In the first half of 2021 startups crypto gaming companies have raised a total of $476 million. A year later and despite the decline in the crypto market, the volume of blockchain games has more than doubled. A well-deserved success, as the sector brings together two equally exciting worlds: video games and digital currencies.
Crypto gaming is a multi-faceted world, but today we will cover the main ones crypto game tokens. What is Crypto Gaming Token? Which Gaming Cryptocurrency Should I Buy? And what are the hottest crypto gaming projects? Answers.
- Gaming cryptocurrency and gaming tokens
- Top 6 Crypto Gaming Tokens
- Axie Infinity (AXS)
- STEP (GMT)
- Decentraland (MANA)
- Enjin Coin (ENJ)
- The sandbox (SAND)
- Gala (GALA)
- Crypto Games: Which Crypto To Buy?
- Frequently Asked Questions (FAQ)
Gaming cryptocurrency and gaming tokens
In the world of crypto games, token (or piece) game is a cryptocurrency specific to the Play to Earn (P2E) game.. Generally, you can use these tokens to buy items, characters, weapons, and more. To earn more coins, you need to complete the missions requested by the game. Also note that some crypto games allow you to use non-fungible tokens (NFT).
Although the world of crypto gaming is still in its infancy, gaming tokens have already caught on and are even starting to land in the traditional video game industry. For example, in September 2020, gaming company Atari partnered with GameFi to launch the ATARI VCS (modern video game computer network).
End of 2021, P2E crypto market cap surpasses $25 billion. Therefore, it is obvious that the crypto gaming ecosystem is of interest to more and more companies, investors and gamers.
Top 6 Crypto Gaming Tokens
Which crypto should I buy? What are the hottest Play to Earn projects right now? Without further ado, here it is our top 6 most promising tokens for crypto games.
1- Axie Infinity (AXS)
Axie Infinity is a fully blockchain based trading and fighting game. It is a Play to Earn game where players can collect and trade creatures called ‘Axies’. Each Axie is a one-of-a-kind ERC-721 NFT. In addition to fighting and breeding Axies, AXS token holders have the opportunity to generate profits by participating in management and even by betting.
With a market capitalization of over $1.8 billion, Axie Infinity is undoubtedly one of the biggest players in the crypto gaming scene. Today, the game has millions of fans in all corners of the world, boosting the value of its native token, AXS.
The earning opportunities offered by Axie Infinity have attracted not only players but also thousands of investors. In July 2021, for example, Axie Infinity collected more weekly fees than Bitcoin and Ethereum.
The game also seems to be very popular in developing countries where citizens are using it to generate extra income in this time of crisis. In Vietnam, for example, players collect large sums through their Axies. Some of them use their earnings to cover their living expenses like rent, bills, etc.
2- STEP (GMT)
STEPN (GMT) is one of the move to win crypto games hottest right now. To play it, users have to buy a pair of NFT sneakers and then walk, run or do their daily jog to get rewards in the form of GMT tokens.
The platform is based on a highly diversified business modelconsisting of several revenue channels, including the sale of NFT sneakers, rewards for NFT transactions, and the distribution of “energy” to users who want to progress faster in the game.
STEPN also uses a GPS system to count users’ steps. The latter receive energy and rewards for every five minutes of activity. To learn more about how the game works and its GMT cryptocurrency, we invite you to read this guide.
In an official statement, STEPN announced that they have earned $26.81 million in Q1 2022 through transaction fees and royalties from its NFT marketplace. In addition, speculation about potential partnerships between STEPN, Binance and some major sports companies also contributed to the rise in GMT price.
3- Decentraland (MANA)
Decentraland is a An Ethereum based crypto game where players can buy land, develop it and monetize it. It is a virtual reality and crypto gaming platform that allows artists and producers to collaborate and share their assets.
Decentraland uses both LAND and MANA tokens. MANA is an ERC-20 token that can be burned to obtain LAND, an ERC-721 NFT. Users can use MANA to purchase avatars, clothes, names, and more.
