Over the past years, the gaming industry has witnessed phenomenal growth and transformation, facing new opportunities and challenges alike. Blockchain is the new standard of gaming- it provides a safe and secure environment for developers and entrepreneurs. Modern platforms use powerful data encryption, such as public key cryptography to secure cryptocurrency transactions, meaning it’s foolproof. Above all, blockchain technology helps securely buy and sell in-game assets, but it’s necessary to maintain a disciplined approach to computer security.
The blockchain gaming market is poised for explosive growth and is set to break records by 2030. Several games incorporate Bitcoin into their systems, so players can earn tokens by ranking high on leaderbords or winning NFTs. To figure out how much the in-game items are worth, it’s necessary to consult the latest Bitcoin market value and price chart, which facilitates the perception of information. Ownership is clear and can’t be changed. In-game assets can be traded for other digital assets, such as stablecoins, and real-world currency.
As mentioned earlier, many games use cryptocurrency for in-app purchases (characters and weapons) and overall monetization. These games follow a play-to-earn model where players can receive rewards with real-world value for their achievements. Game participants can earn cryptocurrency by fulfilling various activities, such as battling enemies or completing quests. Major companies in the gaming industry and investors are supportive of the currency ecosystem. P2E is still in its infancy, so it has serious potential.
There Are A Few Crypto Gaming Coins That Stand Out From The Rest
With so many projects available, it can be hard to pick one. Here are some of the best gaming tokens to watch and consider as an investment:
Illuvium
Illuvium is a sci-fi NFT game set in a mysterious alien world. The player traverses wild terrains, takes exotic creatures (Illuvials) prisoners, and leverages resources to repair your ship for the journey back home. There’s a community-based voting system within the Illuvium DAO, so you can propose new initiatives for the ecosystem. ILV tokens have the ability to nominate individuals for sub-council seats and delegate their votes to nominees. As the Illuvium universe expands, your Illuvials will be central to your experience. All progress will be reset as the game transitions to Open Beta in the first quarter of 2024.
Axie Infinity
Axie Infinity, the leader in NFT gaming, revolves around Pokémon-like creatures referred to as Axies, which can be battled, bred, collected, and even used to earn resources. The blockchain-based trading and battling game was launched in 2018, but the AXS token was released two years after as an Ethereum ERC-20 token. Token holders can shape and vote for the direction of the game universe, so developers don’t get to make all the decisions. Some players have reported earning thousands of dollars worth of cryptocurrency per month. Since Axie Infinity is competitive, better players make money than newbies.
You can earn AXS by taking part in user-generated content initiatives and playing games in the metaverse. Equally, you can earn rewards by participating in governance votes or staking your crypto gaming coins (staking went live in September 2021). Axie Infinity enjoys popularity in developing countries that use in-game assets to generate income after the COVID-19 pandemic. It’s estimated that 75% of active members play the game daily, so it does a good job of keeping people coming back. For regular updates from the Axie Infinity team, bookmark their blog, which includes gaming news.
StepN
StepN is built on Solana, a blockchain platform with a striking resemblance to Ethereum. It’s the first GPS-based Web3 NFT game that requires users to move around in order to play – you walk and run to earn tokens for a narrowly delineated time period (at least 12 hours). The digital sneakers come in the shape of an NFT that can be sold later on, but the entry fee isn’t a trivial amount for the casual player. An activation code is necessary, which you’ll receive from a current StepN user. If you accumulate a sufficient number of steps, you can earn GMT that can be traded on centralized crypto exchanges.
The Sandbox
The Sandbox offers an immersive world where players can interact, compete, and take part in the virtual economy. As with all blockchain projects, you must connect a crypto wallet – you don’t need to have any tokens in your wallet to get started. SAND tokens are used to purchase LAND plots, get access to gated experiences, etc. In-game items like equipment for avatars and creations used to populate the LAND can be traded as NFTs in The Sandbox’s marketplace. You can trade the SAND token safely and securely for Bitcoin and vice versa with just a few clicks.
SAND can be used for staking on The Sandbox network on Polygon, so anyone can verify transactions if they deposit their funds temporarily. You don’t even have to bother with gas fees. As of May 2022, approximately $100 million in value of SAND tokens were locked in staking. KYC verification is required for the staking process, so unverified users are placed into withdrawal-only mode. It’s possible to cancel a staking request before the rewards settlement time; the NFTs won’t be submitted on-chain.
Enjin Coin
Enjin is an impressive project supporting over 300,000 gaming communities. Enjin and Microsoft joined forces back in 2020 to give life to Azure Heroes, which rewards developers with blockchain-based digital badges to honor their achievements and efforts. The game has its own wallet that supports double encryption, cryptocurrencies, and NFTs. ENJ is used to buy, sell, trade, and verify digital items in the marketplace, which is a popular hub for rare and unique NFT assets. It runs on top of the Ethereum blockchain, so it provides projects and smart contracts.
Conclusion
Different blockchain games will use different currencies, which can be bought and sold for virtually anything. Along with GameFi mechanics, crypto gaming coins are a highly lucrative investment, but the trick goes beyond finding a good game – find ones that run on a sustainable financial model.