To understand what gaming cryptocurrency is, it is helpful to first find out what cryptocurrency and blockchain are. Cryptocurrency is a digital asset designed to work as a medium of exchange that uses cryptography to secure its transactions, control the creation of additional units, and verify the transfer of assets. You may know Bitcoin as a popular example of cryptocurrency. Blockchain is a type of database or ledger with many advantages over traditional databases (it’s decentralized and permissionless).
Gaming cryptocurrency works with blockchain technology and has special features that make it ideal for use in games, such as ease of use and broad applicability. One example of a gaming cryptocurrency is AgateChain which allows game developers to easily create their tokens within the AgateChain ecosystem using smart contracts.
Once you have understood how cryptocurrency works, what determines cryptocurrency prices, the state of cryptocurrency markets, and cryptocurrency value, you can take a look at gaming crypto options. Here are the top gaming cryptocurrencies that must be on your radar.
Enjin is a cryptocurrency specifically focused on gaming. It’s run by the Enjin Network, which has several different products but the most important for this article is their Enjin coin and their marketplace for digital items.
Similar to Bitcoin or Ethereum, players can buy Enjin coins, use them to buy digital items, and then sell them at market value. The difference with Enjin is that they have an entire network of games building into their ecosystem – as well as other peripherals like game developers and artists. So there are plenty of ways to earn more of these coins.
WAX is an acronym for the Worldwide Asset eXchange. The gaming cryptocurrency allows anyone to create a virtual marketplace for trading digital or even physical items, such as video game skins. Derived from the Ethereum blockchain, it aims to serve 400 million online players who already collect, buy and sell in-game assets. WAX is backed by the founders of OPSkins, the world’s leading marketplace for online video game assets.
The market will be driven by Wax tokens (WAXP). The virtual asset market fosters a sense of community among gamers, allowing them to buy and sell their products on any marketplace that accepts WAXP without having to pay fees to exchange them for other cryptocurrencies or fiat currencies.
Decentraland is a virtual world powered by the Ethereum blockchain. In Decentraland, users can buy, build and monetize their content and applications. Decentraland’s economy is based on the MANA token, which has been traded on cryptocurrency exchanges since August 2017.
In December 2017 an auction of 33 land parcels took place in which 50,000 units of land were sold for an average price of around $2,500 each. About half of them have been resold to date at prices that are four times higher than they were at the auction and this trend is expected to continue with time.
Decentraland’s vision is to create a shared virtual world where everyone has full ownership and control over their creations and digital property in a shared digital space that persists forever – all without a central authority controlling it.
Launched in 2017, MobileGo is a multi-platform Ethereum-based ERC20 token used by more than 1 million gamers from over 50 countries. Its goal is to bring the exciting world of esports to the masses. With its platform, gamers can fight for prize pools, bet on outcomes of matches with other players, and stream their gameplay online.
Most important of all, MobileGo uses smart contract technology so transactions are not only trustless but also secure and efficient. This gives players peace of mind knowing that they will be getting a fair deal each time they participate in an esports tournament or streaming session on the network.
FirstBlood is a decentralized esports platform that is based on the Ethereum blockchain. It allows users to play, host, and organize competitive tournaments. This platform is popular in the gaming community as it allows gamers to earn rewards for winning games or competing in tournaments.
Currently, there are around 14 different games that are supported by this platform. The list includes LoL (League of Legends), DotA 2 (Defense of the Ancients 2), Fortnite, and CS:GO (Counter Strike: Global Offensive). In addition to this, Firstblood also offers several innovative features such as matchmaking with an adjustable unfairness coefficient. This feature enables fair gameplay against your opponents by making adjustments accordingly if they have a higher level of skill than you do.
This gaming cryptocurrency has witnessed impressive growth since its launch back in 2017. The coin’s value has increased by over 100% in 2018 alone and continues to outperform many other currencies even today. With this success under its belt, there are speculations that FirstBlood will soon compete against some of the top cryptocurrencies and take its rightful place among them as well.
The main competitors that this coin faces are Enjin Coin, MobileGo, GameCredits, Decentraland (MANA), and Loom Network (LOOM). These currencies were also designed specifically for gamers who wish to be rewarded for their efforts when playing online games or participating in tournaments.
In the end, there are many options available to gamers who wish to use cryptocurrency. While most people are familiar with Bitcoin, it’s not the only option out there, as this article has shown. As you can see from this list, games that support cryptocurrency remain a small minority in the gaming industry. As such, before investing in one of these cryptocurrencies or others within the same category, check if it is supported by your favorite online game and whether the benefits outweigh its downsides.