Blockchain gaming maintains popularity among the community
Play-to-earn gaming is the biggest growth area in Web3 right now. User numbers have continued to rise while other blockchain sectors have struggled. Despite this, gaming token prices have dropped, in line with the rest of the crypto market. So with buy-in costs currently low, now’s the perfect time to load up on the best gaming coins.
The world of web3 may be through a bumpy period, but gamers still want to game. Looking at the latest DappRadar x BGA Blockchain Games Report we can see the signals are pointing towards a bright future for the industry.
To compile this list, we’ve taken the five best gaming coins with the current highest market cap and we’ll give our thoughts on whether or not they are good buys for the long term.
With the current top market cap among all gaming tokens, The Sandbox’s SAND is always worth paying attention to. It’s currently trading nearly 90% down from its all-time high of $8.40. This price was unrealistically inflated by the hype surrounding Facebook’s name change to Meta.
Although SAND’s price movement this year is a concern for holders, it does represent a potential opportunity for anyone who wants to buy in today. Looking at The Sandbox’s recent activity, we can see that the fundamentals are in place for the platform to take advantage of the near-future explosion in blockchain gaming popularity.
It has a lengthening string of new commercial and content partnerships. The Sandbox Alpha Season 3 is ongoing and gameplay looks incredible. As one more sign that the long-term outlook is sustainable, Animoca Brands is the company behind the game. The Hong Kong-based VC firm has the resource and expertise to make The Sandbox the future of Web3 gaming.
Axie Infinity’s position at the top of the play-to-earn pile has been troubled this year. The record-breaking hack dented users’ confidence. And problems with the in-game economy contributed to a fall in NFT and coin prices.
Things have improved since then. Axie Infinity sold several lands for over 130 ETH each and it still attracts hundreds of thousands of players on a monthly basis. In the past 30 days alone, more than 280,000 unique active wallets connected to the dapp.
The in-game currency, AXS, is 92.5% off its all-time high of $164.90. So even if you won’t find these gaming coins in the bargain basement, they’re far more affordable than they were.
For anyone who wants to purchase this token, it may be a good idea to wait until October 25th, when Axie Infinity will release 21,870,000 AXS. This equates to 8.1% of the total supply and will probably drive down the price in the short term.
Enjin launched the Enjin coin (ENJ) in 2017. Unlike every other token in this list, ENJ is not linked to any particular game. It’s a currency powered by a set of tools that enable game developers to create and sell in-game assets, such as NFTs.
The concept is fairly simple:
- Game developers acquire ENJ.
- They use the ENJ to mint in-game items using the Enjin software development kit.
- Users can win or purchase these items and store them in their Enjin Web3 wallet.
- Gamers can trade these items via the Enjin marketplace or “melt” them down and turn them back into ENJ.
ENJ gives developers a ready-use platform to help them build out their games at relatively lower cost. It’s a scalable product that should grow as Web3 gaming does.
In traditional investment terms, think of buying specific game tokens as purchasing single stocks, like Apple or Microsoft. Buying ENJ is like investing in an index fund. For anyone who wants exposure to the overall performance of the blockchain gaming industry, this could be the perfect investment.
StepN’s GMT token was launched in March 2022 and exists on the Solana blockchain. They are the governance token for the StepN dapp and give holders voting power over important decisions for the platform.
StepN itself is a move-to-earn platform that rewards users for exercising in the real world. Using a combination of in-game items, GPS tracking and a busy native marketplace, the game has attracted millions of fans since it arrived on the Web3 scene.
For more information on Move-to-Earn, read DappRadar’s guide.
In line with most other cryptocurrencies, GMT is down from its all-time high, which it reached in April 2022. Problems with the in-game economy, coupled with wider macroeconomic conditions, have adversely affected the token price for now.
Since GMT launched, StepN has also been releasing millions of them each month, which might have contributed to its falling price. The platform plans to release 42,000,000 (0.7%) in October and a further 42,000,000 in each of November and December.
Gala Games is a development studio with a strong track record in building some of the most popular Web3 games. And the company is building for the future with the likes of GRIT and Mirandus close to completion.
GALA is an Ethereum token that users can spend throughout the Gala ecosystem. It’s this interoperability that makes the coin a potentially great investment. With so many excellent titles, players will be able to earn GALA on one game, and then spend it on NFTs for another game.
The other important to thing to note is how decentraliztion works in Gala Games. Owning and running a Founder’s Node give users power over security and decision-making for the entire network. Most importantly, players also receive GALA as a reward for operating them. To buy a Founder Node, make an account and follow the instructions.
Research is key
As we always say at DappRadar, do your own research so you can find out what works for you. Use our PRO guide to Playing Games & Earning Crypto for pointers on where to start looking.
Most importantly though, anyone making any sort of investment with their time and resources needs to be happy that they’re making the right choice. So start off by playing the game you want to buy into, talk to like-minded people and stay abreast of the news to stay informed.
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