Bittime – Who doesn't want to earn free money and crypto just by playing games? This is what crypto gaming or crypto games carry. Here is an understanding of what crypto gaming is and a list of the 7 most famous crypto game projects.
It belongs to the GameFi (Game Finance) genre, a Play-to-Earn (P2E) blockchain-based game. Some well-known crypto gaming project names such as The Sandbox, Axie Infinity, Gala Games and so on have become the center of public attention in recent years.
What Is Crypto Gaming?
Gaming crypto is a digital currency specifically designed for use in the online gaming industry. These coins are often built on blockchain technology and serve a variety of purposes within the gaming ecosystem.
You may often hear the term 'GameFi' which refers to a combination of two words - gaming and finance. Gaming-based cryptocurrency projects aim to incentivize players by providing in-game earning opportunities on their platforms.
Also read: Why Crypto? Differences between Crypto and Conventional Investment that Beginners Should Know
Developers are using blockchain technology to offer GameFi elements such as play-to-earn (P2E) games and tradable NFT avatars, as well as token rewards in the form of cryptocurrency. Many projects that offer GameFi crypto usually provide two benefits.
First, the cryptocurrency can be used to purchase in-game items and participate in events. On the other hand, top-performing players can earn crypto GameFi as rewards – allowing players to monetize the time they spend in the gaming ecosystem.
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List of Most Popular Gaming Cryptos
The following are some of the best crypto gaming coins by analyzing their use cases, monetary features, and token prices.
1. Decentraland
Source: Decentraland
Decentraland is a virtual reality platform built on the Ethereum blockchain. The decentralized project allows players to monetize content and applications in its virtual ecosystem, called the metaverse.
There are two tradable aspects in Decentraland – LAND and MANA. On this platform, players can buy, sell, and trade 90,601 individual LAND parcels minted as NFTs using ERC-721 smart contracts. MANA is an ERC-20 token and native cryptocurrency that allows participants to trade on Decentraland.
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In 2017, Decentraland managed to raise $24 million (Rp355 billion), completing one of the best crypto ICOs. After launching at a price of just $0.025 (Rp370), Decentraland's native token reached its highest peak price (ATH) of $5.90 (Rp87,350) in 2021.
At its core, Decentraland is a cryptocurrency DAO (decentralized autonomous organization) consisting of community members who participate in the management and improvement of the ecosystem. According to CoinMarketCap, MANA is currently trading at $0.69 (Rp10,200) per token.
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2. Axie Infinity
Source: Axie Infinity
Axie Infinity is a popular play-to-earn game with tradable NFT characters and various virtual currencies. In Axie Infinity, players interact with virtual pets - called Axies. These axies are minted as NFTs and can be purchased on the platform.
According to the Axie Infinity website, the most expensive Axie ever sold for $820,000 (Rp12.1 billion). Another collection of GameFi tokens on the platform is LAND - which represents a plot of virtual territories that can be purchased.
Also read: What Is Axie Infinity (AXS)? Blockchain Gaming Era
Axie Infinity has two main virtual currencies - AXS (Axie Infinity Shard) and SLP (Smooth Love Portion). SLP tokens represent in-game tokens that can be earned through gameplay.
AXS is a governance token, giving decision-making power to platform members to safeguard the platform. AXS is also distributed to the top 300,000 players in the arena.
With more than 2.8 million active players, Axie Infinity has experienced a trading volume of more than $3.6 billion (Rp53.4 trillion) in its internal market. With a token supply of more than 83 million AXS, this token is trading at a price of $12.55 (Rp186,350) as of September 2022.
3. Sandbox
Sandbox is a metaverse game based on the Ethereum network. The platform offers various NFT-based protocols that function in this virtual environment through SAND - the native cryptocurrency. SAND is an ERC-20 token that powers the ecosystem and settles transactions.
Players can leverage SAND to buy, sell, and trade ASSETS - 3D objects representing various virtual avatars, including people, animals, and tools in the Sandbox. ASSETS are created using ERC-115 smart contracts and can be accessed on the Sandbox market. These ASSETS can be non-fungible or interchangeable assets.
Also read: GameFi: Is It True That The Sandbox, Gala, and Scorpion Casino Investments Can Profit 100x?
Launched in 2011 by Pixowl, SAND has a circulating supply of nearly 1.5 billion tokens – representing 50% of the total supply. With a market capitalization of $1.25 billion (Rp18.6 trillion), SAND is trading at $0.85 (Rp12,650) per token.
