Which Gaming/NFT Crypto Token is Going to Dominate Metaverse?
Which Gaming/NFT Crypto Token is Going to Dominate Metaverse?
With the Metaverse slowly taking shape, play-to-earn game developers are working hard to combine elements of decentralized finance with engaging video games to create fair, satisfying GameFi experiences for their players. These games typically have their own native cryptocurrency token and/or NFTs which are often rewarded to players for their playtime and can be bought and sold through a decentralized exchange or NFT marketplace. But with so many crypto games and platforms out there, how can you tell which gaming token will rise to the top of the Metaverse? This article will detail a few notable tokens out there gaining popularity and the games and/or companies from which they originate.
Founded by a co-founder of casual game developer giant Zynga, Gala Games is a unique blockchain-based gaming startup with their own ecosystem of play-to-earn games in a variety of genres, all focused on player-owned digital assets (NFTs). Their native crypto token $GALA is a utility token used across their platform to buy in-game items and NFTs for each of their titles and is currently available on Ethereum and BNB Chain (formerly Binance Smart Chain) as an ERC-20 and BEP-20 token respectively.
While there are only two Gala games currently available to play (town-building simulation game Townstar and PvP action brawler Spider Tanks), future plans for the company include a massive $5 billion expansion into NFTs split amongst their games, Gala Music venture, movies, and even theme parks, as well as finishing development of their other blockchain-powered games that are coming soon. Additionally, in a January 2022 blog post, the company confirmed they’re in the later development stages of their own blockchain, GalaChain. All in all, their $GALA utility token has seen a significant price jump since its release, reaching an all-time high of $0.83 in November 2021 and it looks to have a bright future ahead. At this time of writing, tokens are trading at $0.33 each.
The Sandbox is an open-world sandbox game that’s one of the most well-known blockchain metaverse games out there despite not being fully playable yet. Its ecosystem allows players to create NFTs using a voxel editor, create in-game missions with a separate game maker, and (when available) jump into a charming voxel-based virtual world to explore, build, and socialize with others. It’s also known for its sales of virtual land NFTs, where anyone can buy their own property and build whatever they desire. But it’s not just land you can buy and sell, just about anything and everything in the game from clothing to furniture is an NFT and can be bought and sold through their in-game marketplace using their native Ethereum-based cryptocurrency token, $SAND.
The Sandbox recently had an “Alpha Pass” event wherein players could login and freely explore a premade game world and take part in various missions. Those who purchased the game’s Alpha Pass NFT could also earn $SAND tokens and other NFT rewards for their gameplay. A second Alpha Pass season has been confirmed by the team and will be coming soon for players to enjoy. As for the game’s token, $SAND’s price has seen a steady increase over the last few months, particularly this past Fall when it hit an all-time high of $8.44, fueled by a combination of Facebook’s transition to Meta and a frenzy of metaverse discussion around that time. At this time of writing, tokens are going for $4.23 each.
Another Ethereum-based open-world sandbox metaverse game, Decentraland has become a hot spot for all kinds of virtual events and get-togethers and is also known for the sales of their virtual land NFTs, aptly named LAND. Similarly to The Sandbox, it has a simplified virtual 3D environment creator nicknamed “the Builder”, but unlike The Sandbox, you can actually start playing Decentraland today. All you need to sign up and get started is a cryptocurrency wallet that supports the Ethereum network. Their marketplace is a bit simpler than The Sandbox’s, yet it’s still chock full of wearable NFT accessories and even custom NFT names that can be assigned to your character.
Holders of the game’s $MANA token are given access to the game’s DAO (decentralized autonomous organization) and can vote on various proposals pitched by the community to help shape the virtual world to their liking. The token’s price had shot up exponentially this past fall, following a similar trajectory to $SAND and reached an all all-time high of $5.90 toward the end of November. It’s currently sitting at $3.29 per token.
Similar to $GALA, Enjin Coin ($ENJ) is an ERC-20 utility token that works across the ecosystem created by its parent company, Enjin. Their innovative platform allows for the integration of NFTs in blockchain games and apps with nearly limitless applications for individual traders, businesses, and developers. There are many games and projects currently available that are all powered by $ENJ and Enjin’s suite of development products and services. Some notable companies they’ve worked with are Microsoft, Binance, CoinMarketCap, and CoinGecko.
Enjin is continuing their expansion efforts in the blockchain space. Their team created the well-known ERC-1155 protocol for NFTs, built their own digital wallet, and are also working on their own blockchain, Efinity, which is focused on building a scalable cross-chain token network for NFTs. As for their $ENJ token, its price is currently at $1.96 and had an all-time high of $4.85 toward the end of this past November.
Bloktopia is a unique decentralized metaverse that has received backing investments from The Sandbox parent company Animoca Brands as well as Ethereum-competitor Avalanche and layer-2 Ethereum scaling solution Polygon, on which it will be built. At the core of their virtual world is a massive skyscraper called Bloktopia with twenty-one levels, an homage to the hard cap of twenty-one million Bitcoin that can ever exist, written into its code by its anonymous creator(s) Satoshi Nakamoto. Bloktopia aims to be a metaverse social hub where users can learn, play games, attend talks and events, make friends, network, and create virtual environments, artwork, and challenges for rewards. Players (or Bloktopians as they call them) will also be able to purchase virtual real estate NFTs (called Reblok) which can be sold or leased for profit. Advertising is another integral part of the company’s business plan with a portion of fees made from in-game ads being redistributed back to $BLOK holders. $BLOK tokens will also be used in the game’s marketplace where decorative items and avatar accessories will be available for purchase. Staking $BLOK tokens for rewards will be available and holders of Reblok virtual real estate will also be eligible to join the Bloktopia Governance model and can vote on DAO proposals.
A Bloktopia Alpha testing period will be coming soon, but until then, traders can still purchase their $BLOK tokens in advance and explore their website for more details. The token’s price hit an all-time high of $0.17 on Halloween 2021 and is currently at $0.02 at this time of writing.
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