Best gaming coins in 2022
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We’ve handpicked 5 top gaming coins for you to look at along with a brief overview of each coin and their pros and cons.
What are gaming coins and why are they so important?
Gaming coins are cryptocurrency coins that are used in play-to earn (P2E) video games as currencies to buy in-game assets. Decentralised finance (DeFi) gaming projects help bridge the gap between the gaming industry and the cryptocurrency world.
Gaming coins are still in their early stages but many are already gaining traction in the traditional gaming market. Back in September 2020, historic gaming company Atari partnered with GameFi company Ultra to help develop Atari’s ATARI VCS “modern video game computer system” for home entertainment.
By the end of 2021 the collective P2E crypto market cap was already at over $25 billion. It’s clear that not only investors, but industry leading companies have already arrived in the gaming coin ecosystem. Read on to find out more about some of the best gaming coins available on the market and how you can buy them.
Top 5 gaming coins to invest in now
Below are five of the best gaming coins available to buy now. Included are brief overviews of each coin’s fundamentals and what makes them unique in this ever-evolving space.
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1. Axie Infinity ($AXS)
Launched in 2018 by Sky Mavis, a technology company based in Ho Chi Minh City, Vietnam, Axie Infinity involves players controlling cartoon amphibian monsters called “Axies”, made to resemble Axolotls, small amphibians that are currently a critically endangered species.
Every Axie monster is its own NFT (non-fungible token) and can be traded for Ethereum in the in-game marketplace. The governance token of Axie Infinity is called $AXS (Axie Infinity Shards) and, due to the game’s popularity, it has soared in value from below $10 in 2020 to above $150 by the end of 2021
Investors who stake their $AXS have a say in the direction of the game’s ecosystem. Stakers can also receive rewards from the community treasury, additional $AXS and eventually, $AXS will be accepted as currency in Axie Infinity’s in-game marketplace.
You can find out more about investing in Axie Infinity in our guide.
2. The Sandbox ($SAND)
Starting out as a 2D mobile game in 2012 called The Sandbox, Pixowl, the developer and publisher of The Sandbox, recreated the game as a 3D user-generated open-world game on the Ethereum blockchain.
The Sandbox invites players to create their own 3D imaginative worlds using in-game editing and game-making applications. Within the metaverse of the game, players can purchase digital real estate, known as ‘LAND’ and build interactive worlds on top of it.
Players can control their own personal avatars and interact with other creations built on LAND. All these playable worlds contribute to a vast metaverse that exists solely in The Sandbox. The in-game currency known as $SAND is used to purchase in-game content. $SAND can also be bought and sold on popular crypto exchanges.
3. Decentraland ($MANA)
Like The Sandbox, Decentraland is a 3D user-generated open-world game. Created in 2015 as a pixelated game and then re-developed into 3D, players in Decentraland can create interactive worlds that make up a metaverse that exists on the Ethereum blockchain.
Like its competitor, players can buy and sell digital real estate, also called LAND, in the in-game marketplace. The marketplace can be used to buy assets to occupy their virtual worlds or accessories for their avatars, from sunglasses to earrings shaped like the Polygon logo. Using the in-game world editor, players can develop “scenes” where games and interactions with other players can take place.
$MANA can be used to purchase assets from the in-game marketplace. Investors will need $MANA to participate in the Decentraland DAO where they will be able to vote on how the ecosystem operates.
You can learn more about investing in Decentraland in our guide.
4. UFO Gaming ($UFO)
UFO Gaming is a decentralised gaming platform which is still being developed. UFO Gaming aims to create playable P2E games, NFT’s, and digital real estate on the blockchain. The $UFO coin is the utility token of UFO Gaming and its Dark Metaverse, which will be the home of UFO Gaming’s future releases.
Each game will be known as a planet in the Dark Metaverse. Its first game/planet will be Super Galactic, a top-down 3-D arcade shooter. To play Super Galactic one must acquire a playable character in the form of an NFT called UFOep. To create UFOeps, potential players must first purchase $UFO from a crypto exchange then use their $UFO to farm ‘Plasma points’.
Players can build virtual NFT stores to exchange NFT’s that will be available as they play the games in the future and UFO Gaming intends to work with traditional gaming companies to bridge the gap between the crypto world and traditional gaming. Their vision is bold, and the market has shown great interest in the $UFO coin.
5. Ultra ($UOS)
The Ultra platform, which is still under development, aims to make the PC gaming industry more inclusive by creating new avenues for self-published games to get into the hands of millions of potential players. The $UOS coin can be used for purchasing items on the marketplace, paying for transaction fees and more.
Ultra aims to offer an alternative publishing platform for independent PC game developers. On Ultra, independent developers will have the ability to easily import their games onto the platform, in a bold attempt to end “legacy publishing.”
