Gaming coins

What are gaming tokens?

If you’re a gamer, chances are you’ve heard about the rising popularity of gaming token cryptos in video games. It’s pretty revolutionary considering players can now potentially earn from playing games.

This had already been proven with games like Axie Infinity that had been providing an income to folks in South East Asia.

So, what are gaming tokens in cryptocurrency?

It’s basically just like a regular cryptocurrency except that it was created for use within video games! The best part is that you can play-to-earn (P2E) which means the crypto collected as points in a game could potentially be redeemed for actual cash.

The crypto is an in-game item that can be used to purchase items and services within the game. Gaming tokens are often referred to as “crypto-tokens” or “crypto-coins.” They’re also sometimes called “in-game currency,” but we think you should call them something else (like “tokens”).

With a gaming token, you could buy and sell in-game items or services.

For instance, perhaps you may have created a new Axie from your Axie pets and you might want to sell it. You can do so by selling it at the marketplace for AXS tokens which are trading. These tokens could be exchanged for real cash and you have a business (sort of) selling Axies.

A Snapshot Of The Gaming Industry

As you’ve probably figured out by now, the gaming economy is a huge business.

It’s bigger than Hollywood and makes more money than any other entertainment industry—it even has its own holiday!

The gaming industry drives innovation in technologies like virtual reality and blockchain, which are poised to transform how we interact with games.

And what about gamers? They’re everywhere!

Globally speaking there are an estimated 1 billion active players worldwide competing for prizes worth billions of dollars each year.

This makes them one of the most important consumer groups in today’s world: it’s no surprise that brands are paying close attention to them when planning their communications strategies or launching new products or services.

The gaming industry has grown so much over the years, it’s hard to believe that it started out as a simple arcade in New York City. The first ever video game was created by Steve Jobs and Steve Wozniak in 1976. They called it “Breakout” and charged 25 cents per play.

It wasn’t long before other companies started creating their own games, and in 1981 the first home video game system was released. From there the industry exploded into what it is today—and its growth shows no signs of slowing down.

The market for gaming tokens is growing, and it’s not just players who are getting in on the sweepstakes. Developers are also getting in on the action. They are able to monetise their games in so many more ways than traditional video games.

So it’s no surprise that crypto gaming tokens are also expected to take off especially if one of the major perks is the “play-to-earn” aspect. Which gamer wouldn’t want to play video games for a living?

What is Blockchain Gaming?

In a nutshell, blockchain gaming merges blockchain and NFTs (non-fungible tokens) to craft an entirely new gaming experience. It all begins with attaching NFTs to in-game assets so that players can enjoy the benefits of owning and trading these digital assets.

The ultimate goal of blockchain gaming is to revolutionize the gaming industry’s traditional model. Let’s travel back in time and look at how the gaming industry has evolved.

In the past, gaming companies would release games that required players to pay upfront before playing them, like FIFA, which was available on CD for Playstation and Xbox. Then came the era of games given away for free or at low prices, such as Call of Duty and League of Legends, with the expectation that players would make in-game purchases.

Enter blockchain gaming, which completely flips the traditional model with play-to-earn (P2E). In P2E, players receive cryptocurrency for playing the game, and gaming companies earn revenue by taking a percentage of the fee from in-game transactions between players.

While blockchain-based ownership was introduced in 2017 with Crypto Kitties, the play-to-earn concept gained real momentum in 2021, with big names in the industry expressing their interest in exploring this space. With blockchain gaming, users can finally be rewarded financially for the time they spend playing games, ushering in a new era of video gaming.

Use Cases Of Gaming Tokens

True ownership

If you’re feeling like your in-game assets are held hostage by the gaming company, then you’re not alone.

Fear not!

With gaming tokens, you can prove your ownership of your digital treasures. It’s because you own it and you can always resell or move your creations to the marketplace as you please. And if you need to move your assets to a different game, it’s as easy as pie – just like Mario jumping from one level to the next!

Trade-ability

Have you ever wished you could turn your virtual achievements into real-world cash? Well, now you can! With gaming tokens, you can sell your hard-earned items on a wider distribution network – it’s like setting up your own online shop without the hassle of managing inventory.

