The rapid upward trend in the gaming industry is largely attributed due to pandemic. With the innovations in PC and mobile gaming there is a notable rise of interest in crypto currency in gaming industry. Bitcoin is one of the most popular crypto currencies and yet there are many more that are not so popular. And yet cryptocurrencies are used in the gaming industry from 2017 and also have their own gaming market.
The first-ever crypto game was CryptoKitties. Nowadays, there are several games that make use of crypto currencies; some of them focus mainly on Bitcoin while others make use of many other cryptocurrencies.
As digital money gains popularity and attractions attention on Wall Street, more and more options become available. There are currently more than 5,000 cryptocurrencies on the market.
Crypto gaming is utilizing blockchain or digital currencies in the gaming industry, either for betting or playing online games.
Gaming coins and cryptos can change the economies of gaming and given the current growth in both these technologies, they can create miracles.
Some studies suggest, cryptocurrencies were already representing more than $150 billion in revenues in 2019 in worldwide and could easily exceed $180 billion by 2021.
With the market forecasts, gaming industry is eager to enter a sector full of promise for the future of cryptocurrencies.
Experts anticipate that by 2020 the global market for Esports and gaming will grow to generate $128.5 billion in revenue.
Several crytocurrencies are already being used by dedicated gamers around the world making trades much easier and improving their overall experience. Let us look at some of the best gaming crypto in the gaming industry.
1. Enjin (ENJ)
Enjin is an ERC20 token that is a decentralized platform. This can be used to manage, exchange, trade, and distribute virtual goods. It is one of the first easy-to-use top gaming cryptocurrency that has allowed content creators and gamers a new way for being a virtual owner. Through the online game, gamers can trade their assets, growing their digital wallet with real value as they continue to play.
Behind Enjin Coin is Enjin one of the largest online gaming communities. Enjin offers a flexible and free platform to create, integrate and scale tokenized gaming assets. ENJ has recently partnered with Microsoft to bring non-fungible tokens (NFTs) to Minecraft. ENJ was initially developed by the team the Enjin Network especially for players that enjoy Minecraft. The network allowed players to set up servers and trade online. ENJ is currently in a heavy bull trend and has jumped over 3,000% in the past year. The team behind the Enjin Coin project has created contracts that give the liberty to the game developers to make their developed items exchangeable. Here are some games that are already using Enjin Coin technology: Forest Knight, Bitcoin Hodler, War of Crypto, Age of Rust, 9 Lives Arena and ReBounce.
To add to their increasing market the Enjin Coin as one of the best gaming cryptocurrency has recently also partnered with the leading Smartphone manufacturer Samsung. The aim of this partnership is to distribute the Enjin Coin wallet directly to the South Korean giant’s Galaxy S10/S10+ smart phones.
After the tie up, Samsung announced that it had already sold more than 16 million smart phones. Assuming these numbers should continue to increase it will reach at least 20 million phones sold in coming months and allow the Enjin Coin wallet to be distributed on a very large scale. With this kind of audience Enjin coin can become widely used crytocurrency in gaming zone.
2. Game Credits (GAME)
GameCredits was initiated as a developing digital currency in the gaming market. The focus was to provide a secure, strong robust at the same time an elegant platform with an intention to replace the current in game buying options and to lead the gaming developers to grow the 100 billion dollar industry and accelerate the adaptation of digital currency. This was a project created by the gaming industry for the gaming industry. It works very similar to Litecoin before Segwit, definitely with some improvements as per gaming specifics. The co-founders- Nebojsa Maksimovic (nicknamed Nele) and Aleksandar Mihajlovic (Alex) are determined to designing a blockchain-based in-game monetization platform for hassle free payments in the gaming industry.
Game will come in handy for the gamers with limited knowledge of Black chain technology. It will provide a smooth mode of exchange for the e-sports industry and provides a user-friendly experience for those who wish to build NFTs. It’s an open source digital crypotocurrency that allows purchase of in game content. Also it allows developers and gamers to receive payouts. GameCredits have also thought about PC gamers and have expanded deposit options of crytocurrency. It was incepted to be introduced in 2015 as GamersCoin (GMC), but was rebranded to GameCredits (GAME).
SEE ALSO: Gaming Technology Trends in 2021
MobileGo is another top gaming cryptocurrency used by more than 500 games that are browser based and free for all who play. It is decentralised cryptocurrency blockchain-powered platform that works on the Ethereum smart contract technology. MobileGo (MGO) is an offshoot of GameCredits introduced to revolutionizing the gaming industry. One of the benefits offered by this platform is that absolute control can be exercised by the players without any requirement of dedicated mobile apps.
MGO can be used to buy in-games products and upgrade to premium versions of the games.
MGO is primarily used to buy in-game products that can enhance the gaming experience as well as purchase upgrade or premium versions of the game. It has great potential and can definitely look at being widely popular in coming future.
This is one of the best gaming crypto that can be used in several games like Baldur’s Gate, 55 Street, Black Shot Global, and more. MGO is a smart token that can be facilitated in tournaments for several millions of competitive gamers all around the world, all of which are decentralized. MibileGo was able to raise $53 million during a crowd funding ICO, and become the second largest ICO of the time. From the raised funds 50% was devoted to marketing, 30% reserved for legal fees, license, partnership development, branding etc. and 20% for development of virtual marketplace, inter-gamer match plays and decentralized tournaments.
