BinaryX ($BNX) Explained: What is BinaryX and how to buy BNX coin (2023/2024 Edition)
BitKan explores a new coin that has a 100x potential: Introducing BinaryX ($BNX)! Is BinaryX (BNX) a good investment and what is BNX price?
You may have heard of Gala Games, Vulcan Forged PYR…and all other coins that have a 100x potential, but what about BinaryX Token ($BNX)? In the crypto subspace of GameFi/NFT coins, BinaryX sits at a lovely spot.
Ever pulled up “BinaryX coinmarketcap” or “BinaryX coingecko”? In this series of BitKan Explore, we will explore BinaryX ($BNX) and whether or not this can potentially fit into your cryptocurrency investment.
What Does BinaryX ($BNX) do and offer?
BNX, or BinaryX, is a GameFi crypto game platform and claims to be looking to bring “innovation” to the play-to-earn industry and become the “most inventive GameFi project”. It offers a myriad of GameFi related services, including but not limited to:
- A game called CyberDragon forms its main game. They claim that “is currently one of the most popular P2E (Play-to-Earn) game globally with huge returns for most of their loyal players”.
- Launching a DAO, where players have the power to vote and decide the future path and developments of the game.
- Launching an IGO Platform, investing in excellent third-party games, and helping them acquire huge traffic and awareness in the shortest of time, thus obtaining a rapid early development phase.
- CyberDragon NFT trading market which was opened in September 2021, through the trading market provided by BinaryX, CyberDragon NFT, equipment and other Cyber series game items. BinaryX plans to implement multiple smart contracts in 2023 and associate them with each different NFT type, becoming a largest trading platform for GameFi NFTs.
Other BinaryX games that could be launched to support the coin include:
- CyberArena: Hearthstone-like card battle game, expected to be launched in the second quarter of 2022
- CyberChess: Auto-chess-type battle game (eg. Teamfight Tactics, Dota Underlords). Assemble a party of 8 heroes from a random pool and battle it out with other players. Immerse into the world of Web 3.0 — strategise, manage resources and collect the strongest heroes to come out on top
- CyberLand : Metaverse simulation-management battle game, expected to be launched in the fourth quarter of 2022
Hence, BNX is good for people who believe in the value of GameFi (see similar coins such as Gala Games) and would like to invest in upcoming leaders in the same category of coins.
BinaryX Token ($BNX): Utility explained
BinaryX has a multi-token economic model, and BNX acts as a metaverse and governance token in the Binary X ecosystem. The token $BNX itself is the main platform token BNX, but there are two other sub-tokens in this equation: Gold and Crystal.
BNX is the settlement unit and the governance token for BinaryX’s DAO. As the BinaryX platform token, BNX can be used as a settlement unit in all its games and applications, and as a governance token,
BNX can be used to secure voting rights of DAOs in the platform. Basically, its a metaverse and governance token. The BinaryX whitepaper said: “The DAO will encourage users to hold BNX to participate in BinaryX platform governance and actively participate in the platform. DAO participants will be rewarded accordingly.”
Gold is used in BinaryX’s games and applications. This includes hero upgrades, treasure chest purchases, dungeon tickets, etc. Players start by choosing a character, such as a warrior or rogue, and can level up by consuming the in-game currency GOLD. These tokens are gathered by fighting through dungeons or “daily mining”.
More adoption will be provided to Crystal such as equipment recasting in the game.
BinaryX Coin ($BNX) Tokenomics and $BNX Burn Mechanism Explained
As mentioned in their whitepaper, BinaryX did not conduct any private sales round or issue IDO which is the usual case in this industry.
The total production of BNX tokens is 21,000,000. BNX tokens are produced in the form of rewards in our games and applications.
According to CoinMarketCap, the current circulating supply of BNX is 2,893,351 BNX as of Feb 2023. That means 90% of the BNX tokens are not out in the open and could potentially be released in the form of rewards.
Is BinaryX Token ($BNX) safe? Who created BinaryX Token ($BNX)?
Actual team member names and profiles cannot be determined as legitimate, and no contact details are made available. The developers of the project have decided to stay anonymous.
Unknown teams like Binary X are not uncommon in cryptocurrency; some of the industry’s brightest and most trusted developers have also decided to stay anonymous.
The Binary X team has made the following claims in their whitepaper:
The founding team of BinaryX has extensive experience in the blockchain industry, traditional game development and game publishing. The core team members are from Silicon Valley and participated in the development of the early BNB Chain and Polkadot chain, and have made outstanding contributions to the development of the industry.
BinaryX, an outstanding comprehensive GameFi platform on BNB Chain, is a MVB 3 project on BNB Chain, and has obtained strategic investment from Binance Labs. The platform undertakes large-scale GameFi projects on BNB Chain.
It is also good to note that Binary X was in Binance’s Innovation Zone as well.
One thing to note is that Binary X’s influence on the market is considerably huge, as their growing community shows that it will not be dying anytime soon.
BinaryX Token ($BNX) Price?
At the time of writing on Feb 2023, the price of BinaryX BNX Price is set at around US$1.40.
We are aware that some exchanges are pricing it at around $150 per token as well. This is due to the Token Swap and Redenomination Plan that is happening — Binary X has a new token:
- New BNX (BEP20) smart contract address: 0x5b1f874d0b0C5ee17a495CbB70AB8bf64107A3BD
- The old BNX token has assumed BNXOLD as the ticker on Binance.
- The distribution of BNX was conducted at a ratio of 1 BNXOLD = 100 BNX
More details can be found here:
Its volume for the last 24 hours hovers around US$93,648,434 according to CoinMarketCap (NOTE however that this is about a 94% jump from its usual volume). It has a fully-diluted market cap of ~US$1.4 billion, and a circulating supply market cap of $201 million.
Remember that this is during a bear market: prices will change differently, especially when the market turns bull. It is not unforeseeable that BinaryX (BNX) could eventually be in the top 30, given how quickly things can catch on in crypto. In the same plane as other GameFi tokens, BinaryX has the potential to co-exist with other related coins such as Gala Games and Vulcan Forged (PYR).
Suppose you are planning on investing in BinaryX Token ($BNX). In that case, you will be betting that community sentiment would drive up high enough to ensure that an economy of BinaryX enthusiasts can escalate the token into new highs. BinaryX Token and its platform have been increasing momentum and brand recognition in the space, which often counts for a lot. However, once that momentum is lost, it is difficult to regain.
How to buy BinaryX Token ($BNX)?
BinaryX ($BNX) token exists on BitKan! Spot Trading Pair: BNX/USDT
You may also buy BinaryX tokens directly on BitKan as well. Sign up for an account via BitKan: https://bitkan.com/account/signup and put in some USDT or fiat money to get started!
You can find our guide on how to charge some money into your wallet over here, using BTC as an example of a coin you can buy from us: https://medium.com/bitkan-blog/completing-kyc-and-buying-bitcoin-guide-by-bitkan-crypto-exchange-3a532cbe5420.
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References
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