In this post we will see the Top gaming crypto token for 2023 and expecting 2X returns on our investment.
What is gaming cryptocurrency:
Gaming cryptocurrency refers to digital assets that are specifically designed for use in the gaming industry. These can include in-game currencies, tokens that provide access to specific features or items within a game, and other types of digital assets that can be used to enhance the gaming experience. Some examples of gaming cryptocurrencies include Enjin Coin (ENJ), GameCredits (GAME), and WAX (WAX). These can be bought and sold on cryptocurrency exchanges and used in various games and platforms.
Investing in gaming tokens can be a high-risk, high-reward endeavour. It’s crucial to conduct your own research and to only invest in ventures you believe have a promising future because the value of digital currencies is frequently directly correlated with the acceptance and success of the game or platform in which they are used.
Investing in gaming cryptocurrencies has the potential to offer significant returns if the game or platform becomes successful. Additionally, these currencies can also offer a way to gain access to exclusive in-game items or experiences, which can be an additional incentive to invest.
The popularity of the game or platform, fluctuations in supply and demand, and the overall trend of the cryptocurrency market can all have an impact on how volatile the value of these currencies can be. However, buying gaming-related cryptocurrency might also be dangerous. Furthermore, games couldn’t have a long lifespan.
It’s important to keep in mind that past performance does not guarantee future results, we only can predict the prices on the basis of technical analysis of past trends.
Evolution of gaming industry:
In recent years, the gaming business has seen substantial change. With the rise in popularity and power of smartphones and tablets, one of the largest developments has been the turn toward mobile gaming. This has caused a rise in the number of people playing video games on mobile devices and a decline in the number of people using PCs and traditional consoles.
We have also seen a significant rise in live streaming of games and video content creation related to gaming on online platform like YouTube. And it becomes very popular among young generation even person of any age level are interested in gaming or consuming gaming contents.
Read More: How to make money with cryptocurrency in 2023
This gaming sector has also experienced new technology like advancements in virtual reality which have sparked the creation of new game experiences and created new opportunities for the future of gaming.
Why to invest in gaming crypto:
There are many reasons why we should invest in gaming crypto, some of these are:
- Potential for growth: The gaming industry is a multi-billion dollar industry and the integration of blockchain technology and cryptocurrency has the potential to further grow and revolutionize the industry. Investing in gaming crypto projects that have solid fundamentals and a clear use case could potentially lead to significant returns.
- Decentralization: Investing in gaming crypto allows for a decentralized gaming ecosystem. As a result, players truly own and control their virtual assets and developers also can monetize their games in new ways.
- In-game Purchases: Some gaming crypto projects focus on creating in-game economies that allow for the buying, selling and trading of virtual assets. This allows players to potentially make a profit on the value of their in-game items.
- Early adoption: Investing in gaming crypto projects early on can allow investors to get in on the ground floor of an emerging industry and potentially reap the benefits of early adoption.
- Community involvement: Some gaming-related cryptocurrencies include methods for encouraging community involvement, such as through voting on game design choices or taking part in in-game activities.
- NFTs (Non-Fungible Tokens): NFTs, which are unique digital assets that cannot be duplicated or swapped for an equivalent value, are used by some gaming-related cryptocurrencies. This might create a new industry for buyers and collectors of in-game goods.
- Blockchain technology: Gaming-related cryptocurrencies frequently make use of this tamper-proof, transparent, and secure technology. As a result, players and game producers may experience a more trustworthy and fair environment.
- New business models: Blockchain and cryptocurrency technologies can help game developers create new business models like subscription-based or pay-per-play ones that can offer a different source of income.
Top gaming crypto token for 2023:
1. The Sandbox (SAND):
It is one of the crypto token which was launched in year 2011. And The Sandbox Marketplace was launched in 2021.The Sandbox (SAND) is a blockchain based virtual world and allows its player to create, share, buy, sell and upload their NFTs collection (Assets) by the help of SAND tokens. Sandbox is an ERC-20 token built on the Ethereum blockchain.
The SAND token can be used to purchase virtual land, in-game items, and other digital assets on the platform. There are a limited number of LAND plots available; only 166,464 will exist.
