The prices of cryptocurrencies have been on the rise in recent months, with many digital assets experiencing significant gains. This has led to increased interest in the crypto market, as more people look to invest in digital currencies. One important aspect of investing in the crypto market is the ability to identify “altcoin gems” – lesser-known cryptocurrencies that have the potential for strong returns. In this article, we go over the top 3 gaming cryptos for 2023 that have big potential.
What are Gaming Cryptos?
Gaming cryptos, also known as in-game currencies or virtual currencies, are digital assets that are used as a medium of exchange within a specific video game or gaming platform. These currencies can be bought, sold, and traded on various online marketplaces and exchanges, and can be used to purchase virtual goods and services within the game. Some popular examples of gaming cryptos include Enjin Coin (ENJ) and Decentraland’s MANA.
These currencies are built on blockchain technology, which allows for transparency, security and immutability of transactions. In some cases, gaming cryptos can also be used to purchase physical goods and services outside of the game. The use of gaming cryptos is growing in popularity as it allows for more fluid and secure transactions within the gaming industry, and also opens up new opportunities for revenue streams for both game developers and players.
Are Gaming Cryptos Risky?
Owning gaming cryptos can be considered risky, just like any other investment in the cryptocurrency market. The value of gaming cryptos can be highly volatile and subject to market speculation. The market for gaming cryptos is still relatively new and not fully regulated, which also adds to the risk. Additionally, the success of a specific gaming crypto is closely tied to the success of the game or platform it is associated with. If the game or platform becomes less popular, the value of the associated crypto may decline.
Top 3 Gaming Cryptos for 2023
Axie Infinity (AXS)
Sky Mavis is a technology-focused gaming studio that was established in early 2018 and is the creator of Axie Infinity. Pokemon and Tamagotchi video games served as inspiration for the entire Axie saga. Axie Infinity is categorized as an NFT game that enables players to get money by participating in game-related activities such as breeding, racing, combat, and trading Axie animals.
AXS is the governance token. Those tokens allow their holders to earn a slice of the Axie universe as they’ll have governance rights and fee-sharing built into it. Players can earn this token by simply playing!
Upland is a blockchain-based virtual world that allows users to buy, sell and trade virtual real estate properties. The virtual world is built on the Ethereum blockchain, and users can purchase virtual real estate properties using Upland’s native cryptocurrency, UPX. Users can use their virtual properties to create and monetize content, such as digital art, games and social experiences.
Upland’s virtual world is based on real-world locations and uses real-world property data. Users can own virtual properties in specific locations, such as San Francisco or New York City, and can trade or sell them on the marketplace. The platform allows users to explore and interact with the virtual world using a web browser or mobile app.
Decentraland is a decentralized virtual reality game built on the Ethereum blockchain. It allows users to create, experience, and monetize content and applications in a virtual world. The platform utilizes a cryptocurrency called MANA, which is used to purchase and trade virtual real estate and other in-game items. Users can buy and sell virtual land parcels, called LAND, in a virtual world using MANA. These land parcels can then be used to create and monetize content, such as games, social experiences, and digital art.