If you’ve been involved in cryptocurrency for a good amount of time, then there’s a solid chance you’re aware of the cryptocurrency technologies behind gaming and eSports. Slowly but sure these new coins are carving their way into the daily world of crypto. Where some markets are hesitant to include blockchain and cryptocurrency technologies, there are others who are more than willing to give the new tech a chance to prove itself.
We’ve listed some of the best gaming and eSport cryptocurrencies below. Keep an eye on these in 2019 and beyond as they may change the face of the gaming/eSports industry.
Cryptocurrencies and blockchain technologies have a hand in disrupting other industries. These include healthcare, banking, real estate, and many others. It only makes sense that it would get involved in the gaming and eSports industry as well. This is largely due to the fact that gaming and crypto seem very well suited for one another.
It’s been over the past few years that gaming and eSports related digital coins have really started to assert themselves in the crypto market. These coins have started to gain traction in the industry as they continue to expand in both volume and price.
The GameCredits platform was established in 2015. It is a Bitcoin fork and is build on its GAME token. This gaming platform includes a set of solutions specifically catered toward gaming developers. Primarily, GameCredits targets enabling in-game rewards, content purchases, and developer payments.
GameCredits gaming coin wants to make the development part of gaming completely open-sourced. As a result of doing so, their coin would become the choice for the gaming industry – which is currently a $100 billion market.
By leveraging the blockchain, GameCredits is establishing a decentralized payment system. However, for now, you’ll need to visit the company’s website to initiate or complete any transactions. While it’s not ideal yet, the beginnings of the system as are in place as these transactions are performed and stored on the blockchain.
With many traditional mobile systems like Google Play, developers are able to keep a decent portion of the sales their games generate. By using a distributed ledger, gaming cryptocurrency helps to eliminate fraudulent payments. It also gets the fees into the hands of the developer so they can focus their efforts on the game itself.
On the blockchain, gaming payments get to the developers quicker than they would when using other methods. This means they aren’t worried about whether or not their money is coming and can spend their time working on development.
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There is promise for the gaming cryptocurrency system. Those involved with GameCredits appear dedicated and plan on releasing plenty of features. Decentralizing gaming transactions is the next challenge to address, however, GameCredits has shown that it has the drive to stick around for the long haul.
Another interesting company involved in the gaming cryptocurrency market is Decentraland. With this platform, developers can purchase “land” through the blockchain. This gives them the ability to develop an app or a game on top of this land. The land they have is a portion of the physical environment within the game itself. Decentraland targets decentralizing that portion of the development process.
With its MANA gaming coin, Decentraland has shown significant gains in the market. It’s easy to see that there is a substantial amount of demand for this type of system. Developing the “world” part of a game is a challenge for any gaming company. Decentraland gives developers the opportunity to create content on participating platforms.
Decentraland gives these developers land along with an SDK. This gaming company has developed a strong relationship with Discord, a communication platform. With strong participation and solid partnerships, Decentraland isn’t going anywhere.
MobileGo is one of the most recognized gaming cryptocurrencies on the market. This blockchain-powered, decentralized platform is highly associated with the gaming market and has made a name for itself over the past few years. Established in 2017, MobileGo wants to bring eSports into the 21st century while revolutionizing the current industry.
The MobileGo gaming coin, MGO, is built on Ethereum’s ERC-20 platform. It is designed specifically for facilitating tournaments, competitive gaming, and P2P matchplay. Currently, the MGO coin ranks 80th in terms of CoinMarketCap. Additionally, the gaming cryptocurrency handles ensuring that fraud does not occur with prize money and that rewards and payments are sent out when a competition concludes.
Outside of these responsibilities, MGO gives it holders the ability to have rewards for those who create content and promotes exciting gamer-audience interaction events. Currently, MobileGo is beginning a new initiative which aims to bring its gameplay from PCs and move it to mobile devices.
If you’re a gamer looking for a complete marketplace that resides on the blockchain, then the Wax platform might be right up your alley. Essentially, the Wax project strives to provide a decentralized market for assets based in video games. This could include mods, weapons, or skins.
The Wax cryptocurrency gaming coin sits in the top 100 on CoinMarketCap and has garnered some attention from larger players within the crypto industry. There are many who praise this project as an up and comer in the digital coin market.
Enjin is a platform that gives you the ability to create your own custom gaming currency for your specified community or game. This means you can effectively create your own Ethereum-based token. You can use these gaming coins to incentivize or gamify your community. You can also create a program for virtual items which will abide by the smart contract parameters you determine.
Certain properties can be programmed into a specific item, even though the developer loses control over said item once a player takes possession of it. This means that virtual item trading could become much easier. So could reward and recognition for creating certain items as well as ownership of items across various games and platforms.
There’s also the potential to create a game which recognized ownership of certain items from previous games. Users wouldn’t need to have a connection to the same database to make this happen.
Additionally, Enjin says that its blockchain platform helps to reduce fraud and lost items. However, it’s important to remember that these types of systems are only as powerful as its weakest point, which is typically the human portion of the platform. Otherwise, Enjin is a great gaming cryptocurrency and one we’ll be keeping an eye on as we move through the year.
The Ionomy project is revolutionary in that it targets establishing a decentralized gaming economy which unites both developers and players. This is an effort to move the billion-dollar gaming industry away from the giant companies that pocket large profits and back to the developers.
Ionomy is based on the Point-of-Stake algorithm, and the tokens used with the project provide holders a ways to trade digital gaming coins as well as earn cash rewards. While the coin itself is ranked low on the CoinMarketCap, we believe this project shows a lot of potential for growth.
Loom Network is a young project based on the Ethereum blockchain. This platform focuses on development, social applications, and gaming. While Loom is still in its infancy, it could create a way for new games and systems that rival MMORPGs like World of Warcraft or other similar successful platforms.
Games developed on the Loom Network can establish universes that span multiple games, create eternal worlds, scarce items, and tradable gaming coins. While Loom ranks 110th in CoinMarketCap, it’s still a project worth watching.
Unikoin touts itself as a cryptocurrency that has real-world value. This gaming cryptocurrency can be used to bet on skill-based challenges as well as eSports matches. With Unikoin, users can gamble in different regions, partaking in various services that allow betting on certain sports.
If you’ve heard of Unikoin, it’s likely because of the amount of press that the coin received due to backing from Ashton Kutcher and Mark Cuban. Additionally, the coin has partnerships with the eSports Integrity Coalition and Tabcorp. This shows users and investors alike that the project is serious about combating problems like underage gambling, money laundering, hacking, match-fixing, and other issues that plague the community.
Unikoin gives users the ability to trade their skins on Skim for the currency. Additionally, users can earn up to three Unikoin each day while they play League of Legends or DOTA 2.
As you can see, there are many gaming and eSports cryptocurrencies on the market. The blockchain backed projects and platforms are showing significant growth, however, many questions as to whether or not so many coins are needed in this niche.
Some say we do since the gaming industry continues to expand and show a great amount of growth. They suggest that there are many unexplored areas that the blockchain can address while providing new and creative innovations in the gaming market.
Others, however, suggest that the market is saturated with coins and that this waters down the industry as a whole. While competition is good, too much can overload those new to the community and cause disinterest or drive them away.
No matter how you look at it, gaming and eSports is a huge part of the global economy, and it’s important the crypto show it has value in this market as well. Hopefully, the coins listed here give you a good place to start as you begin to explore the world of gaming and eSports cryptocurrencies.