In the dynamic realm of cryptocurrency, lesser-known GameFi or Gaming Tokens are gaining momentum in anticipation of a market upturn. These tokens represent promising investment opportunities with significant potential. The foundation of these promising gaming coins lies in the fusion of blockchain and gaming technologies.
Those familiar with gaming anticipate that the integration of blockchain will elevate the industry. If you’re someone who recognizes the growing influence of both the gaming sector and blockchain technology, here are the top five gaming tokens to look at in 2024.
What are Gaming Tokens or GameFi Tokens?
GameFi, also known as Game Finance, represents a growing sector in decentralized finance (DeFi), merging gaming and blockchain. It involves the financial aspect of gaming, allowing players to earn tangible rewards for their gameplay efforts.
In GameFi, players possess digital items and currencies within games. Unlike traditional games where in-game assets stay within the game, GameFi utilizes blockchain for independent ownership, enabling players to profit from items without developer constraints.
Talking about Gaming Tokens, GameFi Tokens are native digital assets in the GameFi ecosystem. These tokens are exclusively designed for GameFi platforms, serving as mediums of exchange, stores of value, and utilities within the system.
Why GameFi or Gaming Tokens Are Rising In Popularity?
The rising popularity of GameFi tokens can be attributed to its diverse applications like games where players earn rewards, online marketplaces for virtual items, tokens for special game features, and the use of NFTs in gaming worlds.
These tokens provide opportunities for gamers to make money from their gaming abilities and time, encouraging lively and engaged gaming communities.
Yet, there are obstacles ahead, including issues related to scaling, user-friendly experiences, safety, and complying with regulations. Finding solutions to these hurdles is vital for GameFi tokens to keep expanding and gaining acceptance. Meanwhile, the profits shown by GameFi tokens in 2023 portray that this sector has tremendous potential to continue its bull run in 2024 and the years ahead.
Use Cases of Gaming Tokens
A reasonable thing to raise here is, “Why do we need tokens and blockchains in the old gaming ecosystem?” It turns out that blockchains enable use cases that would not have been possible otherwise.
▪️ Utility Tokens: Tokens specific to GameFi platforms serve as functional tools within each gaming environment. They facilitate transactions for in-game purchases, character upgrades, and accessing premium features. Essentially, these tokens drive the gaming experience, enriching gameplay and enabling virtual world transactions.
▪️ Governance & Decision-Making: GameFi tokens provide players with voting rights in the gaming community, enabling them to participate in decision-making. Through decentralized governance, token holders can suggest and vote on game-related matters, ensuring an inclusive approach to the platform’s growth. This empowers players to influence the direction of their beloved games.
▪️ Tradable Assets: GameFi tokens are assets tradable across various cryptocurrency exchanges. Players have the ability to exchange, buy, or sell these tokens, enabling the conversion of in-game earnings into different cryptocurrencies or fiat currencies. This liquidity assigns tangible value to virtual assets acquired within the game.
▪️ Staking & Yield Farming: Utilizing GameFi tokens in staking or yield farming protocols allows players to generate passive income. By locking their tokens in smart contracts, players contribute to the security and stability of the GameFi network while earning additional tokens as rewards. This financial incentive motivates active engagement within the ecosystem.
Top 5 Gaming Tokens for 2024
The most trending tokens in the GameFi category, currently valued at ₹1.34 Trillion billion, are gaining traction within the crypto market. Leading contenders include Axie Infinity (AXS), The Sandbox (SAND), Immutable (IMX), Decentraland (MANA), and Internet Computer (ICP).
🚩Axie Infinity (AXS): Axie Infinity represents a blockchain-based gaming platform enabling players to collect, battle, breed, and trade virtual creatures known as Axies. The game leverages NFTs for in-game assets, establishing itself as a frontrunner in the NFT gaming sphere.
The game incorporates its native governance token, AXS, adhering to the ERC-20 standard. This token facilitates Axie acquisition, breeding, and participation in the game’s governance. AXS operates as a digital asset registered on the blockchain, available for purchase, sale, and exchange on various cryptocurrency platforms.
