and the Blockchain Games Alliance.

Web3 gaming is anticipated to experience significant growth in the near future, with industry experts predicting up to 100 million gamers to be onboarded in the next two years. This growth will be driven by the launch of about 40% of web3 games being built in the next 12 to 18 months.

The global Web3 market, which was worth an estimated $3.2 billion in 2021, is expected to reach a staggering $81.5 billion by 2030. While these figures are not specific to Binance Smart Chain, they provide a general overview of the potential growth in the web3 gaming industry.

The Expansion of Web3 Gaming

Blockchain gaming, including web3 gaming on platforms such as Binance Smart Chain, has seen substantial growth in adoption, with gaming being the most popular category for blockchain applications in 2022. Web3 games experienced a 94.17% increase in transaction numbers in 2022 compared to 2021 [15].

As the gaming industry continues to grow at a rate of 15-25% annually, the interest in web3 gaming, including platforms like Binance Smart Chain, is likely to rise. The team behind Elfin Kingdom plan to take advantage of this future growth.

Elfin Kingdom was one of the most successful games launched on Binance Smart Chain last year, boasting rapid user growth with over 200,000 users by March 2022 and being backed by prominent investors such as Binance Labs.

With the success of its Play to Earn model, the team behind the popular web3 game recently announced plans to develop and launch a decentralized gaming ecosystem on Binance Smart Chain. The Elfin Arcade is currently under development and looks to cater to gaming and metaverse projects, offering a hub for a vibrant community of gamers and developers.

Elfin Kingdom Launch

News of Elfin’s ecosystem plans comes alongside the public launch of Elfin’s flagship game earlier this month; having already witnessed rapid growth last year with a 200,000-strong community of Elfin gamers, the full version of Elfin Kingdom is now available for gamers worldwide to enjoy and earn with.

The game’s early growth was in part attributed to its geographic focus on Latin American and Southeast Asian economies, as well as its in-game economics that provides opportunities for users to earn tokens and NFTs in return for their participation.

Fostering Growth and Development as Web3 Gaming Grows

The Elfin Kingdom team looks to support the expansion of web3 gaming in 2023, with several initiatives in place to draw developers and games into their budding ecosystem. These include a revenue-sharing model, IP leasing model, creativity rewards, ample partnerships, and IFO opportunities.

Every project that is developed in the Elfin ecosystem can also make use of the platform’s native $ELFIN token, as well as NFTs as resources in their respective universes and adventures.

“We expect both upcoming and traditional game developers to flock to web3 gaming ecosystems in increasing numbers in the coming years,” says Juan Ibagon, CEO and Co-Founder of Elfin.

“The combination of open-source tooling, innovations in play-to-earn game mechanics and an overall sense of excitement for what’s to come in this industry makes for a great place to build. We’re looking forward to becoming a leading ecosystem for developers and gamers alike to build and play the web3 games of tomorrow.”

Elfin Happy Hour

The Elfin Kingdom team looks to support the expansion of Web3 gaming in 2023, with several initiatives in place to draw developers and gamers into their budding community.

One such initiative is the Elfin Happy Hour, which began on Monday 15th May; the event is hosted once a week and rewards participants with ELFIN tokens for taking part in open discussions and learning sessions about both the Elfin and Binance Smart Chain ecosystems and also web3 in general.

In order to participate, users will have to follow a series of steps, including connecting to the Elfin platform and holding an Elfin NFT. More information on the Happy Hour events can be found here.

You can also follow the progress of the Elfin team by following their Twitter page.

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