Crypto gaming mixes the classic experience of playing games with the perks of blockchain technology. Developers create a gaming ecosystem in the Web3 world. Cryptocurrencies and non-fungible tokens then serve for in-game transactions and assign actual value to digital assets.

The important benefits of crypto gaming tokens include the following:

• Based on a blockchain. Distributed ledgers are secure and transparent, while transactions are immutable. That’s why using tokens from networks like BSC or Ethereum contributes to the overall safety of in-game transactions.
• Utility. Depending on the specific game, you can execute different transactions with crypto gaming tokens.
• Owning assets and tokens. If you own an NFT related to an item in the game, it’s definite proof you own that item. You can sell or trade these on marketplaces.

Crypto investors know that you can’t go wrong if you buy Bitcoin with a debit card. Playing crypto games can be a bonus since you can earn tokens that could boost your profit. If that seems intriguing, let’s learn more details about crypto gaming.

How Does Crypto Gaming Work?

You can find different crypto game genres available. Role-playing games, especially those played online (MMORPGs), are very popular. Strategy games like Decentraland also have thousands of users, as well as trading cards, shooting, and other genres.

The main difference lies in the play-to-earn concept utilized by crypto gaming. The idea is for a specific digital token (NFT) to present every in-game asset. For example, each skin for a character is a unique NFT. You complete a quest to earn a skin and NFT related to it. That makes you the token owner from that point. It opens a possibility to sell or trade the NFT, which is another motivation to play and progress through the game.

Key Features of Gaming Crypto

Crypto games use the perks and benefits offered by blockchain technology. They rely on features like smart contracts and interoperability to create decentralized economies and games that would attract users. Here are the crucial functionalities of crypto games.

Smart Contract Functionality

Smart contacts exist on many blockchains, such as Ethereum and Solana. They are automatic programs that run self-execution if the terms specified in the contracts are fulfilled.

In crypto gaming, smart contracts can have multiple purposes. Developers use them to set the terms to divide rewards in competitive events within their games. Apart from reward distribution, smart contracts can serve to run decentralized marketplaces. It ensures you don’t need intermediaries for transactions since they ensure automatism.

In-Game Transactions

Crypto tokens add new dimensions to the in-game transactions by creating an open and decentralized economy. Here’s how you can utilize gaming tokens:

• Purchase. You can buy in-game skins and other items like upgrades with cryptocurrencies. Once you purchase an item, you become its owner, which often means you earned an NFT related to it.
• Trade. Trading in-game assets is possible at marketplaces especially created for token exchanges.
• Earn. Playing crypto games isn’t only about making progress. You can also earn tokens, whether by completing levels and quests or by joining the tournaments.

Interoperability

Many crypto-gaming platforms have been built on Ethereum or similar networks. That secures interoperability within the same ecosystem. You can use the same tokens across multiple games or platforms. Depending on the token, it’s possible to trade it for other cryptocurrencies or fiat money. Thanks to this and other crypto gaming features, many believe the future of NFT is positive, and they could make a comeback in 2024.

Top 3 Crypto Gaming Tokens

Crypto gaming is an emerging market with huge potential. Many web3 projects launch with a specific gaming token. Here are the top choices currently available in the market.

Immutable (IMX)

According to the official website, Immutable works as a layer-2 blockchain built on top of Ethereum. The network’s main focus is on non-fungible tokens and web3 gaming. Immutable’s main idea is to offer developers a scalable and fast solution to create and grow games that players would find attractive. Some top titles now available on this network include Gods Unchained, Cross the Ages, and Ember Sword Land.

IMX is the network’s native token, and it’s now worth $1.55. Its market cap is over $2.34 billion, putting it in the top 40th currencies in the industry. The maximum supply of IMX tokens is two billion, with around 75% now in circulation.

Floki Inu (FLOKI)

The Floki ecosystem features the “people’s cryptocurrency” called FLOKI INU. You can use it in the NFT metaverse called Vallhala. Over 20 team members participated in creating an in-game world where you can farm, raid, battle, join clans, go on quests, etc. The developers listen to the community feedback to implement innovations in future game versions.

A single FLOKI coin is now worth only $0.0001779. However, with a market cap of $1.7 billion, FLOKI is close to the top 50th ranking in the cryptocurrency world. You can find over 9.56 trillion FLOKI tokens in circulation, with no maximum supply set. That’s the reason for FLOKI’s low value per coin.

Gala Games (GALA)

GalaChain is a layer-1 solution designed to provide an all-around ecosystem for the entertainment industry. It began with movie, music, and gaming solutions but has now become a system that welcomes any industry willing to find its spot in the community. Some popular Gala Games include Fortitude, Eternal Paradox, Superior, and Grit.

GALA is the network’s native token, and its worth is $0.028. Its market cap is around $916 million, but that still puts it at the 74th spot in the crypto rankings. While there’s no maximum supply, you can now find around 31.7 billion GALA coins in circulation.

The Future of In-Game Tokens

According to the statistics, the global video game industry was worth $184 billion in 2023. With over 3.38 billion players enjoying this type of gaming, it’s clear that there’s a huge potential for the crypto industry here. Crypto tokens power the decentralized economy and offer users a concept where they can actually own in-game assets and potentially earn from them. Their future will likely be bright, so now it’s the right time to jump on board and start playing P2E titles.