Some of the user advantages of Ultra’s platform over competitors like Steam and the Epic store is that users can earn $UOS by joining beta/alpha tests hosted on the platform, watching ads, curating gaming content and inviting new users through Ultra’s referral program where 50% of Ultras revenue will be redistributed to players and developers who take part.
How and where can I buy gaming coins now?
Below are some of the best sites to buy gaming coins online. Just click on any of the links below to get signed up. Once you’re registered, you can deposit funds to your account and search for the coins you want to purchase.
5 Easy steps to buy gaming coins
To purchase your first gaming coins simply follow the five easy steps below.
1. Choose an exchange. The best way to buy gaming coins are through a cryptocurrency exchange. On an exchange you’ll be able to search for and trade a vast library of coins. Use the table above to see our suggested options or refer to our review section to get more information.
2. Create an account. After choosing an exchange you must then create an account to use their services. You may need some contact information and your ID.
3. Deposit funds. After creating an account, you will need to deposit funds to your exchange wallet to start buying coins. To do this you can make a bank transfer or use your credit/debit card.
4. Purchase gaming coins. Search for the ticker of the gaming coin that you would like to buy then enter the number of coins that you want to purchase.
5. Execute your order. To confirm the trade just click the buy button. The coins should be added to your exchange portfolio right away.
Before investing in gaming coins
Below are some advantages and disadvantages of investing in gaming coins to help you decide whether or not to put your money into the industry.
- Although it’s in its early stages, gaming coins have already shown a promising future.
- Gaming coin projects aim to solve a range of industry problems such as the monopolised nature of current gaming platforms.
- Gaming coins as a whole are on the rise.
Benefits of investing in gaming coins
Gaming coins are still in their early stages but are already collectively worth over 20 billion in market capitalisation. The potential that gaming coin projects possess is considerable, and it’s worth keeping an eye on the trajectory of the gaming coin market.
Gaming coin projects invite their investors to come and play their products, to test their platform, and participate in the community. The relationship between investor/user and project developer is often an interactive one. For many, this is a positive thing and contributes to the long-lasting communities that spring up around these projects.
Many marketplaces in these metaverse games will require players using the in-game cryptocurrency coin to purchase assets. As a result, miniature self-contained economies may form, thus increasing the value of the gaming coin itself.
Risks of investing in gaming coins
Many gaming coin projects are still in their infancy. While some gaming coin projects have passed the incubator period and are catching the attention of media outlets, it’s important to realise how young the world of gaming coins is and the risks that come with that, such as price volatility or the fact that some coins may fail.
In addition, the unregulated nature of gaming coin projects means projects can appear out of nowhere and make promises that are baseless, and there is no higher authority to investigate or tell investors to be cautious.
It’s always important to do research on any coin/project before investing, especially when the space is in such early stages. Gaming coins are, after all, a part of DeFi and all the risks of DeFi are just as evident as they are in gaming coins.
How can I find the best gaming coin prospects?
When you’re on the lookout for potential gaming coin projects to invest in it’s always a good idea to read the whitepaper of any gaming coin project. You should browse around their websites and understand what it is that they’re trying to achieve or what problem they’re trying to solve.
The fundamentals of a gaming coin project are of highest importance. If it’s a gaming coin that is based on a P2E system, then that game’s playability will be a deciding factor on the longevity of the project. Be sure to actually play the P2E games that you are looking to invest in.
First and foremost, a game should be fun. A game needs players, not investors. If a game is prioritising profit over fun, then the project is doomed to fail and no angel investor or good press will save them.
Gaming coins are an exciting new space in the crypto world. For gamers it could be the beginning of an industry-wide revolution that will change the way gamers play and purchase their games.
For game developers it could change the way they distribute their creations and reach new audiences. NFT’s are abundant in many gaming coin projects and for the crypto world, this may translate into a wider adoption of NFT’s in traditional industries.
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Yes. GameFi stands for “gaming and decentralised finance.” Gaming coin projects and coins employ many features of DeFi from DAO’s to decentralised transactions and NFT’s.
The potential returns from investing in a successful gaming coin early are huge. Since 2020, the growth of the gaming coin market has been massive and the outlook for the next few years is very promising. Despite this, it’s still important to do research before investing any money.
Keep track of gaming industry news and NFT’s. Or simply keep an eye out on our news section.
The top five in this article are based on their popularity in the gaming coin space while keeping in-mind their market capitalisations and potential for future growth in crypto.
If the coin is available on popular exchanges, then you can easily search for the coin’s ticker. Due to how young gaming coins are, many popular projects in the space have yet to debut on a common exchange.
In this case, it’s best to track their price using cryptocurrency market tracking sites like CoinMarketcap and Coingecko. There, you will be able to see a GameFi coin’s market capitalisation, supply of coins, and more. Decentralised charting tools like Dextools can also be used.
You can track the price of gaming coins and other cryptocurrencies by using our cryptocurrency price tracker.
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