Cryptocurrency’s popularity is as high as it has ever been, and that popularity will continue increasing as crypto becomes more mainstream. The combination of cryptocurrency and gaming has spawned a fascinating new frontier, one that has the potential to push cryptocurrency onto a massive audience. After all, there are more than 3.2 billion gamers worldwide.
Long gone are the days when cryptocurrency was confined to internet chatrooms and had computer scientists as its primary consumers. Today, crypto is widely accepted in real-world situations, from day trading to moneyline betting online and purchasing products from online retailers such as Newegg, Microsoft, and sports apparel giant Adidas. Now, cryptocurrency is forcing its way into the gaming world, and it is revolutionizing the industry.
The emergence of gaming cryptocurrency tokens is changing how players interact with games, offering unique opportunities for ownership and rewards and even providing an income stream. Such tokens are in their relevant infancy, but they will play a significant role in shaping the gaming sphere for years to come. Here are five of the most popular gaming cryptocurrency tokens and why you should be excited about them.
Axie Infinity (AXS)
Axie Infinity (AXS) is one of the most recognizable names in the world of gaming cryptocurrency. Vietnamese studio Sky Mavis developed Axie Infinity and launched it in 2018. The game features adorable creatures known as Axies, which players can collect, battle, and breed; Axie Infinity resembles the Pokemon world.
The game’s play-to-earn model sets Axie Infinity apart from its rivals. Players can earn AXS tokens and Smooth Love Potions (SLP) by engaging in and completing in-game activities and challenges. These tokens can be traded on various cryptocurrency exchanges, enabling players to convert their in-game efforts into real-world money.
Axie Infinity is immensely popular in developing countries, particularly the Philippines, where the average income of the country’s residents is low. Players residing in these countries can earn a typical daily wage in as little as a few hours. The game’s popularity in the Philippines resulted in the country’s government taxing any income from playing Axie Infinity.
Decentraland (MANA)
Decentraland (MANA) is a virtual reality platform launched in 2017 by Ariel Meilich and Esteban Ordano. Decentraland is built on the Ethereum blockchain and empowers players to create, experience, and monetize applications and content.
The decentralized metaverse allows users to purchase parcels of virtual land using the MANA token. Users then develop the parcels of virtual land with interactive experiences such as art galleries, games, virtual shops, and social hubs.
When Decentraland launched in 2017, parcels of land sold for approximately $20. Early adopters received a bargain because the price of land parcels has soared. In April 2021, NFTs’ popularity surge caused the cost of land parcels to increase from $6,000 to $100,000! Incredibly, a plot of Decentraland land was bought for $2.43 million in November 2021.
Established brands and companies, including Adidas, Samsung, and Miller Lite, have a Decentraland presence. Fashion icons Dolce & Gabbana and Tommy Hilfiger have appeared in virtual fashion shows, while DeadMau5 and Grimes have held concerts on the platform.
The Sandbox (SAND)
The Sandbox (SAND) is another notable gaming cryptocurrency token. It is a virtual world where players build, own, and monetize their gaming experiences. Originally a popular mobile game, co-founders Arthur Madrid and Sebastien Borget reimagined it as a blockchain-based platform in 2018. The company is now a subsidiary of Hong Kong-based Animoca Brands.
Like Decentraland, users of The Sandbox have a vibrant ecosystem. Users can purchase goods, land, and services using the SAND token. Players can use the game’s powerful tools to create voxel-based assets and experiences, which are then traded on the marketplace.
Video game developer Atari has a plot of land in The Sandbox universe, as does rapper Snoop Dogg. In February 2022, an anonymous user spent $450,000 buying a plot of land next to Snoop Dogg because they wanted to be his neighbor!
Fashion giant Gucci is arguably the biggest name in The Sandbox world. In October 2022, it opened the Gucci Vault Land, where users can win raffles for SAND by completing gamified tasks.
Enjin Coin (ENJ)
Enjin Coin (ENJ) is another prominent player in the gaming cryptocurrency space. Maxim Blagov and Witek Radomski founded Enjin in 2009. It was initially a gaming community platform but has since morphed into blockchain technology.
Developers on the Enjin platform can use the ENJ token to create and integrate blockchain-based gaming assets, essentially minting and selling NFTs. Enjin provides a suite of tools that simplify developing and integrating assets onto the blockchain, even for those with limited experience. The platform’s ecosystem includes a wallet, a dedicated marketplace, and more, opening the door for content creators to build assets easily ported to different games and platforms on the blockchain.
Gala Games (GALA)
Gala Games (GALA) is one of the newer gaming cryptocurrencies, having been founded in 2019 by Eric Schiermeyer. If Schiermeyer’s name rings a bell, it is because he co-founded Zynga, one of the biggest social gaming companies in the world.
Gala Games focuses on creating blockchain-based games where players truly own their in-game items. The GALA token is the primary medium of exchange within the platform’s ecosystem, enabling transactions and rewarding players for their participation. In addition to games developed by Gala Game’s in-house studio, the likes of Ember Entertainment, Certain Affinity, and Kung Fu Factor have launched titles.
Conclusion
Each of these gaming cryptocurrency tokens offers a unique proposition that blends entertainment with financial opportunities. The rise of these tokens reflects the broader trend towards decentralization and player empowerment within the video game industry. These platforms enhance the gaming experience while offering new ways for players to benefit from their in-game activities financially.
It is undoubtedly only a matter of time before a video game Goliath, such as Activision Blizzard, Electronic Arts, or Square Enix, realizes the potential of gaming cryptocurrency tokens and gets in on the action.
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