What Should You Know About Crypto Gaming Coins?

5 Mins read
  • What is cryptocurrency?
  • What are crypto gaming coins?
  • What are top crypto gaming coins to invest in?

The cryptocurrency market is booming, with gamified coins on the rise. The concept of tokens and coins in gaming lends itself to the idea of a cryptocurrency market, where market participants can trade currencies like stocks and bonds. 

Gamification with currency is nothing new and has been around for decades. However, the entry into cryptocurrencies brings innovation beyond just adding a token to an arcade machine or phone app game.

Several things make cryptocurrency gamified coins unique. The most important one is the decentralization concept. This allows a gaming coin to function in both the market and game sectors by being safe from manipulation. In games, tokens are usually used to play games and are rewarded after winning a game or completing various side missions or challenges. 

The concept is simple, easy to understand, and requires complex skills or knowledge of computer programming languages. Tokens work just like a reward system in a game with one exception; they do not expire as with traditional currencies.

What is cryptocurrency?

Cryptocurrency is a digital or virtual currency that uses cryptography for security. This technology was introduced in 1979 by an anonymous individual or group, providing a secure and decentralized method of storing and transferring value.

Cryptocurrency is a medium of exchange for goods and services. You can also trade or invest in cryptocurrencies, just like any other digital instrument.

Many people are unaware of the importance of this technology, as it has been around for only a few decades. However, cryptocurrencies have grown in popularity recently, with more companies recognizing their advantages over traditional means. Because any bank or country’s government does not regulate cryptocurrencies, they offer users free anonymity from external intervention while also creating an online economy strictly controlled by its own rules.

Cryptocurrencies are secured by a process called “blockchain technology.” That is highly secure with tight security.

What are cryptocurrency gaming coins?

Crypto gaming coins are a combination of cryptocurrency and gaming tokens with a twist. Instead of using them as a standard cash currency like you typically find in other games, they can be used as digital collectibles or leveled up to become more powerful versions.

If you’re unfamiliar with the concept, cryptocurrency-based games allow players to earn cryptocurrency as rewards for completing tasks in games. You can then exchange these coins for real money. They’re paid in real life and can also be spent on virtual goods within the game, giving players even more incentive to complete tasks and play more games.

Once you understand what crypto gaming coins are, you might be interested in investing in a few of them. If yes, then we have listed some of the top crypto gaming coins in the market.

  1. Enjin (ENJ)

Enjin is a decentralized platform with an ERC20 token. This system allows virtual commodities to be controlled, exchanged, traded, and distributed. It is one of the first simple-to-use top gaming cryptocurrencies, giving content creators and gamers a new method to hold virtual property. Gamers can trade their assets in the online game, increasing the worth of their digital wallet as they play. 

Enjin Coin chart
Enjin Coin chart

The ENJ chart shows the daily price history of Enjin. ENJ ranks 68 on Coinmarketcap with a circulating supply of 834,331,121 ENJ coins and max. Currently, ENJ is attempting to break the resistance at $1.40 after testing it several times in previous sessions.

  1. GameCredits (GAME)

GameCredits began as a nascent digital currency in the gaming industry. This was a project designed by the gaming industry for the gaming industry. The goal was to create a safe, stable, and intuitive platform to replace current in-game purchasing choices and to help gaming creators grow the $100 billion industry by accelerating the use of digital currency. 

GameCredits chart
GameCredits chart

It functioned similarly to Litecoin before Segwit, albeit with some improvements in terms of gaming. The co-founders, Nebojsa Maksimovic (nicknamed Nele) and Aleksandar Mihajlovic (Alex), are committed to developing a blockchain-based in-game monetization platform gaming industry’s hassle-free payments. 

  1. MobileGo (MGO)

MobileGo is another popular gaming cryptocurrency used in over 500 browser-based games that are all free to play. It’s a decentralized cryptocurrency blockchain platform based on Ethereum smart contract technology. 

MobileGo (MGO) is a spin-off of GameCredits, which is to improve the gaming business. One of the advantages of this platform is that it allows players to exercise complete control without dedicated mobile apps. In addition, MGO is generally used to purchase in-game items that enhance the gaming experience and upgrade to premium game versions. It has a lot of promise and could become quite popular shortly. 

MobileGo chart
MobileGo chart

The MGO Chart displays MobileGo’s daily price history. It ranks 1411 on Coinmarketcap with a circulating supply of 99,996,877 MGO coins and the max. The price of MGO has fluctuated significantly in recent sessions, as shown in this chart. MGO is presently trading at the $0.017 support.

  1. EthBet (EBET)

EthBet is a new cryptocurrency that is to be used to bet with no house edge in games. EthBet is the first Ethereum-based dicing game and Ethereum smart contract decentralized, peer-to-peer, and newly built. EthBet’s token, EBET, is an Ethereum-based (ERC20) token, which means it’ll work with all major wallets and exchanges that support Ethereum blockchain. 

The EBET chart displays its daily price history. As shown in the chart, there is minimal interest in EBET as it trades at a low price and volume.

Pros of crypto gaming

Crypto gaming coins could prove to be a game-changer in the industry, but there are risks involved. Before investing in any of these coins or tokens, you must consider looking into the pros and cons of crypto gaming coins. 

  • Secured system

Online gaming with crypto gives a greater level of security since it employs strong encryption to safeguard transactions. They provide their customers with a high level of anonymity because keeping their identities disguised is a significant priority for them. Your financial information is always kept private. 

  • Fast payment

Crypto gaming enables quick payment because there is no requirement for a third party like banks or credit organizations. Furthermore, credit cards do not have any chargeback concerns. 

  • Fantastic bonuses 

For example, crypto casinos provide generous bonuses to their patrons, with some offering as much as a 110 percent bonus on deposits. 

Cons of crypto gaming

  • High price fluctuation

The currency’s supply and demand govern the rate at which you can trade cryptocurrency for other currencies; hence its value fluctuates constantly. Because your total earnings are unpredictable and can alter at any time, determining the actual money value of your total revenues is exceptionally challenging. 

  • New technology

The system is safe, but as with any new technology, some people will take advantage of your naivety and lack of knowledge to scam, cheat, and steal your hard-earned money. This has undoubtedly been the case with digital currencies; therefore, it’s critical to be aware of the potential dangers. 

Final thoughts

According to a report by Newzoo’s analytics platforms, 2.7 billion gamers will spend roughly US$159.3 billion on online gaming in 2020. Furthermore, as per the estimation, the industry will cross US$200 billion by 2023. Therefore, it is an opportunity for crypto or Bitcoin online gaming to thrive.

Bitcoin’s usage is on the rise but not without concerns. The development of blockchain technology in online games is still early, but the future is undoubtedly bright. Crypto games and blockchain technology may sound complex, but the benefits for gamers and producers are evident. For players, crypto games improve their gaming experiences, and for developers, there is a rise in earnings.

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