4. Ethbet (EBET)
Ethbet is an upcoming cryptocurrency used in gaming to bet with no house edge. Ethbet is the first decentralized, peer-to-peer, and newly developed Ethereum-based dicing game and Ethereum smart contracts. EBET, Ethbet’s own token is an Ethereum-based (ERC20) token, ensuring that it is supported by all major wallets and exchanges.
Ethbet is reshaping the virtual gambling becoming as one of the first support peer-to-peer betting, that allow the players to directly go against each other without a commission for a middleman. Ethbet raised a substantial fund during a crowd sale in 2017 most of it was dedicated to improvement of the platform, including further web and application development and third-party contract security audits.
This is a profitable model for the players are they can draw higher returns as compared to any other platform.
This is another cryptocurrency that uses Ethereum blockchain for running the virtual world of games. It allows players to generate 3D objects that can be displayed and sold. There are some similarities to a virtual world called Second Life that allows players to create objects but they cannot delete it.
The purpose of MANA is to make the sales of LAND (name of the virtual land). The creators use this cryptocurrency to exchange or trade 3D objects. Although Decentraland is still not fully functional and will be available for use sometime in coming months
Crypto expert Austin Arnold notes that Decentraland is planning to partner with Atari (ATRI) and Decentral Games (DG) to bring an in-world casino to the Decentraland network. This will help to bring popular feature of Atari games which users can play with the ATRI, DG, or DAI stablecoin.
Decentraland can help users to build, purchase, and monetize virtual reality applications. Originally MANA was created to help sale LAND, in future this would also be used to create and sell objects virtually.
This Loom Network’s cryptocurrency is a DPoS (Delegated Proof of Stake) side chain created for increasing the speed of game that runs of the network Ethereum. Loom Network is a Layer 2 scaling solution for Ethereum. It is a network of DPoS sidechains, which allows for highly-scalable games and user-facing DApps while still being backed by the security of Ethereum. This comes from the creators of digital CCG Zombie Battleground and CryptoZombies, which is a web tutorial.
The difference with LOOM is that this is a currency that is used on gaming platforms and not in the game itself. It was created with a view to resolve scalability that was causing problem for the developers but also to improve the overall experience for the user.
7. Ionomy (ION)
Ionomy platform games make use of Ionomy (ION). Currently the game that is available at the moment is called Offroad heat. This is a truck racing game. Another game that is an action shooting game, CryptoGravity, is being redesigned will also be using Ionomy. In near future there are three more games being readied -Ionix, UrbanWords and The Moon which will use ION. The ION is also available to be won in the weekly tournaments that Ionomy organizes for its players. As the games grow in popularity, there is a steady rise in number of players. This will eventually increase the value of ION as well.
8. Theta Token -THETA
Theta Token with its cryptocurrency project, focuses on revolutionalizing the online gaming industry in way that YouTube did in 2005 as compared to traditional video. Theta token is determined to become the leading video platform on the Blockchain by providing a decentralized streaming mode along with bandwidth consumption sharing model based on Token Theta. This model aims to unite and be beneficial for all the players across the world irrespective of the quality and cost of internet connection. The gaming industry has evolved as more and more interaction with audience is happening through the streaming platforms.
In this context, Theta Token offers a solution of choice in the gaming industry. SilverTV, which already has 1 million users is the main distribution platform for Theta token and is rapidly growing. If this upward stream continues then Theta token can be considered as one the top gaming cryptocurrency in the coming year.
9. DreamTeam Token – DREAM
Last cryptocurrency that we discuss here today is DreamTeam Token. This is a slightly bigger bet than Enjin Coin and Theta Token since it’s not really high on top while in value as the above discussed cryptocurrencies.
The DreamTeam Token project is primarily an infrastructure platform that also has a payment gateway for e-sport and gaming. Thus making this one of the most promising cryptocurrency in the esports section in years to come. Alexander Kokhanovskyy, with his 20 years of esports background experience is an assurance for the seriousness of the project.
DreamTeam Token platform has several uses ranging from payment in tokens as part of subscription model to buy assets on case to case basis, along with payment of fees for implementations of smart contracts for specific services. This will additionally be used for gamification and rewards. This is still a relatively unknown platform for several users, but expert’s estimate that will reach maximum audience in the near future.
Gaming industry has witnessed most revenue generation in the past few years. This will continue in the coming years as the number of gamers continues to grow every year. This is a certainty. Cryptocurrencies are also gaining popularity. Especially in the gaming industry, it will experience a great boom in the coming years as well. Indeed, the gamers will find themselves inclined towards using the best gaming cryptocurrency to simplify their gaming experience. As the number of players adopting the new ways of dealing in cryptocurrency increase the price of their tokens will also tend to increase. At the same time players need to be careful with their investment as Blockchain technology doesn’t necessarily make it difficult for hackers to steal your cryptocurrency. But the relief is that it does make it easier to track investment so it can be recovered instead of being lost following fraud.
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