Additionally, players have the option to stake their tokens, unlocking rewards like governance rights and revenue shares. Talking about the token performance, the AXS token is currently trading at a price of ₹525.95, increasing by 7% in the last seven days.
🚩The Sandbox (SAND): Sandbox is a blockchain-based gaming platform where users can buy virtual land plots and build interactive experiences to share with other participants. SAND serves as the platform’s designated token, compliant with the ERC-20 standard.
SAND tokens serve multiple functions within The Sandbox ecosystem, including value transfers, staking, governance, LAND and asset transactions, and participation in the platform’s economic cycle. Players engage with the ecosystem using Ethereum wallets containing their SAND tokens. Meanwhile, the SAND token price is trading at ₹33.87, surging by 14.05% in the past month.
🚩Immutable (IMX): Immutable X stands out as a prominent Layer 2 protocol catering to NFTs and blockchain gaming, secured by Ethereum. Its unique feature involves zero-gas minting and trading of NFTs, addressing a significant challenge in the GameFi domain.
The IMX token, an ERC-20 utility token, operates as the primary utility and governance token within the Immutable protocols, holding a pivotal role in the ecosystem. IMX is utilized for transaction fees settled through Immutable’s global order book. Holders can stake IMX tokens for ecosystem participation and governance, providing them voting rights on crucial network decisions.
Apart from that, the price of the IMX tokens is currently trading at ₹107.24, increasing by a whopping 86% in the past month. In addition, the current market cap of IMX tokens stands at ₹131.98 Billion.
🚩Decentraland (MANA): Decentraland represents a 3D virtual reality platform functioning as a decentralized metaverse, owned and managed by its user base. This innovative platform empowers users to create, exchange, and explore within a blockchain-powered digital environment.
MANA, the platform’s native cryptocurrency, serves as the in-game currency within Decentraland. Operating as an ERC-20 token, it enables users to acquire or trade virtual land (LAND) and conduct transactions for various goods and services within the virtual realm. Furthermore, MANA tokens are utilized in obtaining non-fungible ERC-721 LAND tokens by burning MANA tokens.
Talking about the token performance, the MANA token is currently trading at a price of ₹36.11, increasing by 14% in the last month with a current market cap of ₹68 Billion.
🚩Internet Computer (ICP): Internet Computer operates as a blockchain network aiming to facilitate the development of rapid, secure, and self-sufficient applications and services. It implements innovative technologies such as chain key cryptography for its operations. In contrast to conventional web hosting, ICP enables applications to run on an independent global server network, fostering decentralization and open-source development.
ICP, the native utility token of the Internet Computer network, is instrumental in governing the network, rewarding its participants, and covering transaction fees. In addition, the ICP token is currently trading at a price of ₹375.61, showing more than 12% profit in the last month.
Where To Buy These AI Tokens?
SunCrypto, India’s prominent cryptocurrency exchange, has listed these popular AI tokens on its platform. Individuals keen on acquiring these coins can directly buy them using Indian Rupees or INR. However, SunCrypto not only offers these five coins but also hosts a variety of other AI tokens. Don’t hesitate; to seize your preferred token now before the next surge in value.
As the GameFi or Gaming Token sector progresses, it aims to transform the gaming landscape by offering players increased control, ownership, and financial prospects. The merging of gaming and DeFi represents an intriguing realm, challenging the norms in gaming and unlocking fresh paths for inventive ideas and innovation.
To learn more about trending Gaming Tokens, go check out SunCrypto Academy.
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. All content provided is for informational purposes only, and shall not be relied upon as financial/investment advice. Opinions shared, if any, are only shared for information and education purposes. Although the best efforts have been made to ensure all information is accurate and up to date, occasionally unintended errors or misprints may occur. We recommend you do your own research or consult an expert before making any investment decision. You may write to us at [email protected].