As cryptocurrencies continue to be a worldwide phenomenon, there are many different types to explore and buy into. Crypto gaming is on the rise and gaming coins are becoming popular investments, industries all around the world are looking for more ways to incorporate this revolutionary technology into their core products and services. Crypto gaming has been increasingly popular as a result of its capacity to allow players to collect and trade virtual assets that can be exchanged and traded anywhere in the world.
According to a study, the crypto gaming industry had a market revenue of $321 million and capital of $173.70 million in 2020, and it is expected to reach $314.40 billion by 2026, with 41.9 million gamers owning crypto. This figure is only going to rise, since there is a huge opportunity for cryptocurrency to become more involved in the game sector. Developers are coming up with innovative ways to use cryptocurrency to buy and sell in-game items, cosmetics, unlock characters, and more.
How does crypto gaming work?
In conventional gaming, various monetization methods such as in-game purchases and app/game advertising are used. In traditional gaming and development, the creators own all digital assets such as cosmetics, in-game currency, characters, and so on. Crypto gaming, on the other hand, is a little different in that users or players can add value to their purchases.
In-app purchases in crypto gaming allow players to purchase stuff like characters, weapons, assets, automobiles, and other items directly from the game, which can then be traded for real money. Because such games are based on blockchain networks, the user owns the objects obtained during the course of the game.
Crypto gaming offers an interactive environment for cryptocurrency enthusiasts and it also takes away worries like currency exchange rates and security. Users don’t need to worry about their assets losing value due to unstable price movements of the crypto markets because all transactions happen on an encrypted peer-to-peer network where nobody can tamper with them. Moreover, it works on a decentralized system, meaning there’s no involvement of third-party.
The NFT game industry has grown in popularity as crypto games have. NFT games, which evolved from Play to Earn games to collectable games based on the Pay to Earn principle, were released in the first quarter of 2021, giving crypto gaming a boost. The gaming industry has always been driven by trends, and the latest trend in NFTs is no exception. While it is no secret that the NFT market has grown to become a multibillion-dollar industry, games are without a doubt one of the most well-suited applications for NFTs.
Despite the fact that the phrases crypto gaming and NFT gaming are sometimes used interchangeably, there is a significant distinction between the two. In NFT gaming, native tokens are used to generate or accumulate NFTs, whereas crypto gaming focuses on using crypto coins to transact with other players. Any assets in the game, such as utility, armor, land, or any other asset, can become NFT and be easily owned, transferred, and sold on the blockchain using NFT gaming. The NFT gaming platform also allows players to buy and trade one-of-a-kind NFTs on NFT markets.
Investing in crypto gaming
Crypto game ventures have witnessed an explosive surge because of the pool of available cryptocurrencies, and they have a lot of room to grow even more in the next few years. Here are some of the top gaming coins to keep an eye on and consider investing in.
Axie Infinity has established itself as the market leader in crypto gaming. It’s the world’s largest cryptocurrency game, as well as one of the world’s largest crypto gaming coins, Axie Infinity is a Pokémon-inspired game where it allows players to buy, trade, and battle Axies. Axies are non-fungible tokens (NFTs) that must be purchased in multiples of three to begin playing.
The fact that users can earn AXS gaming tokens for playing is one of the reasons the game is so popular. Some gamers claim to be able to make hundreds to thousands of dollars in cryptocurrency each month by playing.
The stock performance of Axie Infinity has surely pleased early investors. It was valued at roughly $0.54 at the start of 2021, but by the end of the year, it had risen to more than $150, a gain of more than 28,000 per cent.
Enjin Coin is a unique approach to gaming coin investing. It isn’t connected to a single blockchain game. Enjin Coin, on the other hand, is designed to function with a wide range of games.
Enjin, the business that created this coin, sells software development kits. Developers can utilize these kits to create digital assets for their blockchain games, such as in-game currency or special goods. Enjin’s wallet allows players to keep their stuff for games on the Enjin platform.
The Sandbox is a decentralized platform where gamers use visual scripting tools to create their own 3D gaming worlds, requiring no coding experience. On LAND, The Sandbox’s digital real estate, players create games and store assets.
