Gaming has become the primary source of entertainment for children and adults. It has evolved from the earliest computer games to playing games in virtual reality and metaverse. Video games continue to improve with technology. The gaming industry has generated $155 billion in revenue in 2020. Analysts have predicted $260 billion of revenue by 2025.
Gaming Coins Crypto: What Is It?
In simple words, gaming coin crypto is an in-game currency that the player uses in a particular game. It combines two innovative technologies: video games and crypto. Using gaming coins, one can purchase in-game items, characters, weapons, etc. Players can also earn crypto by completing the tasks. Gaming cryptos also have NFTs (Non-fungible tokens); they are generally assets on the blockchain list. NFT has its identification code and metadata that separates them from one another. Each crypto game can create its own NFT.
What is Play to Earn [P2E] Coins?
As the name suggests, we can understand that it means that anyone can play the game to earn the gaming coin. Gaming is now mainstream to earn income. People get paid for creating gaming content like the gaming code in the past.
As it sounds inconceivable to some, it is necessary to explain how P2E works. P2E has transformed the way traditional gaming works. Earlier, the developers, who created the games, have designed and monetised in such a way that no matter how much a player plays, developers would be the ones making all the profit.
Play to earn games using blockchain technology: Here players can get items while playing games in the form of NFTs.
However, there is more to it; like starting a game to win games, one has to get involved in staking, putting the crypto you own to work, or in other words, investing in the game before it pays for itself and earns you money later on.
Top 5 Best Gaming Crypto Coins
There are many games out there but, the ones listed below caught our attention:
Axie Infinity (CRYPTO: AXS)
Axie Infinity is built on the Ethereum network. It is one of the most popular NFT games. It is a Pokemon-themed pet environment in which players earn tokens by battling miniature fantasy creatures known as Axies. Each Axie is unique, and they can breed with their offspring and receive their strengths and weaknesses. You live in your virtual world, and you can collect Axies and battle them out!
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On winning battles, you receive small love potions or SLPs in-game currency, and you can exchange them for fiat cash. The $SLP token is a native ERC-20 token. Also, Axies themselves are NFTs that can be bought and sold on NFT exchanges externally. There are 1 million + active users playing the game every day.
AXS token is an Ethereum based governance token of the Axie Infinity play-to-earn NFT game. It gives governance rights to its holder. AXS holders can vote on proposals about future protocols. They can also choose which upgrades they want for the Axie ecosystem.
Trading, Breeding & Battling
The game can best be described as a combination between the popular Pokémon video game and the Hearthstone digital card game. The game is straightforward: it involves fighting and breeding playable monster characters like Pokémon called Axies.
The game works on Microsoft Windows, macOS from Apple, Android operating system, iOS and iPad. In other words, it can be installed and played on PCs, Mac devices, Android smartphones and tablets, and iPhones and iPads.The cross-platform compatibility of this video game makes it accessible to many people, thus allowing it to attract more users and increase the potential for future expansion.
Earning Using Blockchain Technology
This is an NFT-based video game. Although players do not directly receive traditional fiat money, they can obtain Ethereum based tokens AXSs and SLPs, which can be converted to Ether — one of the world’s most renowned currencies. They can either have their Ether continuously converted to fiat or use it directly. Few players earn a fortune by playing this game. For example, many successful stories have been published in the media in several rural areas of the Philippines.
Limitation in Earning Income
Completing in-game requirements or other in-game activities will benefit the player in gaining AXS or SLP. However, engineers limit the number of tokens a player can earn by participating in player vs player or Arena events and accomplishing specific tasks within the in-game adventures.
The Initial Cost Can Be Expensive
The initial cost of Axie Infinity can be slightly expensive. There was a time when a player would have to invest USD 1000 to buy at least three Axies. The cheapest Axies are selling for around USD 200.
Note that the player needs to own at least three Axies to get started.