The platform also has a governance system where SAND token holders can vote on proposals to improve the platform and its economy. The Sandbox has partnerships with major companies and brands such as Square Enix, Atari, and CryptoKitties to bring popular franchises and characters to the platform.
The SAND token is used as the in-game currency, to access certain features and to govern the platform. As of January 18th,2023, SAND is trading at $0.29 with a market capitalization of $983,732,837 and it’s ranked #89 on Coinmarketcap.
2. Enjin Coin (ENJ):
Enjin Coin was first announced in July 2017, and it was launched on the Ethereum mainnet in June 2018. Enjin Coin is a crypto token based on Enjin Platform and a blockchain based gaming ecosystem. It is an ERC-20 token built on the Ethereum blockchain.
Developers can create and manage virtual items, in-game currencies, and other assets utilising the Enjin Platform and the Enjin Coin. The fact that these assets may be utilised by other games and platforms gives users greater value and utility. Additionally, ENJ can be used to vote on platform decisions, buy in-game items, and more.
A digital store of value called Enjin Coin (ENJ) is used to support the value of blockchain assets like non-fungible tokens (NFTs). The minting resource ENJ, which is locked inside NFTs and taken out of circulation, is present in every asset created using the Enjin Platform. Using ENJ to mint blockchain assets offers both developers and users a number of advantages:
- Makes certain of their transparency and scarcity.
- Brings immediate liquidity.
- Offers utility in games and apps.
- Anti inflationary.
- Add a reserve value to them.
A fixed maximum supply of 1 billion tokens is available for Enjin Coin. However, the quantity of coins actually in circulation will decrease as the economy develops and more ENJ gets locked into in-game digital assets.
Read More: Which cryptocurrency is best to invest in 2023?
3. Axie Infinity (AXS):
Axie Infinity is a blockchain-based game where players may buy, sell, and trade in-game goods using cryptocurrencies, more specifically the Ethereum blockchain. It is inspired by very popular games like Pokemon and Tamagotchi, Players can gather, breed, raise, combat, and trade token-based Axies in Axie Infinity.
Sky Mavis, a game developer , created this game (Axie Infinity) in year 2018 in Vietnam. Trung Nguyen and Aleksander Larsen was co-founder. Currently, Trung Nguyen is the CEO of this platform.
To help players discover a compatible partner to breed their Axie with and increase their chances of having a rare or powerful offspring, Axie Infinity has its own mating hub. Axies can be bred for 0.005 ETH and Small Love Potion (SLP) tokens.
The total supply of Axie Infinity (AXS) tokens is 270 million tokens. As of mid-November 2020, approximately 53.5 million tokens were in use from this total.
Each Axie Infinity token cost $0.10 at the Binance Launchpad IEO sale, which distributed 11% of the total supply to buyers, while 4% of the supply was sold during a private sale. Also included are 29% for staking incentives, 20% for the play-to-earn pool, 21% for the team, 7% for advisers, and 8% for the ecosystem fund.
100% of AXS tokens will be in circulation by the beginning of 2026, according to the current release plan, as predicted by Binance Research.
4. Decentraland (MANA):
A virtual reality platform called Decentraland was created using the Ethereum network. In a virtual environment, users can make, consume, and profit from content and applications. The platform makes use of a cryptocurrency called MANA, which may be used to pay for virtual property, in-world goods and services, and to take part in platform governance. Decentraland is a decentralised platform, which means that its user base governs it rather than being owned or managed by a single entity.
Decentraland was founded by Esteban Ordano and Ariel Meilich. During years 2017-2020, Ariel Meilich held the role of project lead at Decentraland.
A $24 million initial coin offering (ICO) that was held in 2017. The closed beta for the virtual world began in 2019 and it became accessible to the general public in February 2020.
Decentraland is built for content creators, businesses and individuals that are looking for a new artistic medium, business opportunity, or source of entertainment.
In total, the Decentraland game world — termed the “Metaverse” — is divided into 90,601 individual parcels of LAND, each of which is represented by an ERC-721 non-fungible token. Each LAND is exactly 16m x 16m (256 square meters) and can be found at a particular coordinate in the Metaverse.
5. ApeCoin (APE):
ApeCoin is an ERC-20 governance and utility token used within the APE Ecosystem to empower and incentivize a decentralized community building at the forefront of web3.
