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The rising popularity of play-to-earn games pioneered by players such as Axie Infinity (CRYPTO:AXS) has driven the demand for blockchain gaming higher in the last year. The AXS token surged by a stellar 17,000% in 2021, as the gaming platform onboarded millions of players all around the world.
The AXS token is now the 35th largest cryptocurrency in the world, valued at a market cap of US$4.6 billion. Let’s take a look at three other gaming-based cryptocurrencies you need to follow, as the blockchain gaming universe continues to expand.
Valued at a market cap of US$2.1 billion, Gala Games (CRYPTO:GALA) is the 57th largest cryptocurrency in the world. Since the start of 2021, the price of one GALA token has risen by more than 29,000%. It rose by 550% in November 2021 to trade at record highs.
GALA is the utility token of the GALA Games ecosystem. It’s easily transferable between users and offers a convenient and secure way of payment between those who interact within the gaming ecosystem.
The play-to-earn game available is Town Start, where you compete to build the best town. Further, seven other games are in development that include Last Expedition, which is a survival shooter game, as well as Echoes of Empire, an intergalactic strategy game.
Star Atlas (CRYPTO:ATLAS) has a market cap of US$153 million, and the cryptocurrency is currently trading 72% below its record high. The token is built on the Solana (CRYPTO:SOL) network, and Star Atlas uses two in-game tokens called ATLAS and POLIS.
It’s a multiplayer game that takes place in a virtual metaverse. Star Atlas is built on Unreal Engine 5, which provides it with features such as real-time environments and HD quality. It also looks to integrate strategy, as you can develop plans to interact with other participants with role-playing, as players can mine resources and generate a revenue stream.
Star Atlas aims to provide an immersive gaming experience as well as earn virtual currency in exchange for fiat currency. The ATLAS token is an in-game currency that enables players to purchase assets and buy NFTs on the marketplace.
A cryptocurrency valued at a market cap of US$1.9 billion, Enjin Coin (CRYPTO:ENJ) has surged close to 3,000% since the start of 2020. However, it’s also down 50% from record highs. The price of ENJ gained significant pace in November after Enjin disclosed plans to launch a US$100 million metaverse fund. The metaverse, as we know, is red hot right now and is attracting several players as well as massive investments.
Enjin is also gaining traction in the NFT space, as the blockchain allows you to easily create, buy, sell, and store non-fungible tokens. You can also create NFTs that can be traded between gamers.
However, investors who are looking to purchase gaming tokens might find it difficult to buy them, even on major exchanges. You might need to access to decentralized exchanges to conduct transactions and access newer tokens.
There are over 13,000 cryptocurrencies in circulation, making it difficult to identify winning bets. The success of Axie Infinity and The Sandbox is expected to lead to an influx of gaming tokens in the future.