In the last two years, there has been an upward trend in the gaming industry thanks to the pandemic. As activities within the gaming industry grew, so did the demand for cryptocurrencies in the gaming industry grow also. According to a report by Wax, about 75% of online players wish that they can exchange their virtual assets for a currency that they could use to make purchases or sales on other platforms.
The major success of the first-ever crypto game, CryptoKitties, paved the way for other games to enter the cryptocurrency market as well. A majority of these crypto games make use of cryptocurrencies such as Bitcoin, Ethereum, or their own native cryptos. With that said, there are a lot of cryptocurrencies being used by dedicated gamers all around the world. In this article, we will take a look at 5 of these gaming cryptocurrencies. Let’s dive in!
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What are Gaming Cryptocurrencies?
Simply put, gaming cryptocurrencies are games that are powered by the blockchain network. The way it works is that cryptocurrencies are integrated into the game as a mode of payment. Through these cryptos, gamers can then go ahead and purchase special assets within the game’s ecosystem. These cryptocurrencies, commonly referred to as NFTs (Non-Fungible Tokens) can then be traded with other gamers within the same ecosystem or transferred to a completely new platform.
The blockchain ledger then proceeds to store information about the owner’s assets and how much they are worth. Thanks to the immutability feature of the blockchain, other traders or buyers are able to verify the details of the virtual assets. Therefore, ensuring that secure trading of these items takes place, with the buyer able to access records of past sales. Additionally, gamers can earn rewards for high skill levels. Those interested in the creative aspects of a game can also design and sell items collectibles within the game’s ecosystem.
Gaming Cryptocurrencies: $MANA, $ENJ, $AXS, $VTC, $MGO
As reiterated earlier, there are plenty of gaming cryptocurrencies being utilized by dedicated gamers across the globe. Let’s take a look at some of the best gaming cryptocurrencies in the industry today. They include:
Decentraland utilizes the Ethereum blockchain as the underlying technology for its virtual world of games. Through Decentraland, players can generate 3D objects that they can display on the ecosystem and sell. The purpose of the Decentraland token, MANA, is to enable players to make both sales and purchases of virtual land, also referred to as LAND. The Decentraland crypto is also used to exchange or trade 3D objects.
According to chatter in the crypto community, Decentraland intends to partner with Atari (ATRI) and Decentral Games (DG) to build a casino world into the Decentraland network. If you are familiar with most Atari games then you know that users are able to play while utilizing cryptos such as ATRI, DAI, or DG. Now, there is a promise of all these three tokens including the MANA token. Through Decentraland coin, users will be able to build, purchase, or monetize virtual reality applications.
Enjin Coin ($ENJ)
Enjin coin is an ERC20 token that’s built on the Ethereum decentralized platform. The Enjin token is based on Enjin, which is the largest online gaming community. Users of Enjin utilize the ENJ crypto to manage, distribute, exchange, and trade virtual goods. ENJ has really given gamers and content creators a new way to become virtual owners. Through the game, users can trade their assets and grow their ENJ token earnings all while playing the game.
ENJ allows players to set up servers and trade ENJ coins online. Thanks to this, the Enjin crypto has jumped over 3,000% in the past 12 months. Additionally, the team behind ENJ created contracts that allowed game developers to make their developed items exchangeable. Some of the games using Enjin technology include BBitcoin Hodler, Forest Knight, Age of Rust, War of Crypto, ReBounce, and 9 Lives Arena.
Vertcoin is a decentralized cryptocurrency that strictly focuses on decentralization. It was launched in 2014 without ever conducting an ICO, an airdrop, or even a pre-mine. The team behind VTC crypto was so focused on putting the crypto back into the hands of the community that they didn’t want any individual or group to have an unfair advantage by having early access to VTC before the public.
The best thing about Vertcoin crypto is the fact that you can mine VTC all while you are gaming. You will require to install the Vertcoin one-click miner on your PC first. After installing the miner, you just have to dedicate a portion of your hashrate to mining and the rest to gaming. And just like that, you will be able to start mining Vertcoin. If you are interested in knowing how to do this, here is a resource that can help you get started.
MobileGo is a decentralized blockchain-powered crypto platform that operates on the Ethereum network. Currently, it’s used by more than 500 browser-based games that are all free to play. The platform’s native crypto is the MGO token which is used to purchase in-game products or to upgrade to premium versions of the games.
The MobileGo token was introduced as an offshoot of GameCredits to revolutionize the gaming sector. One of the major benefits of the MGO crypto is that players can exercise absolute control without requiring dedicated mobile apps. Therefore, the MobileGo coin has a lot of potential and can definitely be looked at as becoming really popular in the future.
Axie Infinity ($AXS)
Launched in May 2018, Axie Infinity is an Ethereum-based game developed by Sky Mavis Studios. The game supports both Android and IOS devices as well as Microsoft devices. The game itself is based on fictional creatures known as “Axies.” Unlike the MANA crypto which is used to purchase virtual land, players in Axie Infinity are supposed to collect “Axies” by teaching, feeding, and fighting them in battles.
The Axie Infinity uses the AXS coin. Since the game itself is not free, players are required to purchase and build their own Axie team which consists of 3 types of “Axies.” Each Axie costs around $200 or more. Luckily, you can buy, sell, or trade AXS on exchange platforms such as Binance. For instance, in June 2021, the game obtained sales of over $42 million making it the most expensive collection of NFTs in the industry.
How to Use the Cryptos in the Right Way?
In online games, the only monetization strategies available are in the form of in-app purchases, advertising, or referral or affiliate marketing. When it comes to in-app purchases, players can buy or trade something within the game. These items can be extra lives, custom characters, or even coins.
When it comes to in-app advertising, they are presented as forms of rewarded ads where a player is rewarded for completing certain tasks such as watching an ad, filling surveys, or completing certain challenges. Therefore, these cryptocurrencies can be handy to make purchases within the game itself or be utilized to play or trade digital assets.
Pros and Cons of $MANA, $ENJ, $VTC, $MGO, and $AXS
Gaming cryptocurrencies are helping eradicate some of the problems associated with online games such as fraud. However, every crypto has disadvantages as well as advantages and in this table below you can see both for the gaming cryptos:
How to Exchange Cryptos for Gaming?
If you are looking for a way to conduct a Vertcoin exchange, a MANA exchange, an Enjin exchange, or an MGO exchange, then Swapzone is your best bet. With that said, here’s a detailed guide on how to exchange gaming cryptos on Swapzone.
- Launch Swapzone on your internet browser.
- Locate the “select pair” tab and identify the kind of cryptocurrency you wish to exchange along with the amount.
- In the “get up to” section, select which gaming cryptocurrency you want. For instance, if you are conducting a VTC exchange, make sure you pick VTC. If it’s an ENJ exchange, make sure to pick ENJ.
- Enter all the correct details in the tabs. You will now be able to see all the different exchange rates offered on Swapzone.
- Choose the offer that best suits you and then click on “exchange”.
- Enter your wallet details and make sure that they are correct. Once you’ve verified everything is correct, click on “proceed to exchange”.
- This will prompt the transaction to start. At this point, all you have to do is wait for the transaction to complete.
- Once the transaction is done, take a moment to rate the exchange partner and leave a review. The process is done.