The Sandbox (CRYPTO: SAND)
Sandbox is an Ethereum-based NFT metaverse game that enables users to sell, use, and monetize their virtual NFT. You can create a game asset such as a monkey, make it a non-fungible token NFT and sell it on the marketplace. Voxels are used to build assets that can be animated with templates.
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The SAND token is an ERC-20 utility token built on the Ethereum blockchain. It serves as the basis for transactions within the sandbox; players can own it and use it to play games, buy virtual lands and assets on the Sandbox Marketplace, and customise their avatars. It even enables players to create and store the values of land NFTs governance and is also used to lend to the network to validate transactions (Lending).
The Sandbox Notion
Sandbox embraces a realistic concept beyond just decentralisation of games on the blockchain. It transforms the idea of building a complete gaming universe in the Ethereum blockchain.
Sandbox Offers Three Products for the Users of the Platform:
- Game Maker – a shell that contains the right tools that allow players to create game levels full of scripts in one location. This also contains custom templates that allow users to create their own scripts.
- VoxEdit – a 3D editor that allows users to create and animate objects with voxel images. Using this tool, users can create buildings, cars, avatars, or anything else by providing storage space.
- Market -A shop for the purchase and sale of goods and services, and in addition allows users to check out the games of other developers on the platform. If you want to buy or sell a land or avatar, Market Place is the place to visit.
There is a significant economic restriction surrounding the SAND token. This token is not a complete cryptocurrency or digital asset. It only exists to connect various features of the Sandbox system and feed games on the platform. Thus, the SAND token carries a slightly greater value than the game token on any standard MMO(Massively multiplayer online game).
Limited to Games
Following the economic restriction is the result of Sandbox’s narrow target audience. The SAND token is only useful for game developers or gamers themselves. Holders of SAND token rights and forum opportunities are limited to using or creating a game.
Enjin Coin (CRYPTO: ENJ)
Enjin was founded by Maxim Blagov and Witek Radomski in 2009. That same year, the company launched a platform for the gaming community called the Enjin Network. More than a decade later, the platform has over 20 million users.
Read About: Meet Enjin: Blockchain, Gaming and Beyond
Engine tools and services promise next-generation NFTs to everyone. They can be used by companies of all sizes and industries that want to create blockchain products.
NFT Minting and Integration Platform
A code-free solution, which allows you to create NFTs and integrate them without additional technical knowledge. The digital assets created by you can then be purchased and sold easily, for use in a variety of Engine projects.
Read About: How to Mint an NFT?
You can use the Enjin wallet to store a host of cryptos, as well as ERC-721 & ERC-1155 NFTs. It is also seamlessly integrated with Samsung Galaxy smartphones, to provide security information such as the hardware wallet.
Not an Open-Source Wallet
Enjin crypto wallet lacks adequate vetting as it is not an open-source wallet.
No Physical Asset Support
Enjin token does not have any physical backing in terms of profit, commodity or assets.
Decentraland (CRYPTO: MANA)
Decentraland is a new style of game emerging. It is one that exists within a decentralised community, in addition to real-life events and marketplaces. Decentraland is a virtual 3D world built on the Ethereum blockchain. One can own real estate, as in the real world, and build on it. MANA is the digital currency of this virtual world.
Read About: Explore a decentralized world with MANA
Decentraland Is Among the Greatest Gameplay in the Virtual World
There are a few decentralised applications (DAPPS) designed to meet the growing need of DeFi users. Decentraland is a primary decentralised financial application classified under non-fungible tokens (NFT) due to its involvement in the realm of virtual reality.
MANA Is Highly Undervalued
In January 2021, Decentraland averaged 1,500 daily users. This figure increased by 566,667 per cent to 10,000 users daily by March 2021. Millions of people reject the idea of common cryptocurrencies such as Bitcoin, Litecoin, Dash, Dogecoin, and Ether. This makes it difficult to convince them that apart from these digital currencies, there are more than 17,000 coins on the market and one of them is MANA.
Over time, as decentralised finance continues to recover the highest percentage of annual yields, millions of people can get into it and the financial possibilities of NFTs. This may improve the price of MANA.
