When Bitcoin was launched in 2009, it hardly had any competition in the realm of digital currency. However, in just a couple of years down the line, new types of cryptocurrency forayed into the market. Many of them adopted blockchain technology like bitcoin and also went on to launch their platforms and currencies. Before you knew it, there emerged a race of sorts to create more crypto.
Today, there are thousands of different types of cryptocurrency sharing similar principles, but each with its features and functions. Created using a distributed ledger and peer-to-peer review, cryptocurrencies are not issued, regulated, or backed by a central authority such as a bank or a financial institution. They are encrypted (secured) with a specialized computer code called cryptography, which explains their name. As assets of online gambling work, cryptocurrencies are generally stored in digital wallets, typically a blockchain wallet, allowing users to manage and trade their coins.
Cryptocurrencies for Crypto Gaming
Gaming has undoubtedly been a staple in our life over the years. Many gaming companies have adopted blockchain technology by integrating cryptocurrencies in their products. These crypto coins are circulated in earnings and purchases, being listed as a blockchain in the decentralized market. Thanks to the variety of cryptocurrencies, investors can take their pick from myriad projects. Recently, a new type, called gaming coins, has been stirring a buzz.
Gaming coins bring together two of the most popular and exciting industries: crypto and video games. Many online games use cryptocurrency as the in-game currency. As a player, you can use the game’s crypto to perform in-game purchases such as characters and weapons. These games often also adopt a play-to-earn model, wherein players can earn crypto as they complete tasks.
With the hype of play-to-earn model, blockchain gaming companies have raked in $476 million over the first half of 2021. Gaming coins have enough potential to give a major boost to this relatively new industry.
Best Gaming Coins As Investment Options
Check out the best gaming coins which are promising investment options in crypto casinos:
|Axie Infinity (CRYPTO:AXS)||$7.31 billion||An NFT-based game where players collect, trade, and battle creatures.|
|The Sandbox (CRYPTO:SAND)||$650 million||A platform that players can use to create 3D worlds and games.|
|Enjin Coin (CRYPTO:ENJ)||$1.33 million||Software used to create and store digital assets from blockchain games.|
|Decentraland(CRYPTO:MANA)||$1.35 million||A virtual world where players can own land that they use for games, art, activities, and more.|
|My Neighbor Alice (CRYPTO:ALICE)||$260 million||A builder game with plots of land where players can create their own farms.|
|Illuvium(CRYPTO:ILV)||$460 million||An open-world RPG where players hunt for creatures and battle in competitions.|
|Yield Guild Games (CRYPTO:YGG)||$410 million||A platform for selling and renting NFTs used in major blockchain games.|
- Axie Infinity: Having established itself as a leader in the world of crypto gaming, this is not only the biggest cryptocurrency game, but is also one of the biggest cryptocurrencies in the world. Inspired by Pokemon, Axie Infinity allows you to buy, trade, and battle creatures called Axies. These Axies are non-fungible tokens (NFTs), and you have to buy a minimum of 3 to start playing.
The fact that players can earn AXS gaming tokens while playing has catapulted this game to immense popularity. Axie Infinity’s stock performance has undoubtedly pleased early investors. However, the growth is expected to slow down eventually; as crypto gaming continues to scale at greater heights, the latest, more recent cryptocurrency games will undoubtedly be preferred by new investors.
- The Sandbox:This decentralized platform where players can create their 3D game worlds using virtual scripting tools does not need any coding language. It is powered by Sand tokens, which players can use for in-game transactions, including land and equipment. This crypto game’s token has witnessed an array of significant price movements in 2021, including profits of more than 3000%. Many celebrities such as Snoop Dogg and Deadmau 5 have also established their own virtual estates here.
- Enjin Coin: This is a slightly different way of investing in gaming coins, since it’s not tied to a specific blockchain game. On the contrary, it is made to work with various games. Spearheaded by the company Enjin, which offers software development kits, Enjin Coin stands apart due to its versatility, which is expected to reap rich rewards in the long run.
Developers create digital assets such as in-game currencies and other items for their blockchain games, using the software development kits. As a player, you can use Enjin’s wallet to store your inventory for games connected to Enjin’s platform.
- Decentraland: a shared virtual reality program, Decentraland is built on Ethereum. Just like other virtual worlds, it offers plots, referred to as lands, and players can purchase and use them whichever way they please. The freedom that players enjoy is what sets this game apart. You can use the LAND for games, artwork, activities, digital tourism, and much more. The game also has communities, called Districts, that are dedicated to specific themes. MANA, the native token for Decentraland, is not only used for in-game transactions, but it’s also a governance token that gives voting rights to holders.
- My Neighbor Alice: A multiplayer farm and builder game, comparatively a new entrant in the market. Boasting a lighthearted design reminiscent of the Animal Crossing series in many ways, this game allows players to buy land spread around six islands, where they can farm and buy animals from the marketplace.
The in-game currency is ALICE tokens, which can be used for marketplace purchases. Once they complete quests, players can earn ALICE tokens, while token holders can also stake crypto and earn rewards. This is considered to be one of the riskier games, as it involves investing in another gaming coin whose fate will be revealed with time . If the game takes off well, its value will soar, but on the other hand, it can also fall flat on its face.
- Illuvium: Expected to be launched in 2022, Illuvium is an open-world RPG that brings together elements from the Final Fantasy and Pokemon games. In this play-to-earn game, players control characters referred to as Hunters, and as the game progresses, they encounter creatures called Illuvials. These Illuvials are NFTs, which, once captured, are stored in your wallet.
You can earn Illuvium tokens if you win competitions and tournaments. Although insiders have been drawing comparisons with Axie Infinity, this game, unlike Axie Infinity, will be set in a 3D realm and follow a story mode. It has managed to create quite a buzz, anticipating its release, giving its price and market cap a major boost.
- Yield Guild Games:By now, you n that most popular blockchain games use NFTs. Yield Guild Games is a decentralized organization driven by maximizing the value of investing in NFTs used in different games, including Axie Infinity and The Sandbox. Given that NFTs play a crucial role in blockchain gaming, Yield Guild Games has bright prospects in the long run.
If you consider investing in gaming coins, know that it’s a risky move, even for crypto. Several people have undoubtedly had tremendous success recently, but it isn’t easy to foresee the continuing trend . If you are keen on exploring crypto gaming as an investment opportunity, doing your research well is of paramount importance. Since gaming coins are a new entrant, they don’t have an established track record yet. It’s wiser to spend ample time learning about what they offer and what their goals are. Only then can you make an informed decision.
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