Crypto Gaming Tokens to Explore in 2022
Crypto gaming tokens will revolutionize the way players experience and interact with video games. Check out the tokens to explore in 2022!
Crypto and the gaming industry has gained a lot of popularity and traction in recent years. Earn-to-pay games such as Axie Infinity and Metaverse-related ecosystems like Decentraland have facilitated the acceleration of this adoption even further.
The growth of the NFT space is also another contributing factor to the growth of crypto gaming tokens and projects. Safe to say, it’s an exciting time to be in crypto space!
Let’s take a closer look at some crypto gaming tokens and coins, and how they’re shaping the gaming industry moving forward.
What are crypto gaming tokens?
The gaming industry has a lot to benefit from the crypto and NFT space. Many video game developers today integrate in-game purchases to expand additional functionalities and access to their games.
Crypto gaming tokens enable players to use cryptocurrencies to make in-game transactions, unlock additional functionalities, and even create a self-sustaining in-game currency that makes gaming feel more immersive than ever before.
Many of these games implement a play-to-earn model where players are rewarded with cryptocurrencies for completing certain objectives in the game. These cryptocurrencies can then be used to buy in-game NFTs or even swapped to other coins to monetise their items.
Non-Fungible Tokens or NFTs, play a key role in facilitating these experiences as they enable players to transact and/or exchange unique in-game items.
New to NFTs? Check out our YouTube guide!
Smooth Love Potion (SLP)
First up, Smooth Love Potion (SLP). For those unfamiliar with SLP, it is an ERC-20 token on the Ethereum network that enables Axie Infinity Players to interact and grow their in-game creatures called Axies.
SLP rewards are earned by the users within Axie Infinity as they progress through the game in the PvE or PvP Arena, giving the players freedom to solo the game or play with other players online.
There is also no limit to the token’s supply, but there is a token burning mechanism in place whenever an Axie has been successfully bred 7 times to prevent high inflation rates.
SLP serves an important utility in the game for leveling up and breeding the Axies, with each level subsequently requiring more and more SLP. In many ways, SLP provides a player-driven economy within Axie Infinity.
Another one is RNDR, an Ethereum-based token used to pay for animation, motion graphics, and visual effects rendering in the distributed RNDR network.
Now, if you’re confused about the correlation between RNDR and gaming tokens, keep in mind that a big part of an immersive gaming experience is having stunning graphics and visuals.
The Render Network is your all-in-one. From animated movies and online gaming to the crypto metaverse, most popular forms of digital entertainment rely heavily on motion graphics and three-dimensional (3D) visual effects.
RNDR network provides a decentralised solution for rendering projects that allows users to contribute, lend or rent out their idle GPU power in order to help projects render motion graphics and visual effects.
In return, they receive Render token (RNDR), the network’s native utility token.
Wilder World (WILD)
When it comes to Metaverse experiences, Wilder World is set to lead the space with the most visually stunning ecosystem to date.
Wilder World merges different creative industries such as fashion, art, and gaming with 5D photorealistic environments. This is enabled by strategic partnerships with digital artists and creatives to create metaverse-ready wearables and items such as apparel, cars, pets, and more.
The WILD token is what governs the Wilder World metaverse. WILD not only powers the ecosystem, but also provides the governance utility for the underlying NFT platform.
GALA is an Ethereum-based cryptocurrency that is used by Gala Games, a play-to-earn gaming platform that offers the ability to earn and spend GALA Coin in games or to trade it for other digital assets.
You can also trade NFTs in game-platform or via “off-platform” exchanges to earn crypto that can be converted to other digital assets, including cash.
To put it simply, your Gala Tokens are like a currency for your Steam account – with several uses, including participation in network governance, incentives for node operators, rewards for players being a part of the games on the platform, and more. It can also be used to buy NFTs and items from the Gala store.
If you’re interested in a game that gives you AAA-quality games, you’ll enjoy Illuvium. Illuvium is an open world fantasy roleplaying game that runs on the Ethereum blockchain. It can be accessed through a desktop app, and supported by a DeFi application.
Players can participate in battling with others, and collect the Illuvials which have unique characteristics that are represented by NFTs.
The ILV token is the token that will be used to reward players for their achievement in the game. This token offers someone the opportunity to participate in the governance of Illuvium DAO.
It also can be staked through ILV buyback system, and someone that stakes the token will get the rewards from their revenue streams.
With that said, it seems like crypto, NFTs and the gaming industry are a match made in heaven. The synergy and digital ecosystem that they share together is part of the reason why it’s a rapidly growing space in the crypto industry.
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Disclaimer: Information is current as at the date of publication. This is general information only and is not intended to be advice. Crypto is volatile, carries risk and the value can go up and down. Past performance is not an indicator of future returns. Please do your own research.
Last updated October 13, 2022