The gaming industry remains one of the most active sectors of the global economy. In 2018, the gaming industry brought in around $138.7 billion in revenue. All industry projections paint a strong growth phase for gaming, making it one of the best industries to invest in today. With the advent of mobile gaming, the industry revenues are set to continue growing, reaching $180.1 billion by 2021.
Cashing in with Gaming Cryptocurrencies
But how do you get a piece of this pie? Cryptocurrency provides a way to cash in on the growth in gaming. As the cryptocurrency industry continues growing fast, it is now possible to diversify from the main digital currencies.
While Bitcoin and Ethereum continue dominating the market, the emergence of alternative gaming cryptocurrencies offers investors an opportunity to make money.
Game developers now create in-game digital currencies to allow players to buy virtual items and complete other transactions. It is a niche where the bigger players like Bitcoin have not ventured yet.
If you want to cash in on the growth of gaming and cryptocurrencies, you need to identify the best gaming cryptocurrencies.
Integration of Cryptocurrencies in Gaming
So, how do these cryptocurrencies work on a gaming platform? It is important to understand how cryptocurrencies work to identify the investment opportunities available in the gaming industry.
Game developers now integrate new cryptocurrencies in their products through:
Tokenization of Game Assets
If you have ever played a video game, you have probably used unique in-game currencies. It is possible to upgrade your game level using this currency and winners get rewards in the in-game currency.
You can also buy virtual items including merchandize, weaponry and other items necessary to continue playing. Traditionally, this currency is only applicable to the playing platform.
However, game developers have now started tokenizing their game asset by leveraging blockchain technology. It means you can now use your in-game cryptocurrency outside the gaming platform.
Winnings through Cryptocurrency
While most games have winnings in the form of in-game currencies, some game developers now offer cryptocurrencies to reward gamers and even developers. You can also trade this virtual currency outside the game which makes it a popular tradeable crypto-asset.
As an investor, the development of gaming cryptocurrencies provides an irresistible business opportunity. The popularity of gaming means any cryptocurrency that gains traction in the industry will catch on fast.
For this reason, you need to identify the potential gaming cryptocurrencies by looking at their initial performance. Some of these gaming cryptocurrencies to look out for include:
1. Enjin Coin
Enjin, the largest online gaming community, is the power behind the development of Enjin cryptocurrency. there’s a lot of potential with some games such as 9 Lives Arena and ReBounce, Forest Knight, Bitcoin Hodler, Age of Rust and War of Crypto already based on Enjin coin technology.
Enjin’s partnership with Samsung for distribution of Enjin’s wallet on the company’s Galaxy S10/S10+ smartphones gives this gaming cryptocurrency a head start.
2. DreamTeam Token — DREAM
This might only be the 897th in the Top of the most valued cryptocurrencies but there’s a reason to check it out. This cryptocurrency project is a powerful tool designed for e-sport and gaming as an infrastructure platform and payment gateway.
The team behind the project led by Alexander Kokhanovskyy has long-running experience in e-sport and gaming. This coin is versatile and it can serve for gamification and rewards purposes, the payment of fees, purchase of assets, payment in tokens and much more.
3. Etheremon Token (EMONT)
This is the in-game currency for a blockchain-powered game known as Etheremon. It is one of the most popular gaming cryptocurrencies and you should consider it for your investment portfolio.
The Etheremon Token (EMONT) cryptocurrency will ride on the popularity of the Etheremon game inspired by Pokemon. At the moment, players use Ethereum to buy “mons” (collectable creatures in the game).
With time, the developers want to use the Etheremon Token (EMONT) for in-game purchases and to reward players.
4. Theta Token — THETA
This is a cryptocurrency project which aims to disrupt the video gaming industry. The idea is to offer players a decentralized streaming mode thus making this the leading video platform on the blockchain.
Using the Theta Token, the project seeks to make reality their bandwidth consumption sharing model. THETA is already climbing the list of the most highly valued cryptocurrencies and it is worth a look as an investment option.
5. TRON (TRX)
This is a popular digital currency used in multiple crypto games. While these games are not outstanding, the popularity of TRON Legend, a multiplayer online RPG, promises to boost the fortunes of TRX in the gaming industry.
Other gaming cryptocurrencies worth mentioning include EOS, Steem, RUN, MobileGo (MGO), FirstBlood, GameCredits, RevolutionVR and Decentraland, among others.
The phenomenal growth of the gaming industry coupled with the huge interest in cryptocurrencies makes gaming cryptocurrencies an investor’s dream. Many gaming related cryptocurrencies continue emerging and while not all will catch on, there’s an opportunity to cash in on the most promising ones. One thing that’s not in doubt is that gaming and cryptocurrency/ blockchain need each other and will grow hand in hand.