It goes without saying that the gaming industry has evolved significantly over the past two years. Thanks to the rapid integration of AR/VR technology, artificial intelligence, and blockchain, gamers now enjoy more immersive, personalized, and interactive experiences.
One factor sparking immense interest in the current gaming ecosystem is gaming cryptocurrency tokens. Built with blockchain technology, crypto gaming tokens are exclusively designed for use within gaming environments.
These tokens act as digital currency, empowering players to dive into various in-game activities, from making purchases to joining exclusive contests. They ensure immutability, security, and transparency, providing a reliable and fair gaming environment. Some tokens even incorporate features from non-fungible tokens (NFTs) and decentralized finance (DeFi), adding additional layers of valuable functionality and enhancing the overall gaming experience.
5 Crypto Gaming Tokens to Watch in 2024
As a passionate gamer, it’s natural to wonder which crypto gaming coins you should invest in in 2024. Despite their relatively recent debut in 2014 with the release of Huntercoin, gaming crypto tokens have become incredibly prevalent in today’s gaming market. Here are the top 5 gaming cryptocurrencies that experts recommend gamers and investors keep an eye on in 2024.
Sponge V2
Launched in December 2023, Sponge V2 is a trending meme coin with an 189% staking annual percentage yield (APY). Building off the original Sponge token, Sponge V1, which saw a 100x market value increase in 2023, Sponge V2 introduces a unique play-to-earn functionality via its Sponge Racer gamer as well as its Stake-to-Bridge mechanism that allows holders of Sponge V1 to stake them for V2 tokens.
With a community of over 30,000 members, Sponge V2 has a maximum supply of 150 million, with 43.09% set aside for staking rewards. What’s more, a further 8% of the total supply is reserved for play-to-earn rewards, showing the coin’s dedication to increasing utility and active community engagement.
5th Scape
Better known as $5SCAPE, 5th Scape is the first AR/VR crypto coin. It offers users lifetime exclusive access to AR/VR games as well as related educational sources. As a result, users enjoy hyper-realistic gaming experiences with exclusive access to discounted prices on gaming chairs and headsets.
While the token’s presale event took place in January 2024, the Cage Conquest game and the cricket and soccer-themed VR simulations are already out. The $ 5 SCAPE is currently worth $0.0087, with 80% of the total token supply (5.21 billion) available in the 12 presale rounds. So far, the token’s presale has raised approximately $6 million, showing its immense potential.
eTukTuk
Although it may not be the typical gaming crypto token, eTukTuk allows TukTuk drivers in developing nations to earn various rewards when they stake the $TUK token, with a potential annual yield of as high as 126%.
Built on the BNB Smart Chain network, the $TUK token allows TukTuk drivers to easily purchase Zero-Emission Vehicles (ZEVs) and Electric Vehicle Supply Equipment (EVSEs), enabling them to earn rewards. The current price of $TUK stands at $33,577.03, and the total market supply is two billion.
Decentraland (MANA)
One of the more popular crypto gaming tokens, Decentraland, is a VR platform built on the Ethereum network. It allows creators to monetize their apps and content on its metaverse. Decentraland features two main tradable assets: LAND and MANA.
Within the platform, players can purchase, sell, and trade 90,601 distinct parcels of LAND, all of which are minted as NFTs using ERC-721 smart contracts. MANA, an ERC-20 token, serves as the native cryptocurrency that enables participants to conduct transactions in Decentraland. As of June 2024, the price of MANA was $0.470275, with a maximum supply of 2.19 billion tokens.
Axie Infinity
Boasting over 2.8 million active players, Axie Infinity represents a world of over 700,000 adorable NFT creatures known as Axies. Here, gamers raise, collect, battle, or even trade these creatures to earn rewards. Axie Infinity features two primary virtual currencies: AXS (Axie Infinity Shard) and SLP (Smooth Love Potion).
Players can earn SLP tokens through gameplay as in-game rewards. AXS, on the other hand, serves as the governance token, granting platform members the authority to make decisions about platform maintenance. Additionally, AXS is awarded to the top 300,000 ranked players in the arena format. As of June 2024, the AXS token is traded at $8.48 and has a total market supply of 270 million coins.
Why Should You Invest in Gaming Cryptocurrencies?
Cryptocurrencies have been a disruptive force in multiple industries, and gaming is, by far, not an exception. It all began with players relishing the swift transaction speeds and unmatched security when funding and withdrawing from their online casino accounts. After all, with more than a third of the world’s population being avid gamers, there was a high demand for swift and secure payment options.
As a result, some of the popular real money online casinos now accept cryptocurrencies. Not only do these digital assets offer more convenience due to their flexibility and instant transactions, but they also have low fees and are basically impossible to hack. The widespread use of these tokens led to their utility in revolutionizing in-game economies, thus giving rise to gaming cryptocurrencies.
Overall, crypto gaming tokens represent a groundbreaking paradigm shift in gaming economics, empowering players with true ownership and control over their in-game assets. This innovation not only enhances player engagement and loyalty. But it also creates lucrative opportunities for developers and investors.
Integrating these tokens within the gaming community allows investors and gamers to explore new revenue streams while enjoying immersive experiences that were previously unimaginable. As blockchain technology continues to advance, the potential for growth and innovation in this space is limitless, making it an exciting frontier for everyone involved.