Virtual lands can be purchased either on the Decentraland Marketplace or on other NFT platforms. In addition, the Decentraland metauniverse recently held a series of events that attracted many crypto gaming enthusiasts.
More than Users of the Decentraland metauniverse buy land with the hope of reselling it later at higher prices. However, it is also possible to use your land to create games or host paying events. Like The Sandbox, Decentraland has a free tool that allows players to create experiences.
Due to the opportunities it offers, the Decentraland metauniverse has attracted high-caliber institutional investors such as Grayscale and many others. Hence, it is one of the most promising crypto gaming platforms right now.
As Decentraland attracts more users, the value of crypto MANA can increase. Soon, the Decentraland ecosystem may evolve into a multi-purpose metaverse where companies will have the ability to sell and monetize their digital content.
4- Enjin Coin (ENJ)
Enjin is sa service that allows crypto game creators to issue fungible or irreplaceable game tokens. Additionally, there is a marketplace where users can buy and sell ERC-1155 assets.
In 2020, Enjin partnered with Microsoft to launch Azure characters, a program that awards blockchain-based smart badges to top developers. According to Enjin, each badge is created as an NFT with “verifiable rarity, maximum supply limits, verifiable authenticity, and unique identifiers.”
The original Enjin network currently has hundreds of communities and over 20 million users. Additional, almost forty crypto gaming companies use the platform.
Enjin has also managed to become compatible with several blockchains, including Ethereum. Furthermore, millions of Minecraft users are currently using the Enjin community software package to communicate with other players.
5- The sandbox (SAND)
The sandbox is A P2E metauniverse whose native token is called SAND. It also offers virtual land NFTs called “LAND”. Using their irreplaceable tokens and crypto SAND, players can develop, own and sell gaming experiences. In addition, the platform’s crypto game creation tool enables the integration of player-created digital assets.
Another important point, The Sandbox provides a wide range of tools enabling quality interactions between users of the metaverse. They also have the freedom to define their own 3D game settings and choose their digital objects.
The Sandbox also collaborated with game company Atari to create virtual theme parks called LAND. Currently, the metauniverse hosts 166,464 EARTHs, but every day hundreds of new lands are created by players. Thus, plot prices can reach up to $50,000.
Obviously, the success of crypto SAND is closely related to that of The Sandbox. If this crypto game manages to maintain its position in the market, the value of its native token can only increase.
6- Gala (GALA)
Gala is a blockchain for crypto games created by Eric Schiermeier, co-founder of Zynga and Farmville. Its native crypto, GALA, is a non-renewable utility token that serves as a medium of exchange between players in the Gala Games ecosystem.
In addition, crypto GALA rewards the best participants in the ecosystem and allows its holders to vote for the games that will appear on the Gala Games network.
According to CoinMarketCap, Gala Games has over 1.3 million monthly active users and has sold over 26,000 NFTs since its launch in 2019.. The most expensive NFT on the platform was sold for $3 million.
The Blockchain Gala rewards its players with a portion of the winnings from two games it hosts. Through NFTs and other digital assets, the network wants to enable users to generate profits while playing.
If you want to buy GALA, SAND, AXS or other gaming cryptocurrencies, you can find them on eToro. To learn more about this platform, click here.
Crypto Games: Which Crypto To Buy?
Crypto gaming tokens are increasingly in demand by gamers and investors alike. These assets are now a mainstay of the crypto realm and could revolutionize the video game industry.
However, there are so many crypto gaming projects that it has become difficult to distinguish the good ones from the bad ones. Therefore, we advise you to do your own research before investing in any crypto project.
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Frequently Asked Questions (FAQ)
A game token is a cryptocurrency specific to a crypto game. The latter can be used to purchase game items, but also for other purposes. Game tokens are often given to players as a reward.
There are many very promising gaming cryptocurrencies like AXS from Axie Infinity or MANA from Decentraland etc. However, only you can choose the crypto that best suits your needs and expectations.
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