BlogAug, 2021

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Best Gaming Coins & The Influence of Blockchain in Gaming Industry

For centuries humans have gathered around the hearth to share meals and stories of folklore and more. Lots of lessons and rituals have been passed from one generation to the other in the form of stories. In the new era gaming has shaped how we share stories or made it interactive enough to be an actual part of the story. Humans are now able to tell interactive stories that span national borders because of highly elaborate games. It allows us to let go and explore huge, limitless possibilities and universes that are far beyond what is packaged as "reality." We have the freedom to be anyone or anything we choose when we play video games.

We all have that inner child, whether it's Pacman or Marbles. When you combine this with the strength of blockchain technology, it's clear to see why blockchain gaming coins are gaining traction in a multibillion-dollar sector.

In this article we are tackling a few basic questions around blockchain gaming and what it means.

What is Blockchain Gaming?

Blockchain gaming is a type of game that uses the same technology that underpins cryptocurrencies like Bitcoin and Ethereum to provide actual item ownership. It's a game-changing invention for players who had previously accepted that their things will be stuck in games indefinitely. In most games, players are used to wall gardens that prevent them from freely moving things in and out. 

Blockchain could be used in a variety of ways in video games. Bitcoin transactional technology may be used to generate and maintain in-game currency accounts in addition to its usage as a payment mechanism for game purchases (if a cryptocurrency gained enough acceptance that we all routinely shopped with it). Players are awarded with coins, gems, and other glittering items that symbolize their ‘level of value' in any specific game as they win various rounds, stages, levels, and contests, and blockchain might be utilized to manage this backbone function.

How is it different from Gamified Blockchain?

There are various instances where blockchain can be used as a game in and of itself. CryptoKitties is a blockchain-based video game that allows users to buy, collect, breed, and sell many varieties of virtual cats. It was released in 2017. One of the first applications of blockchain for simply recreational purposes is supposed to be this. It's a gamified blockchain in action. 

How is NFT disrupting Gaming?

NFTs can be utilized in a variety of ways in the game industry to allow for the ownership and transferability of digital assets. Companies like Riot Games and Epic Games have disrupted the market by making games available for free, and as a result, first-person shooter and online battle-arena games have exploded in popularity. Along with those free games, “skins,” or visual upgrades, clothing, or weaponry that can be used to customize gaming avatars, have grown in popularity, and gamers frequently pay a premium for these types of changes.

This is one of the reasons why Roblox has grown so popular; its platform allows users to create and style their avatars in-game in a variety of ways.

Even more astounding is the reality that people are spending hundreds, if not thousands, of dollars on skins that improve the appearance of a game, character, or avatar but do nothing to improve the gameplay itself. Skins have effectively become digital art for video games, and NFTs could allow digital artists to claim ownership of and verify their skins in the future if they choose to sell them.

Another issue with video games is that any digital accessories, skins, maps, and worlds generated inside a given ecosystem or platform are "locked" into that game. That means that if someone spends all of her or his money on customizations for one game, she or he will lose everything if the game is discontinued.

NFTs, on the other hand, can make it easier to transfer skins and other accessories between games and that’s why a lot of NFT artists are flocking towards the blockchain gaming industry. 

Which are The Top 5 Gaming Coin Contenders?

Here are the top-rated gaming coins for the moment: 

  1. Enjin Coin (ENJ)

Enjin is going above and above to take the gaming industry to a whole new level. They're doing it through the ERC-1155 token standard, which is an Ethereum token standard that's used in tandem with Enjin Coin (ticker symbol: ENJ). Developers acquire this blockchain-based gaming coin, which is then minted into blockchain gaming products, allowing gamers to earn $ENJ by purchasing gaming things and receiving them from games, rather than needing to buy them on cryptocurrency exchanges.

  1. TRON (TRX)

TRON (TRX) is the native token of one of the world's major blockchain-based operating systems — a blockchain that seeks to create a decentralized Internet free of censorship in the future. Within a broad ecosystem of applications, the Tron blockchain (or network) already delivers outstanding scalability and dev-friendly tools.

Furthermore, the Tron blockchain is already capable of processing up to 2000 transactions per second at a very low cost. This makes it a highly sought-after crypto coin for the creation of a variety of decentralized apps (dApps), including gaming dApps.

  1. WAX (WAXP)

The WAX (Ticker symbol: WAXP) token is the native token of the WAX platform, which stands for "Worldwide Asset eXchange" — a blockchain-based exchange that allows for the global purchase and sale of virtual goods.

WAX has a lot to offer, including a developer portal with tools for building dApps on the WAX blockchain, which is the only one that is compatible with the EOS blockchain (or network). WAX also has an NFT maker that allows you to quickly and simply produce non-fungible tokens.
As a consensus technique, the WAX blockchain is reported to use Delegated Proof of Stake (DPoS). This allows for near-instant transaction times.

  1. Loom Network (LOOM) 

The native coin of the Loom Network (ticker symbol: LOOM) is a highly scalable, blockchain-based network with multi-chain interoperability. Developers will be able to combine assets across all main blockchains, including Bitcoin, Ethereum, Binance, and Tron, as a result of this. This means that a developer-only needs to create a decentralized application (dApp) once in order to simultaneously release it on numerous blockchains or platforms.

When it comes to developing high-performance dApps that require a smooth and quick user experience, the Loom Network is ideal.

  1. Decentraland (MANA) 

MANA is a cryptocurrency that is utilized in Decentraland, a virtual world based on the Ethereum blockchain that is continually evolving. This virtual environment, which was created in 2017, can be explored and utilised to interact with other people. It also includes a simple Decentraland builder, which includes hundreds of 3D elements that can be used to build or create nearly anything in this virtual world.

Users can also use open marketplaces to buy and trade Decentraland-related virtual land parcels. The blockchain can be used to verify the ownership of virtual land parcels.

The first round of these land lots was auctioned off. The most expensive land to ever get sold amounted to $913,228.20 – nearly a million dollars.