In the world of cryptocurrency, decentralized finance has been one of the most talked-about topics in the industry, and its incorporation with cutting-edge video games has resulted in something known as “GameFi.”
People can participate in virtual gaming metaverses, play to earn virtual collectibles, and take up verified ownership of a variety of digital elements that are scattered throughout those gaming metaverses.
One major challenge that GameFi investors face is that a great amount of gaming cryptos, particularly those from newer games, are not listed on major crypto exchanges. Most investors try to circumvent this through DEX (decentralized exchanges) in order to gain access to a greater number of these tokens. Although there are fewer investor protections available in this case, it is important to have a full grasp of the risks involved before proceeding.
In general, the issue for all crypto gaming investors is that there are hundreds of gaming tokens to choose from in the cryptocurrency market.
Here are few gaming crypto tokens worth throwing in a couple of bucks in 2022:
- Axie Infinity (AXS)
Current price: $26.61
Over $4billion has been invested in AXS, making it one of the most valuable cryptos in cryptocurrency today. In contrast, the year-to-date performance stands at a negative 27.68 percent.
However, the coin’s value has begun to rise once more. The release of Axie Infinity: Origin, a much needed update that adds new features and improves game mechanics, could be a contributing factor to its recent pump.
In the game Axie Infinity, players control characters known as Axies, who are non-fungible tokens (NFTs) that can be purchased and traded by other players. By combining two Axies, for example, they can produce a new Axie. The Axie Infinity metaverse also contains virtual real estate, which may attract more investors who aren’t just video game enthusiasts. In one recent instance, a plot of land was bought on the Axie platform for $2.3 million dollars.
- The Sandbox (SAND)
Current price: $1.85
The Sandbox, a cryptocurrency gaming project, has demonstrated outstanding performance so far. SAND, the platform’s native token, has been steadily increasing in value since its launch in 2021, and it finally crossed the $1 threshold in the last quarter, indicating that it will continue on its upward trajectory. SAND is currently selling for $1.85 as of May 9.
This project, which includes a virtual reality component, is helping to bring the metaverse perspective to life. The Sandbox is basically a video game, and it has the support of major video game companies such as Atari. In addition, HSBC recently acquired virtual real estate in its metaverse (virtual reality). However, it is heavily reliant on the creation and trading of non-fungible tokens (NFTs) with players given the liberty to create NFTs on the platform using the SAND tokens.
This cryptocurrency project, like a slew of others, is built on the Ethereum blockchain.
The fact that it has a limited coin supply of 3 billion tokens, of which 1.14 billion are currently in use, is another encouraging factor. As of May 9, 2022, the company’s market capitalization stood impressively at $2.27 billion.
- Lucky Block (LBLOCK)
Current price: $0.0011
LBLOCK is a cryptocurrency gaming token on which transactions on the Lucky Block blockchain are carried out. Its innovations in the gaming industry have led to the token being hailed as one of the best gaming cryptos to invest in in 2022.
With its marketing initiatives, Lucky Block is taking even more steps toward increasing adoption of its products. LBLOCK is poised to see more significant price increases as more people become interested in entering the crypto space as a result of its partnership with several influential athletes in the sports circle.
LBLOCK currently sits at $0.0011 as at May 9, 2022, with a market capitalization of $57 million. This is a remarkable achievement for a token that has only been in existence for three months in the cryptocurrency sphere.
Along with the rest of the cryptocurrency market, the value of this digital asset has declined in recent weeks. This, on the other hand, provides investors with an opportunity to purchase the asset at a low cost – or as is popularly regarded as “buying the dip”.
- Decentraland (MANA)
Current price: $1.14
The whole idea behind Decentraland was to help artists and creators to interact with one another while also sharing and monetizing their work on the Decentraland platform.
MANA, the native token of the Decentraland crypto ecosystem, is the foundation upon which the platform is built. It is necessary to have the MANA token in order to conduct transactions on the platform. A few examples of these transactions are the purchase of virtual real estate (LAND), the right to vote on LAND policies, and the incentive of gaming rewards.
Following a series of events, the Decentraland metaverse welcomed a number of gaming enthusiasts who were interested in learning more about how to best apply their skills in the virtual reality platform. An increase in the number of use cases for gaming cryptocurrencies, such as MANA, always leads to greater adoption and, consequently, a rise in their price.
The token currently sits at $1.14 despite the bearish market and has a market cap of $1.72 billion. With the likelihood of a bullish uptrend beginning, investors stand to gain from its price movement in 2022.
- Enjin Coin (ENJ)
Current price: $0.81
The Enjin platform allows developers to customise in-game collectibles and digital assets using software development kits provided by Enjin. Smart contracts were developed to secure ENJ, the platform’s native cryptocurrency, to consolidate its real-world value.
Enjin plans to update its affinity chain in the 2nd quarter of 2022 so that crowd loan incentives may be distributed more easily.
As part of its vision to ensure safety of gamers’ assets, Enjin’s wallet 2.0 security testing will be a major priority of the company’s upgrade and development program in the 2nd quarter of the year.
At $0.81, ENJ’s current market cap sits pretty at $763million. The price of its native token, ENJ has been fluctuating in small market movements, allowing investors to profit from scalping. In spite of the bearish forecast on the charts, investors should expect a better performance of ENJ in 2022.
Crypto gaming coins were created to simplify the process of obtaining in-game assets, as well as to promote speedier transactions and provide a secure method of distributing rewards earned in-game.
With the boisterous nature of the Gaming industry, it’s safe to say that crypto gaming coin is yet to explode fully and the future looks very interesting for investors in 2022.
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