Looking to invest in Gaming coins? If you are looking for the best gaming cryptocurrency projects to invest in January 2023, then you have landed in the right place. We have covered the top gaming coins with excellent prospects here.
Partially escalated due to the lockdowns and stay-at-home directives resulting from the COVID-19 pandemic, the gaming industry has reached an all-time high worldwide. The development of the metaverse and digital and crypto gaming platforms with immersive AR/VR experiences.
The possibilities offered by these platforms and metaverse are virtually endless – people can not only play games but even explore on their own, create their story arcs, buy real estate, gather collectibles, fight monsters, and whatnot!
However, to do any of these, you will require digital currencies, which you use to transact and purchase a digital collectible or enjoy a sublime experience. Thus, the divine union of the gaming industry and blockchain network happened, and it gave rise to gaming cryptocurrencies – coins and tokens, that have become the game-changers in the present crypto space.
Gaming Cryptocurrencies – What Is All The Buzz About?
CryptoKitties was probably the first-ever crypto game in existence. However, the gaming industry has advanced leaps and bounds since its innovation and application, and presently, it is leveraging blockchain technology to create unique experiences.
Decentralized finance has become one of the most talked-about subjects in the entire crypto space, and its amalgamation with state-of-the-art video games has resulted in something called ‘GameFi.’
In this particular space, people can take part in virtual gaming metaverses, play to earn digital collectibles, and become the verified owners and collectors of multiple digital elements that are sprawling in those gaming metaverses.
Since you will need in-game currencies to perform any or all of the above actions in the gaming metaverses, what better form to have them other than cryptocurrencies? Yes, cryptocurrencies can be attributed as the fuel that facilitates these gaming metaverses’ design, development, and operations like a well-oiled machine.
Both cryptocurrencies and gaming metaverses are still evolving, and hence, there is a lot of prospect in terms of future applications.
Gaming coins and tokens already became highly talked about buzzwords in 2021, with blockchain gaming companies raising more than US$ 476 million in the first half of the year itself.
So without much ado, let’s check out some of the most exciting gaming cryptocurrency projects in 2023 that you can include in your portfolio to earn solid gains.
5 Best Gaming Cryptocurrencies To Look Out For In 2023
If you consider investing in gaming projects and their native cryptocurrencies, check out the following to get a headstart.
MANA For Decentraland: Best Gaming Coin To Invest For Long Term Growth.
Decentraland is an excellent crypto gaming project to watch in 2023. The virtual reality platform lets players purchase sites called LAND and utilize them however they want. It has been built by leveraging the Ethereum blockchain network.
In the Decentraland crypto gaming project, people can buy plots to farm, construct structures, play games, implement digital tourism or create art. The players even have the utmost freedom to choose dedicated sections of the platform, called Districts, developed around a particular theme, like SteamPunk or CyberPunk.
The native token for Decentraland is MANA, used for transactions in this platform, including purchasing LAND.
- The Security Advisory Board (SAB) is charged with the community governance of Decentraland.
- You can use MANA to sell and purchase LAND and auction NFTs on the system.
- Scarcity of engaging and exciting content that can lure in users and enforce their interaction.
- The terrain of Decentraland has an immense lack of variation.
SAND For The Sandbox: High Potential Crypto Gaming Token Project of 2023
The Sandbox is a popular decentralized platform that offers players the flexibility to create their 3D game worlds and digital assets and build atop their imagination. The crypto gaming platform leverages multiple visual scripting tools for the same purpose and allows users to store their assets and collectibles on LAND – the virtual real estate of the platform.
The Sandbox has partnered with a gaming firm named Atari to create virtual theme parks by utilizing LAND, limited in number. Only 166,464 LAND plots exist, yet every day, thousands of gaming worlds are created on the Sandbox, and hence the plot values often get as inflated as US$ 50,000!
However, US$ does not power the in-game transactions. People can buy LAND and other digital elements using SAND -the native token of the Sandbox.
- Easy decentralized protocol with a targeted ‘Marketplace’ for buying, selling, and trading assets, products, and services.
- The platform sports cutting-edge game designing resources and tools in the form of VoxEdit and Game Maker.
