Recently, blockchain-based games have emerged as one of the fastest-growing industries. They offer players a safe haven for owning and trading digital assets. Game developers can use blockchain technology to establish a transparent ecosystem which enhances player engagement, creativity, and ownership.
Over time, gaming has evolved from the earliest computer games to the present era of virtual reality and metaverse. The gaming crypto niche merges video games with the world of cryptocurrencies. It has been noticed that in 2022, the volume of blockchain games has increased by over 200%. In the first half of 2021, the crypto gaming startups received over $476 million. Today, we are here to tell you the top 6 crypto gaming coins you can invest in, in 2022.
A player's in-game cryptocurrency in a specific game is known as the gaming coin of the particular project. For instance, if you are playing Axie Infinity, you'll deal in AXS tokens which are the project's official token. With these gaming coins, you can purchase in-game features and objects, characters, weapons, and other things. To earn these coins, players have to complete specific tasks. These coins could also be non-fungible tokens (NFTs).
Despite the idea of using these gaming coins still being in their infancy, most of these coins are gaining popularity in the conventional gaming world. The iconic gaming firm Atari entered into a partnership with GameFi firm Ultra in September 2022. This was to get assistance in creating ATARI VCS for home entertainment.
The market capitalization of all P2E cryptocurrencies reached over $25 billion by the end of 2021. Present trends indicate that the gaming industry's key companies and the investors are taking a keen interest in the world of gaming currency.
There are numerous games and gaming tokens in the market but it is often difficult to pick out the best among the tonnes of project. Here are a few listed below that can make a decent investment:
Built on the Ethereum network, Axie Infinity is one of the most popular NFT games. This blockchain-based platform is partially owned and operated by its players. It features a Pokemon-themed pet environment, where players battle Axies, the miniature fantasy creatures, to earn tokens. The players live in their virtual worlds, collect unique Axies and battle them. Every Axie is unique, able to breed with their offspring and gain their strengths and weaknesses. Winning battles gives players SLPs (Small Love Potions), the in-game currencies which can be used to exchange for fiat cash.
AXS, the Ethereum-based governance token of this play-to-earn game, gives governance rights to the holder. The players who have AXS are given voting rights on proposals regarding future protocols.
In this Ethereum-based NFT metaverse game, the players use their virtual NFTs or sell or monetize them. Sandbox is an Ethereum-based NFT metaverse game that enables users to sell, use, and monetize their virtual NFT. By using voxels, the players can create a game asset of their choice, make it an NFT, and sell it.
Sandbox is a play-to-earn metaverse; its native utility token is SAND- an ERC-20 utility token. There is a provision of limited digital real estate units termed LAND. There are only 166,464 LAND plots, and thus, the prices for plots often are as high as $50,000. The players use SAND for several in-game transactions, playing games, or purchasing lands or assets on the Sandbox Marketplace. You can also use them to customize your avatars.
With MANA as its utility token, Decentraland is an Ethereum-based virtual 3D environment platform founded in 2017. It is, unsurprisingly, one of the most popular crypto gaming platforms. Here, the players can purchase virtual lands, develop them, or monetize them. The artists and producers can use this platform to collaborate and share their digital assets.
Players can use MANA, the ERC-20 tokens, to burn and obtain LAND, the non-fungible ERC-721 tokens. They can also use MANA to make digital purchases like clothes, names, avatars, and other items. The value of MANA increases with the increase in the individuals who join Decentraland.
Institutional investors like Grayscale have been interested in Decentraland because of its immense potential. These days, when the metaverse is gaining momentum, Decentraland can be an effective way of making profits.
Enjin was introduced in 2017 by the Enjin firm. It is a unique platform that offers software development kits to game creators that allows them to issue in-game tokens that are both fungible and non-fungible assets. Now, after more than a decade, the platform includes more than 20 million members and hundreds of communities on the original Enjin network. There are around 40 gaming businesses that use this platform.
Moreover, Enjin has also constructed links to alternate platforms. Millions of Minecraft users communicate with other players with the help of Enjin's community software package.
In 2020, Microsoft and ENjin collaborated to establish Azure Heroes. In this program, blockchain-based smart badges are awarded to developers in honor of their efforts and achievements.
Eric Schiermeyer created gala or Gala Games blockchain. He is one of the co-founders of Zynga, a mobile games business, and invented Farmville. The name of its token is GALA, which is a non-fungible utility token.
Gala serves a base of around 1.3 million monthly active users, intending to offer more control of the gaming experiences. The players at Gala can earn NFTs, which would enable them to make in-game transactions and give them the right to vote on the advent of new games and how they would operate.
Currently, Town Star is the only playable game on Gala One. However, several other games are under development.
The Apecoin ecosystem can be managed using APE, ERC20 governance, and utility tokens. It was created to encourage the decentralized community system. Despite being launched in mid-March 2022, it is one of the top crypto gaming coins. One of the key factors behind this surge is the announcement made by OpenSea, the largest NFT marketplace by volume. In the announcement, OpenSea stated that ApeCoin would be considered a means of payment from now on.
The users of ApeCoin have a DAO (Decentralised Autonomous Organization), through which they control the ApeCoin ecosystem and vote on issues regarding the operation and use of the ecosystem. The objective of the DAO is to build and maintain the ecosystem and offer a platform or infrastructure for the ApeCoin holders to collaborate.
Crypto gaming coins are the term given to the in-game cryptocurrencies that the players can use in specific games to serve several purposes. These tokens are meant for a set of specific in-game purposes, which can include making an in-game purchase of assets. Players can use them to purchase objects, avatars, weapons, etc.
There are certain game-specific tasks that the players are required to complete as a means to earn these crypto gaming coins. The idea of crypto gaming coins is still new in this industry. However, seeing that some of the major investors of this industry are taking an interest in crypto gaming coins, it is evident that this sector will soon be flourishing.
With several gaming cryptocurrencies in the market with different potentials, it is not plausible to opt for a single crypto gaming coin as the best. Several tokens are pretty popular in the market. For instance, crypto gaming coins like Axie Infinity (AXS), Decentraland (MANA), Sandbox (SAND), etc. have taken interest from some prominent investors due to their potential.
To get a better idea of the tokens you must invest in; you can go through the list provided above in this article.