Crypto Gaming in 2022
Crypto gaming saw explosive growth in 2021 and 2022 should be no different. Despite the crypto market being stagnant at the time of writing(down from it’s all time highs near the end of 2021), NFTs and crypto gaming are looking to be unstoppable this year. This is large in part due to the fact that they have real utility embedded in them: vanity and luxury.
Current iterations of NFTs are largely based around vanity, think of them as a Rolex. When the stock market crashes people don’t panic sell their Rolex, they keep it for years because it’s a part of their identity. To be clear, 99% of current NFTs will go to zero but the ones that have a solid community built around them with actual utility will continue to thrive for years to come(Bored Ape Yacht Club, Crypto Punks etc.)
This plays perfectly into crypto gaming where the community is centered around the game and the NFTs are simply allowing the users to own the digital assets within that games’ ecosystem. Gamers already spend hundreds to thousands of hours grinding for digital loot, now they have the opportunity to own and monetize that loot. As we see blockchain games launch this year, the underlying tokens, assets and player bases will grow rapidly.
This list will give a breakdown of 5 safe crypto gaming plays and a later post will list 5 plays that are higher risk/higher reward. This goes without saying, this is not financial advice whatsoever. All projects in crypto are inherently high risk, invest after doing your own research and coming to your own conclusions.
Decentraland is an open source virtual 3D game built on blockchain technology. Users in Decentraland can buy virtual plots of land with the underlying token MANA while playing games and interacting with one another. The ecosystem is heavily decentralized with a Non-profit foundation as well as a voting system for the users to vote on the development of their districts. MANA is currently the biggest crypto gaming token by market cap at 5.3B.
2. The Sandbox
Sandbox is a virtual metaverse where users can build, own and monetize their virtual experiences. Developers have the freedom to innovate within Sandbox’s software to create animations and interactive experiences on their virtual real estate with a variety of tools.
Furthermore, The Sandbox is made up of 166,464 LANDS where players can purchase a LAND inside the Sandbox metaverse which gives them the ability to:
–host content and events
-monetize assets and experiences
-play games that you or other players have created
-vote in the metaverse governance
-stake SAND to earn and customize assets
Enjin is a software that enables developers to create and manage virtual goods on Ehtereum’s blockchain. All of the minted assets are customizable for the desired platform and recorded through smart contract giving them the benefit of speed, cost and security.
Enjin’s token ENJ had explosive growth last year largely attributed to the hype seen in the market but the project also announced huge partnerships with Microsoft Azure and Minecraft.
On top of that, Enjin’s Efinity Blockchain is expected to come to Polkadot’s parachain ecosystem in March 2022. This is a big deal for the Enjin ecosystem as it will allow Enjin’s NFTs to connect with various other blockchains, therefore increasing Enjin’s compatibility and reducing friction for developers.
4. Gala Games
Gala Games is a gaming platform that uses the play to earn model. Essentially, Gala Games looks to build a large portfolio of blockchain based games with NFTs as the center driving force of each of them, thereby allowing their players the opportunity to earn money while they grind their favorite games.
Zynga co founder Eric Schiermeyer is the cofounder and CEO of Gala Games and is a huge believer in web3 and blockchain gaming. Based on his extensive experience as a game industry leader, I would keep an eye on Gala Games’ development.
UFO gaming is a blockchain based gaming platform where the play to earn model is the key focus for the ecosystem being built. With play to earn as the backbone, each game will have its own governing planet where virtual land auctions will take place which allow players to purchase a part of that planet. Once a player owns a piece of the land, they can then build virtual infrastructure such as weapon stores, collection galleries and NFT stores.
UFO’s highly anticipated game Super Galactic is set to launch sometime this year(TBD) and will include a marketplace where users can trade weapons, characters, armor and other in-game items.
This was a short list of crypto gaming projects that we expect not only to be big in 2022 but for the years to come. Each project has a solid user base and is building out their own version of digital ecosystems where the users own the assets and are in charge of their own destiny within these worlds.
The crypto market is in an unstable position right nwo with a lot of macro specualtion going on. 2022 looks to be a rocky year but NFTs and crypto projects with real world adoption should still be able to shine. Nothing is guaranteed though, so do your own research, and adjust your risk accordingly.
Follow us on twitter and subscribe to our newsletter to get the next Top 5 Gaming cryptos which will be higher risk/higher reward.