Many people are looking to invest in cryptocurrencies in light of the recent surge in the crypto market and conversely despite the high volatility that comes with it. You can’t keep gamers down nor apparently curb investment interest in the next iteration of computer gaming.
Pong and Pacman: The good old days
Computer games have been popular since the days of Pong and Pacman and now games are light years more advanced. There are numerous opportunities for investors as more people become involved in this niche. Here are three gaming cryptos to watch in 2022 and moving forward along with our top pick:
Infinite Axie (AXS)
Axie Infinity is a crypto-meeting-Pokémon that focuses on breeding, raising, and battling cute NFT monsters known as Axies. This is the most popular game app on the Ethereum blockchain when compared to others. One of the reasons Axie Infinity could be a good investment is the utility of the AXS token in powering the game.
AXS is currently trading at $50.33 and has a market cap of $3B, with a circulating supply of 61 million AXS tokens. AXS is ranked #53 on the Coinbase popularity chart.
Axie Infinity has made some changes recently that should make the game more accessible and cheaper for new players, which is designed to grow the game and boost profits.
GALA is the ERC-20 token that powers Gala Games and allows players to easily modify games on their own. GALA Games reclaims control over the in-game experience for players while transforming developers into true partners. GALA tokens can be used to buy, sell, and trade in-game items, as well as to purchase gaming content. WalletInvestor believes GALA is a good long-term investment, but its forecast may be more optimistic than others.
GALA is currently trading at $0.24 and has a market cap of $1.6 B, with 7 billion coins in circulation. GALA ranks #34 in popularity on Coinbase.
Enjin Coin (ENJ)
The Enjin cryptocurrency is a token based on the Ethereum blockchain that allows for the easy trading of personalized virtual items. It is used to back the value of Enjin-created in-game tokens. The ENJ token is an excellent investment opportunity because it has the potential to be used in industries such as entertainment, social media, virtual reality, and others.
ENJ is currently trading at $1.44, has a market cap of $1.3B, and a circulating supply of 872 million coins. It is ranked #33 by popularity on Coinbase.
Only a few months ago, the price of ENJ was skyrocketing. Since then, it has primarily traded in a downward trend. But the Enjin team is laying a solid framework and building partnerships that should serve the project well moving forward.
Our Top Pick: Enjin (ENJ)
Although none of the Enjin ecosystem games appear to have yet achieved widespread adoption due to high gas fees, there are a few that appear to have a bright future once their JumpNet Ethereum scaling solution is operational and people have the opportunity to play for free and earn money while doing so.
Lost Relics is a dungeon crawler in which gamers can loot weapons, gear, potions, and so on. All of the items are tradable, and some of them (“blockchain items”) can be traded as NFT on the marketplace for Enjin Coin, allowing players to earn real money. The game itself has several playable dungeons, various bounties, and simple but adequate graphics and gameplay.
The Six Dragons is an open world RPG (similar to Skyrim) in which you can enter dungeons or other similar landmarks, collect and craft various items, and then sell them on the marketplace for Enjin Coin. There are three different classes in the game, as well as 26 variants of each weapon type and over 300 different craftable items. There is also some MMA experience, as well as the ability to team up with AI companions who will assist you while adventuring.
Age of Rust is a first-person sci-fi post-apocalyptic adventure game. It’s a puzzle game with nice graphics in which NFTs are used to bestow special abilities or unlock hidden areas. Adventure progress, crypto puzzles, and crypto treasure hunt are the three types of puzzles. You can earn cryptocurrency by participating in any of them. Although it is still in early beta, the game appears to be a great casual way to earn some crypto.
All of these games will be available on Steam at some point, most likely after the JumpNet is put in place. It will be fascinating to see how non-crypto world players react to these games, and whether the ability to earn money while playing will be sufficient for players to overcome some of the usual issues that games with smaller budgets have.
The most important aspect of trading is patience and discipline. So, based on the above analysis, the coins just discussed could see some decent gains-especially as interest and corporate involvement with all things metaverse continues to expand.
These are our picks for gaming projects to watch in 2022 and beyond. What about you? Do you have a favorite metaverse game that you’re excited about? Leave us a comment below and if you found this article useful we’d be super-grateful if you shared it.
This article is intended for educational purposes only and as such does not constitute financial advice. As always do your own research and never invest more than you can afford to lose.
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Jay Speakman is a technology writer based in San Francisco, California. He writes on the topics of blockchain, cryptocurrency, DeFi and other disruptive technologies. Clients include Avalanche, Be[in]Crypto, Trust Machines and several blogs devoted to blockchain gaming. He will not rest until fiat currency is defeated.