The decentralised Bored Ape Yacht Club concept by Yuga Labs served as inspiration for ApeCoin. To be utilised in the developing APE Ecosystem, which is funded by the APE Foundation, ApeCoin was created. The ApeCoin DAO provides an architecture for ApeCoin holders to interact through open and permissionless governance mechanisms in order to construct and sustain the APE Ecosystem in a fair and equitable manner.
The governance token for the APE Ecosystem is called ApeCoin. It enables token holders to take part in the ApeCoin DAO and provides its users with a distributed, decentralised currency that can be used directly without the need for a centralised exchange. The Ecosystem Fund, which will fund activities supported by the community and decided upon by ApeCoin DAO members, received 62% of all ApeCoin.
The total supply of ApeCoin is permanently fixed at 1 billion tokens, all minted at once. On launch day, March 17, 2022, 30.25% will be in circulation. This percentage will continually increase following launch day at regular intervals over a 48-month period.
6. Yield Guild Games (YGG):
Yield Guild Gaming (YGG) is a gaming studio which is based on blockchain. It creates and publishes decentralised games on the Ethereum Blockchain. The first game of this studio is “Farming Simulator” which allows its players to farm and trade virtual items in a decentralised marketplace.
The company behind the Yield Guild Game is a Manila-based game studio founded by Gabby Dizon, a part of the team that launched the Axie Infinity and Yearn Finance Communities. Beryl Li and Owl of Moistness co-founded the Game studio. Beryl Li is an entrepreneur, an alumnus of Cambridge University who has also served as a president of the Cryptocurrency Society in 2016. She is also a co-founder at CapchainX and is a licensed financial consultant. Owl of Moistness is a blockchain developer; he has built algorithms for many bots and NFTs, including Axie Infinity. Reference: Coinmarketcap
The current CoinMarketCap ranking is #360, with a live market cap of $53,845,586 USD. It has a circulating supply of 190,147,568 YGG coins and a max. supply of 1,000,000,000 YGG coins.
7. Gala Games (GALA):
Gala Games wants to change the gaming landscape by returning ownership of the gaming experience to the gamers. Making “blockchain games you’ll actually want to play” is Gala Games’ goal. The goal of the project is to make it so that gamers can no longer spend hundreds of dollars on in-game items and endless hours playing games that can be taken away from them at any time with the push of a button. By providing players authority over the games and in-game assets with the aid of blockchain technology, it aims to bring back creative thinking in gaming.
In the Gala Games ecosystem, players can control game governance by owning non-fungible tokens (NFTs). Gamers can vote on which games should be funded and developed by Gala via the Founder’s Nodes voting system. Gala Games uses its own utility token, GALA, in addition to purchasing NFTs for particular games. Gala Games has thus far only made available one playable game, called Town Star, and one NFT collection series, called VOX. Future game releases are planned, including fantasy RPGs, sci-fi strategy games, and tower defense games.
Eric Schiermeyer founded Gala Games. He was a founding member of the well-known social and mobile gaming developer Zynga. Zynga introduced well-liked games including Poker, Mafia Wars, and Farmville while Schiermeyer was in charge of the company. Gala Games was established in July 2019 by Schiermeyer, who has a reputation for working on cutting-edge gaming projects. Its goal is to build a blockchain-based game network and give players more control over their games.
The 60 employees who make up the Gala Games team work together.
There will be a maximum of 35 billion GALA tokens available overall. Approximately 7 billion GALA are in use right now.
Daily distribution of 17,123,286 GALA takes place at around 0200 UTC. The Gala Games conservatorship receives half of this GALA and distributes the other half to Founder’s Node operators. The GALA distribution will be cut in half annually on July 21. The daily allocation of GALA, for instance, will be 8,561,643 instead of 17,123,286 starting on July 21st, 2022.
In conclusion, those who are knowledgeable about the gaming business and the underlying technology of cryptocurrencies may find investing in gaming-related cryptocurrencies to be a potentially lucrative endeavour. The market for gaming cryptocurrency is still very new and unreliable, therefore it is crucial to do your homework and due diligence before investing. Inherent risks, including volatility and regulatory changes, should also be kept in mind while investing in cryptocurrencies. Never invest more than you can afford to lose, as always.