Gaming has shifted to a whole new level with new gaming tokens being launched every day. Don’t miss these 5 top gaming tokens you can gain access to today.
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Gaming tokens are assets or attributes created in a blockchain-based game environment. For all the tokens referenced in this article exist on the Ethereum blockchain.
Gaming tokens are a popular way to potentially earn prizes among new NFT (non-fungible tokens) traders and gamers alike. The fact that gaming tokens outperformed nearly all other cryptocurrencies last year has inspired pro gamers and experienced crypto investors to take notice and invest in the gaming tokens with the highest market capitalization (market cap). Veteran game companies such as Electronic Arts and Ubisoft are echoing their praises for gaming tokens, predicting that the most successful upcoming games will be powered by blockchain technology.
The top 5 gaming tokens are:
Decentraland is a Metaverse project built on the Ethereum blockchain with a mission to incentivize users to collaborate in a shared virtual world. Decentraland users have the ability to buy and sell virtual real estate using in-world payments denominated in MANA and to interact with each other using native apps and peer-to-peer (P2P) communication tools.
LAND is a Decentraland NFT that constitutes ownership of virtual land parcels in the Decentraland metaverse. MANA is a token on the Ethereum blockchain that helps users purchase LAND and any other in-game goods and services.
By The Numbers:
Market Cap: $4,233,000,516
Volume(24H): $1,360,690,596 (588,932,501 MANA)
Circulating Supply: 1,832,122,298 MANA
The Sandbox is a community-driven platform where users can create and monetize virtual assets called voxels and enjoy powerful gaming experiences on the blockchain. SAND is the native token for The Sandbox ecosystem. SAND is an ERC-20 used on the Ethereum blockchain. The token’s supply is limited to 3 billion SAND.
SAND is also used for governance of The Sandbox ecosystem, and SAND owners can stake their tokens to earn rewards. Staking is the process of holding onto specific tokens to earn rewards or interest in the form of more of the same token(s) or fiat currency. Stakers can also participate in a network’s or a game’s consensus-taking processes to decide on changes to the project. In 2021, The Sandbox’s user base increased five-fold to over 500,000 wallets. The platform is incredibly popular with over 150,000 users spending more than one hour per day within the metaverse.
By The Numbers:
Market Cap: $2,962,750,350
Volume(24H): $1,414,465,968 (519,880,226 SAND)
Circulating Supply: 1,088,944,772 SAND
Axie Infinity is one of the most popular games with its market cap coming in at just over $4.1 billion. Axie Infinity’s popularity pushed the game in January 2022 to more than 677,000 users. Axies are virtual creatures that exist in the Axie Infinity game universe. The game’s main goal is to enhance Axies through several in-game activities , like collecting and breeding, winning battles, and obtaining leaderboard prizes. The game’s native token is AXS, which has such high trading volume that it lands at number three on this list of most popular gaming tokens in 2022.
Axie Infinity users can play the game and concurrently earn rewards as they stake their AXS gaming tokens. AXS is traded on Ronin, an Ethereum sidechain that was created with the Axie Infinity community in mind, providing increased transaction speed and decreased transaction prices needed to facilitate efficient blockchain gaming. Axie also has a thriving community governance program with users voting on major issues within the Axie metaverse. AXS is also accepted within the proprietary Axie Marketplace for trading NFTs and other digital items.
By The Numbers:
Market Cap: $2,626,673,483
Volume(24H): $501,696,981 (11,663,387 AXS)
Circulating Supply: 60,907,500 AXS
GALA is the main currency of the GALA gaming environment. The GALA game network includes nine games that are either available for play or still under development. The GALA games range from tank strategy to space exploration.
A few games are “Pending Node Vote,” which means the developers are waiting to make major changes until the community agrees on those changes. This development process marks a gigantic leap forward in game development by giving the gamers a true voice in the development of their favorite game. This voting process also gives the GALA token utility and growth potential as the GALA game network expands by impacting its functionality and the total number of games developed on the platform.
One of the major factors that contributes to a game token’s high market capitalization is belief in the team’s ability to deliver on their promises. For GALA, the CEO’s previous role as a founder of Zynga, the company behind games like Farmville and Words with Friends gives confidence in the team’s ability to successfully develop the full GALA ecosystem.
In-game economic activity between more than 16,000 player-run GALA nodes is denominated in the GALA token. GALA tokens conform to the ERC-20 standard for Ethereum tokens. GALA serves as a medium exchange between users within the game who retain full autonomy and control over using and storing the GALA accumulated in during gameplay.
By The Numbers:
Market Cap: $1,401,627,268
Volume(24H): $1,661,283,852 (8,269,758,295 GALA)
Circulating Supply: 6,977,205,436 GALA
Enjin was created to be a gaming project with a carefully designed framework, token, and exchange. As the project grew, the Enjin team helped refine the Ethereum network by eventually creating the ERC-1155 token, which was created to prevent loss of funds from malicious transactions like double spends. In recent years, the Enjin team has shifted to heavy gaming involvement and creating an ecosystem for designing games around the ENJ token.
Enjin has not only created a gaming token. The team also created a crypto gaming ecosystem and several development kits for other developers to use the Enjin environment as widely as possible. The Enjin team has also created a wallet for the storage and trading of other gaming tokens so users can manage the funds they accumulate during gameplay.
ENJ is the token that backs assets built on the Ethereum blockchain and owned by Enjin users. Like many other gaming tokens, ENJ was built by Ethereum’s ERC-20 token standard.
By The Numbers:
Market Cap: $1,049,586,583
Volume(24H): $335,470,863 (276,883,567 ENJ)
Circulating Supply: 866,284,706 ENJ
NFT games and gaming tokens are gaining widespread popularity. Some players are building massive virtual communities with new tokens and gaming rules being created regularly. Browse the FTX blog for more information on popular crypto games and to learn how to start playing in the Metaverse today!