The Crypto-craze is spreading like wildfire. NFT-based P2E games are not unusual for those dedicated to the gaming world. Most of the games, from CrptoKitties to Decentraland, have their native cryptocurrencies. Thus extending the use cases of crypto coins largely.
These advancements, paired with the gaming industry, have attracted many fresh users to the gaming world. I’m sure the dedicated gamers are well acquainted with the in-game crypto coins. However, this article focuses on the bunch still unaware and skeptical about the topic. So, let’s dive in to know more.
First, What are Crypto gaming coins?
The concept of several gaming crypto coins brings in a lot of doubt. In simple terms, these coins are those that are native to a certain Crypto or NFT-based P2E games. Players can buy these coins from the Crypto gaming platform or other popular cryptocurrency exchanges, like Coinbase.
Some of these in-game coins gained much popularity outside their native platforms, making them a much better investment. Even so, these in-game coins have yet to reach major cryptocurrencies, like Ethereum and Bitcoin, and are usually considered valuable inside the gaming world. Still, gamers beg to differ on the worth, as NFT games have come up a lot in recent times.
What are the popular in-game Crypto coins?
The rise in NFT games has brought many crypto coins to life. Nevertheless, there are some crypto coins that stand out from the multitude. Those are mentioned below;
Decentraland is a 3D virtual world platform where players must use the native cryptocurrency, MANA, based on the Ethereum blockchain, to buy lands. MANA can also be earned by trading the lands and other properties on the Decentraland platform.
Up till 2021, MANA had a worth below $0.10. However, late 2021 saw a surge in the price range, starting from below $1 to $5.91, reported on November 2021.
Similar to Decentraland, the Sandbox allows users to build, buy, and sell digital assets, including lands. Users can use the native coins, SAND, to buy land and then decide to host experiences or invite friends to visit.
SAND touched a record-high price of $8.40 reported on November 2021 after being consistently traded at prices next to nothing.
Axie Infinity (AXS)
Axie Infinity is a blockchain-based game that allows players to buy, breed, and sell Axies, token-based mythical pets. The native tokens are used to buy or trade Axies. You can also earn AXS by playing the game and winning tournaments.
Unlike other crypto coins, AXS was traded considerably higher. They initially followed the same trend. However, raised to $160.36 reported on November 2021. Even though the prices have comparatively dropped, AXS is still on the higher end.
Enjin Coin (ENJ)
Enjin is one of the famous blockchain platforms users can utilize to collect, trade, and manage NFTs. Along with these, users can also house their cryptocurrencies and play online games. ENJ is a native currency used to perform these transactions. Users can earn ENJ by either trading assets they own or minting NFTs on the platform.
ENJ trading started way back in 2017 with a price range below $0.10. However, like other crypto coins, ENJ also touched a price-high of $4.69 by 2021.
What is the value of Crypto coins?
As mentioned above, if we compare these native coins to mainstream cryptocurrencies like Ethereum, these in-game coins do not value much outside the Crypto gaming platform. So now the question arises why would someone invest in these coins?
Even though it is acceptable that these coins make little outside the gaming platforms, gaming coins can still be traded for profit on other platforms. As the NFT gaming market increases, these coins’ value also gradually increases. For instance, the price range of MANA. Although in the initial stage, the coins cost less than $0.10, in 2021, the price reported was $5.91. Even after a decline in 2022, it sustained at $1.41.
You may consider this to be less, but the price difference from $0.10 to $1.41 was a significant shift. Other crypto coins, like AXS, can be brought up for comparison in price range difference.
However, investing in in-game coins can be a bit risky, as the success of these coins depends completely on the success of the Crypto gaming platform. And if the platform faces a decline, the native currencies will be directly affected.
But this one risk can be minimized with careful research and knowing when to invest. For instance, in case you had invested $1000 into SAND at the start of 2021, you would have made around $34,250 by the end of the year. That said, the crypto coins, be they mainstream or in-game, are subject to market demand.
So the question is, should we invest in these in-game crypto coins? This is completely up to the user’s wish. If the user is a determined gamer, they can proceed as they can earn rare NFTs and crypto coins in a game.
How to invest in crypto coins?
Now, believing that I have piqued your interest in investing in in-game crypto coins, let me tell you the first step towards this.
Create digital wallet
These wallets allow players to access the collected NFTs and coins via codes stored in the wallets.
Connect these to the platform
You’ll be required to connect these wallets to the platform to automatically store the in-game-bought items inside the wallet. You can thus enlist the items directly through them.
Crypto gaming is on the rise, which can be justified by observing the difference in the price range from the initial state to the current state. There are many gaming coins available in the market. If you wish to invest in them, then proper research of what exactly is your desired result is advisable.