The tokens can be sold on an exchange for instance AXS can be sold on a generic crypto exchange and these are earned through the game.

And with the added benefit of being fraud-proof, you can rest easy knowing that your digital loot is in safe hands.

Hold and earn

Not much of a gamer?

No worries, you can still get in on the action with gaming tokens! Simply invest in them on a crypto platform and watch your wallet grow.

Monetary incentivization

Most may think that playing video games is a waste of time? Sure its a way to relax and spend some time but what if you could also make a living by playing?

With gaming tokens, you could turn your pastime into a full-time career. We’re not talking about being a YouTube star. We’re saying you can actually play to earn cryptos that could be redeemed for cash to pay your bills.

Customer acquisition

If you’re a developer, the great thing about blockchain transactions is that they’re completely transparent. That means you can find potential players and customers more easily than ever before!

By analyzing their on-chain transactions, you can get a better idea of what they’re interested in and create hyper-niche campaigns that appeal to them.

It’s like being a detective, but with the added thrill of knowing you’re bringing joy to gamers everywhere. And with the added benefit of incentivization (hello, airdrops!), you’ll have customers knocking down your door in no time.

Gaming tokens you should know

We know you’ve been eagerly waiting for this section, so without further ado, we present to you a curated list of some of the most exciting gaming tokens to watch out for.

First up, we have Decentraland, which seeks to capitalize on the power of user-generated content in the virtual land business. With this open-source 3D platform, users can purchase land as an NFT and create their own unique creations on top of it. The native currency of Decentraland is $MANA, is used for buying, selling, and renting the land in the game.

Next, we have Axie Infinity, a game that combines strategy and luck. Players purchase an Axie as a character and build a team of three. Each of them have their own unique set of skills and characteristics. Players then engage in player-vs-player matches, using their skills to climb the leaderboard. $AXS token is required to start playing the game.

Sandbox is another virtual world game that has been making waves in the media. Its collaboration with Snoop Dogg to create a virtual world called ‘Snoopverse’ has attracted many big brands to purchase land on the platform. $SAND can be used to purchase land on the Sandbox platform.

How to buy crypto gaming tokens

There are several ways to buy gaming tokens. You can buy them on a crypto exchange or from a gaming marketplace. You can even buy them from a crypto broker if you’re really adventurous!

To get started, you’ll need an account at one of the crypto exchanges. Once your account is created and verified, it’s time to start making trades!

If you’re new to crypto trading, there are a few things you should know.

While most exchanges only let you use bitcoin to buy gaming tokens, some allow fiat currency.

Furthermore, the prices for these tokens can fluctuate wildly.

So if you want to make the most of your investment (or just get a good deal on some new games), it’s best to do some research before buying in.

Once you’ve done all your research, it’s time to start buying!

If you found a good deal, try using the “Buy order” feature on the exchange. This will allow you to set a price that your order will execute at. Once someone else places an order at or below this price, your order will execute automatically.

Once you’ve placed your order and it has been executed, there’s nothing left to do but sit back and wait for the game tokens to arrive. In most cases, this can take anywhere from a few minutes to a few days.

Once you have your tokens in hand, it’s time to start enjoying your tokens.

Final thoughts on gaming tokens

With virtual worlds becoming increasingly popular, we believe that a much-needed split will happen faster than ever before.

Instead of a single dominant player like Meta gobbling everything up, the community will divide into two parts. These are those who value ownership of virtual assets and those who couldn’t care less.

This way, blockchain technology will bring in a new era of video games that break away from traditional models, where users are not properly compensated for their time.

However, developers must strike a delicate balance and integrate blockchain technology into great games, rather than creating mediocre games based solely on the blockchain.

Let’s be real, would anyone play a game that’s just plain bad just because they get to own the assets? Definitely not! This balance needs to be struck before we see mass adoption of blockchain gaming.

Lastly, the play-to-earn narrative is still in its infancy.

While the potential is enormous, significant challenges such as sustainable economic models and network effects must be addressed before it can fully take off. The gaming industry must focus on building strong communities around these P2E models to achieve long-term success.

After all, what’s the point of owning assets in a game that nobody else is playing?