- The platform enables the SAND-holders to engage actively in its governance.
- The protocol’s authentication algorithm is unknown, and processing nodes are not incentivized.
- Extremely nascent project with a roadmap whose full implementation isn’t possible until 2023.
AXS For Axie Infinity: Hot Project In Crypto Gaming Space
Axie Infinity is one of the most popular and biggest cryptocurrency games. It offers its players to purchase, collect, battle, and trade creatures known as Axies, which are Non-Fungible Tokens (NFTs), and you need to possess at least three to start competing. In a way, this game is quite similar to the fabled Pokemon Go, which offers players a unique gaming experience in real time.
Axie Infinity is also one of the earliest P2E gaming platforms, where players play to earn’ AXS gaming tokens. Some players even report earning AXS gaming tokens worth thousands of US$ every day, causing the stock prices of this specific game to zoom from US$ 0.54 at the start of 2021 to nearly US$ 80 currently, as of January 8, 2022.
- Ethereum-based blockchain tokens power it – AXSs and SLPs convertible to Ether and ensure financial gains.
- Axie Infinity is a play-to-earn blockchain ecosystem that runs fluently on desktops and mobile operating systems.
- The open-ended digital universe of Axie Infinity is based on a complex gaming ecosystem whose gameplay, functionalities, and complexities will be expanded further.
- There are limitations to the amount of AXSs that gamers can play and earn while competing on the platform.
- The massive initial investment in the gaming project is a setback for most enthusiasts.
Enjin Coin: Crypto Gaming Platform
Enjin Coin is another unique gaming cryptocurrency gaming platform that offers developers software development kits to create in-game collectibles, currencies, and other digital assets linked with multiple gaming platforms.
While creating digital assets for blockchain games using Enjin Coins, the developers must lock in these coins using a ‘Smart Contract’ that ensures real-world value for the gaming cryptocurrency. They also need to use the Enjin Wallet to store their Enjin Coins and associated inventory to develop games connected to the Enjin platform.
- This project has its native wallet that offers seamless trading in cryptocurrencies and NFTs.
- Enjin offers ‘Beam’ – which enables businesses to grow their consumer base and retain them comprehensively.
- The Enjin wallet lacks adequate vetting and is not open-source.
$DERC For DeRace: Best Crypto Gaming & Betting Token.
$DERC is the native token powering breeding and entry fees for DeRace – one of the most innovative play-to-earn metaverses. This NFT horse racing metaverse is an out-of-the-box concept where you can breed NFT horses with distinct characteristics and participate in horse races.
DeRace features a robust community across multiple social media channels and also helps you construct your hippodrome as a way to earn more $DERC apart from owning racehorses.
- DeRace has an extensive community of blockchain and NFT enthusiasts.
- Like Decentraland, there is a lack of variation in this P2E metaverse.
- Only horse and horse racing enthusiasts will find their niche in this blockchain project.
Apart from these, there are other exciting gaming projects and protocols like Theta Network, Illuvium, and Chromia that are creating a lot of promise and hype. Most of them extend their functionalities beyond the gaming metaverse and enhance cryptocurrency transactions, making them a viable option for DeFi projects as well.
Conclusion – Is It A Right Choice To Invest In Gaming Tokens And Coins?
According to the latest reports by Coin Market Cap, there are billions of coins and tokens in circulation over the last week, as of December 08, 2023. Although last week saw a decline in their market cap owing to the slump faced by the overall cryptocurrency ecosystem, the tokens and coins mentioned above have a value ranging from US$ 0.34 to US$ 74.28.
However, even considering cryptocurrencies, gaming coins and tokens are risky investment instruments. Although the above figures suggest that these gaming coins and tokens had a terrific run in 2021, critics often indicate that this is not a universal trend but a simple flash in the pan.
But the constant expansion of the blockchain gaming industry and the evolution of the metaverses suggest otherwise. Gaming coins and tokens are a developing feature and, therefore, don’t have tried-and-tested results to display.
So, it is extremely important to perform exhaustive research and understand the foundations behind each gaming coin and token before you take the plunge of investing.