2021 was the year that many people were introduced to the world of cryptocurrency and we are not only talking about Bitcoin and Ethereum, but also about altcoins like Dogecoin and Shiba Inu, as well as terms like non-fungible tokens (NFTs) and the metaverse. There is a lot more to look forward to as we head into 2022, and one such crypto sector that is expected to flourish in the coming year is the world of Web 3.0 – also claims to be the future of the internet . This five-part series will help you gain a deeper understanding of expanding crypto space and its elements.
For 2022 I am optimistic about 5 crypto sectors:
- Web 3.0
- Gaming & Metaverse
- Public blockchains
- Decentralized finance (DeFi)
- Medium of exchange
In the previous issue, we covered the best Web 3.0 cryptos for 2022. Today we’re talking about the best gaming and metaverse cryptos for 2022.
What is metaverse?
The Metaverse is a “parallel digital universe” where you can create your digital avatar and work, travel, study, play and party!
The best way to understand the metaverse is to watch these movies – Ready Player One, Avatar, and Wreck-it Ralph.
The metaverse is actually a pretty old concept. I had my first experience with it in the early 2000s with “Second Life”. The band Duran Duran gave a concert in the virtual world of Second Life in 2006.
You can also check out this metaverse mind map that I created.
Top gaming and metaverse cryptos
In my opinion, the top gaming and metaverse cryptos for 2022 are:
- Axie Infinity (AXS)
- Enjin coin (ENJ)
- Gala (GALA)
- Decentralized Land (MANA)
- The sandpit (SAND)
The following table shows the primary metrics of these cryptos as of January 7, 2022:
|Axie Infinity (AXS)||$ 72||$ 4.4 billion|
|Enjin coin (ENJ)||$ 2.4||$ 2 billion|
|Gala (GALA)||$ 0.35||$ 2.4 billion|
|Decentralized Land (MANA)||$ 3.15||$ 5.7 billion|
|The sandpit (SAND)||$ 4.9||$ 4.5 billion|
Source: CoinMarketCap.com (rounded)
Axie Infinity (AXS)
Axie Infinity is a “fighting game” in which users battle their axies (creatures or characters) in real time. Each Axie is a unique ERC-721 Non-fungible Token (NFT).
Axie Infinity Shards (AXS) are ERC20 governance tokens in the Axie universe. AXS holders can claim rewards by staking tokens, playing the game and participating in governance. Players can also earn AXS by playing games and generating content.
Smooth Love Potions (SLP) are ERC20 tokens that are earned through gaming and can be used to grow new axes.
Enjin coin (ENJ)
The Enjin platform is a service that enables game developers to dispense fungible and non-fungible assets as Ethereum tokens in-game. The Enjin Marketplace enables the buying and selling of ERC-1155 systems.
Enjin Coin (ENJ) is an Ethereum-based cryptocurrency that secures the value of fungible and non-fungible tokens.
Gala is a gaming platform that is partially owned and operated by its players. Players can earn GALA tokens by playing.
GALA is a “non-refundable utility token” that can be used as a medium of exchange between participants in the Gala Games ecosystem. It can also be used to influence which games Gala should develop.
Decentralized Land (MANA)
Decentraland is an Ethereum-based “virtual reality platform” on which you can buy, build on and monetize virtual properties.
Decentraland uses 2 tokens – WHERE and LAND.
MANA is an ERC-20 token that can be incinerated to acquire non-fungible ERC-721 LAND tokens. MANA tokens can be used to pay for avatars, wearables, names, etc. on the Decentraland marketplace.
The sandpit (SAND)
The sandbox is a blockchain-based metaverse (virtual world) with a “play-to-earn” model. Its native utility token is $ SAND. The metaverse consists of digital plots called LAND.
Players can build, own, and monetize gaming experiences using non-fungible tokens (NFTs) and $ SAND. The digital assets created by players as NFTs can be integrated into games using The Sandbox Game Maker.
Next issue: The best public blockchains
Rohas Nagpal is the author of the Future Money Playbook and Chief Blockchain Architect at the Wrapped Asset Project. He’s also an amateur boxer and a retired hacker. You can follow him on LinkedIn.
Interested in cryptocurrency? We discuss everything about crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music, and anywhere you get your podcasts.
Check out the latest from the Consumer Electronics Show on Gadgets 360 in our CES 2022 hub.