The Platform Is In Its early Stage In Development
The Decentraland was released to the general public in February 2020. As soon as it was released, the coronavirus reached its peak in March and April of that year. This has seen a decline in digital currency and decentralised finance since thousands of investors have started selling largely, which has thrown the crypto market into new all-time lows.
Decentraland followed the boom of digital assets by 2021 to enter normalcy. This is the main reason why Decentraland, as a decentral virtual platform, cannot be completely trusted to take the market by storm. It will take time to adapt to the needs and requirements of the market.
Read About: 5 ways to protect your NFTs from being stolen
If the platform is able to live for two years for users to identify the pitfalls associated with its use, then its cryptocurrency MANA can have predictions based on certainties and not a probability.
Endless Competition in the NFT Space
As one of the real pioneer platforms, Decentraland is not alone. Bitcoin saw Litecoin, Dogecoin, and Dash compete from the start. Ethereum met with competition from Tron, Binance, and another Ethereum Killer, Cardano, when they launched smart contracts.
Decentraland also faced stiff competition from NFT markets such as Axie Infinity (AXS), The Sandbox (SAND), Algorand (ALGO), Crypterium (CRPT), Enjin Coin (ENJ), Bakery Token (BAKE), Chiliz (CHZ), Ecomi (OMI), Flow (FLOW), WAX (WAXP), Ultra (UOS), LUKSO (LYXe), Dego Finance (DEGO), Aavegotchi (GHST), Ethernity Chain (ERN), Rarible (RARI), and Bounce Token (AUCTION).
My Neighbor Alice (CRYPTO: ALICE)
My Neighbor Alice is a multiplayer farm builder game online. It attracts not only blockchain game players but also the general gaming community. It has player-driven storylines and blockchain-enabled features. The game offers a collection of islands that players can purchase and upgrade plots of land with their creations.
Read About: What is My Neighbour Alice?
Players can therefore become owners of virtual islands, collect, and build objects. The game also has a social network. After building their plots, players can show off to other players and meet new friends. Non-Fungible Tokens (NFTs) are used to represent players’ assets.
The Gameplay is Interactive
My neighbor Alice is a builder. It offers an open-world format that allows players to travel around the world of Alice. Therefore, you can interact with other players and characters within the game. Players use their avatars to navigate Alice’s world. Players will eventually own all the individual plots that make up the entire physical world
Options to Customise
Each plot is represented by a unique NFT and can be customised. It allows you to add decorations and change the location depending on your unique taste. You can sell or trade these NFTs to other players who seek value in your creation.
Apart from lands, there are other in-game assets, such as limited edition assessors. In addition, users have the freedom to create their own items and manage their scarcity. In the game, NFTs are formed using the NFT protocol “Chromia Originals”. These are powered by the Binance Smart Chain (BSC) blockchain.
ALICE Token 100
ALICE token ERC-20 is the native governance coin of My Neighbor Alice. Alice uses proof-of-work (POW) to protect the network. Using ALICE, you can purchase in-game items, worlds and avatar skins. As the ALICE token holder, you can participate in the governance process.
The council works to promote development, vote and determine budgets. The board also makes decisions on revenue sharing, game improvement and development. You can also use these tokens to earn great rewards, thus supporting the ecosystem.
You can earn Alice tokens by participating in in-game quests, events and tournaments. Using the token, you can invest, play and be a part of the game. You can also enjoy gamified finance features like NFT collaterals and rentals.
The game is built on the Ethereum blockchain, Hence at times, it is subject to high fees during peak periods of activity.
Competition in the Gaming Space
My Neighbour Alice is not the only blockchain game out there. Much more capable coins like SAND, MANA, and GALA operate in the same space, extending the tough competition to the project from the get-go.
Blockchain gaming companies have raised a total of $476 million in the first half of 2021. As it is a new industry, gaming coins have great potential. Don’t miss the chance to invest in gaming tokens. You can buy gaming coins at ZebPay today.