4. Gala Games
Source: Gala.games
Gala Games is a blockchain-based gaming platform that incentivizes players to participate in games they actually want to play. Participants can earn in-game rewards on this platform such as non-fungible tokens and cryptocurrencies.
Currently, Gala hosts one playable game - Town Star, along with an NFT collection - VOX. In the future, the platform plans to launch fantasy RPG games, tower defense games, and sci-fi strategy games.
Also read: GALA Surges, This is the Impact of Gala Games for the Blockchain Game Industry
Gala Games incentivizes and rewards players with GALA tokens - the native token of this platform. Built on the Ethereum blockchain, GALA has partnered with the Polygon network to provide lower gas fees and faster transaction times.
With a circulating supply of over 6.9 billion, GALA is trading at $0.04 (Rp600) per token. Since its launch in 2020, CoinMarketCap states that GALA has delivered a return on investment (ROI) of over 2,770%.
5. League of Kingdoms (LOKA)
source: League of Kingdoms
League of Kingdoms is a mass-multiplayer online strategy game (MMO) that leverages NFT and blockchain technology to facilitate in-game rewards and trades. Players can access LAND virtual plots - which represent NFTs built on the Ethereum platform.
These LAND pieces can be permanently owned and can increase in value over time. League of kingdoms has two virtual currencies - DST (Dragon Soul Token) and LOKA. The DST token is a utility token used to power the P2E economy in the League of Kingdoms universe.
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LOKA is the governance token of this crypto gaming platform. Participants can access decision-making rights in the ecosystem, earn profits through staking, and purchase in-game items. There are 25 million LOKA tokens in circulation. According to CoinMarketCap, LOKA is currently trading at $0.52 (Rp7,700).
6. Sponge V2
Source: icodrops.com
Sponge V2 ($SPONGEV 2) currently tops our list of the best crypto gaming coins. The token has grown significantly from its origins as a meme coin, now offering better utility and a high annual yield percentage (APY) for early stakers.
Sponge V2 introduces a play-to-earn game, "Sponge Racer," which allows users to be more active with their SPONGEV2 tokens, earning additional tokens through gameplay.
A key feature of Sponge V2 is the "Stake-to-Bridge" model, which allows holders of native Sponge tokens to stake them for V2 tokens, effectively locking V1 tokens permanently. The model supports both existing and new investors, offering a minimum of 40% APY for four years.
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The total supply of Sponge V2 tokens is 150 billion, with 43.09% reserved for staking rewards. In addition, 8% is allocated to play-to-earn game rewards, demonstrating the project's commitment to token utility and active community involvement.
With a community of over 30,000 members, Sponge V2 plans to leverage this base for wider adoption and growth, with the goal of getting listed on major exchanges like Binance and OKX.
7. Illuvium
source: Illuvium
Illuvium is a fantasy role-playing and open-world game built on the Ethereum blockchain. The platform is built on the Immutable X L2 network, a trading protocol used for Ethereum NFTs.
The protocol offers instant trade confirmation, no gas fees, and supports a high degree of scalability. In the game Illuvium, players collect Illuvials - which differ in rarity, use, and attractiveness. Each Illuvial is represented as an NFT and can be purchased with ILV tokens - the native cryptocurrency.
Also read: Illuvium (ILV): Definition, Features, and Potential in the Future
ILV is an ERC-20 token issued to liquidity providers on the platform's decentralized exchange. These tokens will be used to distribute rewards and govern the ecosystem.
With a limited supply of only 10 million tokens and a circulating supply of 650,000, ILV can be one of the best long-term cryptocurrency projects to invest in. As of September 20th, ILV is priced at $54 (Rp802,000) per token.
Conclusion
Thus, a list of 7 crypto gaming that you should know to add insight into the types of crypto assets. The commonly known of the seven assets include Axie Infinity, Gala, Decentraland, and Sandbox. In addition, there are also other crypto gaming projects that are no less interesting.
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How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and secure way through Bittime. Bittime is one of the best crypto applications in Indonesia that has been officially registered by Bappebti.
To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. In addition, also make sure that you have enough balance by depositing some funds into the wallet. For your information, the minimum asset purchase at Bittime is IDR 10,000. After that, then you can make a crypto asset purchase in the application.
Learn the Complete Guide on How to Buy Crypto on Bittime.
Monitor the price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and does not constitute an offer or solicitation to sell and buy any crypto asset. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices may change significantly from time to time and Bittime is not responsible for fluctuations in crypto asset exchange rates.
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