The Sandbox is powered by SAND tokens. These tokens are used for in-game transactions such as purchasing equipment and LAND. The quantity of LAND plots available is restricted. Only 166,464 copies will be made, and some have already sold for over $50,000.
In 2021, the token for this crypto game saw many big price changes, including rises of more than 3,000 per cent.
Decentraland is a shared virtual reality platform based on the Ethereum (ETH) Blockchain network. It offers plots called LAND that people may buy and use any way they wish, similar to other virtual worlds.
MANA, Decentraland’s native coin, is utilized for in-game transactions like buying LAND. It’s also a governance token with voting rights for its owners. With monthly user numbers in the hundreds, Decentraland is currently in the early stages of growing its user base, but it has huge potential.
Where to buy crypto gaming coins
There are so many crypto exchanges where an investor can purchase or trade crypto gaming coins like AXS, SAND ENJ, etc. Some of the crypto exchanges where an investor can buy crypto gaming coins include:
Binance — It is a centralized exchange that offers powerful trading tools and features that enables gaming coins and other crypto assets to be traded seamlessly. It also allows users to be able to buy crypto gaming coins directly with their fiat cards. This exchange offers over 500 cryptos to invest in, including crypto gaming coins. Albeit, this comes with a few drawbacks such as:
- No built-in digital wallet
- It has geographical restrictions as U.S. customers can’t use the Binance platform, and the provisional Binance.US exchange is very limited.
- It holds custody of it’s user’s crypto assets
Cex.io — It is a centralized exchange that supports loans for crypto assets which also includes gaming coins like AXS, SAND, etc. Cex.io also has good support channels and is also very user friendly. The drawbacks are:
- Staking rewards, crypto-backed loans, and savings features not available for US traders.
- Limited crypto coin options, hence few gaming coins
- Geographical restrictions.
Kraken — It is also a CEX that possesses high-security measures, good features for potential investors and traders. Not to forget that it charges a reasonable price. It has a few flaws though, they are:
- Geographical restrictions for United States citizens.
- Limited crypto currencies and gaming coins.
- Higher fees when not using Kraken Pro.
Coinbase —It’s a simple, beginner-friendly centralized trading platform that allows you to make basic trades. It has a lot of security measures and supports more than 107 different cryptocurrencies. It also has a few flaws, including the following:
- Fewer transaction types than other platforms.
- It holds custody of its user’s crypto assets.
- Expensive fees for transactions and payment methods.
However, the functionalities and benefits differ from one another. Whalesheaven is a crypto exchange platform that offers one of the best trading features which gives users optimum satisfaction.
Buying crypto gaming coins on Whalesheaven gives investors or traders a lot of advantages over other trading platforms. Users on Whalesheaven do not pay withdrawal fees to buy their gaming crypto coins, also they are allowed to buy and sell any gaming coin of their choice as it offers flexibility.
Whalesheaven, being a decentralized exchange, are custody-free and allow the user to control the funds while they trade their gaming coins. This is unlike other trading platforms like centralized exchanges that are prone to attacks because they hold the funds of their users. Whalesheaven, is designed to be free from most types of volatility as it sell a large amount of gaming coins without affecting the market price.
Trading crypto gaming coins on Whalesheaven
Although converting your fiat currency is the most popular method of buying and selling crypto game coins or other digital assets, decentralized exchanges such as Whalesheaven have shown to be a superior choice for them on centralized crypto exchanges that are not custody-free. Through a multisig crypto exchange method, its users can purchase and sell gaming coins with others for the lowest transaction and trading costs, without having to go through a KYC process. They can also automate their trading process by enabling WH Cypher. Security is top-notch on Whalesheaven, as it uses multisig wallets to provide the best-decentralized protection for your funds that is available today.
Users can create an auction, choose the volume, make an appealing offer and submit it to the platform. Potential buyers will send their offers to the seller. The seller is alerted of the offers through different contact options that they choose. Once this is done, they can finish the trade.
The expansion of the online gaming sector is something that crypto gaming should attempt to capitalize on, as it offers obvious advantages for both gamers and creators. Crypto gaming improves the overall gaming experience for gamers while providing new revenue streams for developers. From the potential to earn to the ease of transactions, the ability to play anywhere, and the increased levels of safety and security, crypto gaming improves the overall gaming experience for gamers while providing new income streams for developers.