Top Gaming Crypto Coins
April 2024

What is a Gaming Token?

Gaming tokens are the general name of coins included in the game industry. Some coin-operated arcade games and casino slot machines accept metal token coins instead of cash. A chip that is in the form of a token or plaque is referred to as a "gaming token", whereas a chip that is not in the form of a token or plaque is referred to as a "game voucher."

Advantages of Gaming Tokens

In general, gaming tokens have lots of advantages. The blockchain networks enable NFTs to facilitate player ownership. NFTs are verifiable scarcity, interoperability, and immutability, while these are unique, rare, and indivisible. We can give an example within the scope of interoperability. We can say that the game assets represented by NFTs can be built to work in a variety of contexts. Two games designed on the Ethereum network, for example, they might theoretically support the same functionality. On the other hand, NFTs exist on the blockchain and are not tied to anyone on the gaming platform. As a result, in-game purchases can be bought and sold regardless of what happens to the game, and new games can be designed to interact with an existing blockchain system. Furthermore, blockchain-enabled game assets cannot be cloned or tampered with because each NFT creates a permanent record when it is issued. We can say that it is possible for gaming tokens to stand out with this feature.

Disadvantages of Gaming Tokens

As each of them has some downsides, gaming tokens also have some downsides. Now, let's look at them. The bulk of existing NFT games uses the Ethereum blockchain, which is known for its slow and expensive transactions. Being built on the Ethereum blockchain substantially impacts both in-game and non-game actions, such as acquiring and selling rare items. On the other hand, certain criteria, such as anti-money trafficking, are frequently not required of operators, which might enhance the risk of fraud. In addition to these, like non-gaming cryptocurrencies, crypto game tokens are exposed to price volatility. We can consider these features as disadvantages of gaming tokens.

Types of Gaming Tokens

In the market, gaming tokens are a type that has a vast place. This blog will talk about the most famous types of gaming tokens. Some of these are coins such as Decentraland (MANA), The Sandbox (SAND), Axie Infinity (AXS), and Ape Coin (APE).

Let's start with the Decentraland (MANA). Decentraland is designed for creators, businesses and individuals who are looking for a new artistic environment, business opportunity or source of entertainment. Decentraland (MANA) is an Ethereum-based platform that offers users the opportunity to earn money by creating various content.

Decentraland was co-founded by Ariel Meilich and Esteban Ordano, who worked as consultants at Decentraland in 2017. Decentraland uses two separate tokens. These are known as MANA and LAND. MANA is an ERC-721 token that must be burned to get ERC-20 LAND tokens that cannot be exchanged. MANA tokens can also be used to pay for a number of avatars, wearable devices, names and more on the Decentraland market.

On the other hand, The Sandbox (SAND) is also a famous type of gaming token in the market. The Sandbox is a decentralized virtual world managed by users in which players have the right to design, share and sell assets for the game. It's an Ethereum Blockchain-based ERC-20 utility coin. As a multi-purpose utility token, SAND is used in The Sandbox ecosystem. SAND token, as a means of exchange for in-game transactions, it can be used in different ways to get a LAND token in the game and to have the right to vote on decisions related to the management of the platform.

Another one is Axie Infinity (AXS). Axie Infinity is a Pokémon-inspired game where individuals can earn tokens through their contributions to the ecosystem and through their gaming abilities and contributions to the ecosystem. Axie Infinity has its own pairing centre to help players find a suitable match to breed their Axie in order to have the best chance of producing a rare or powerful offspring. Axie is built as a fun and educational way to introduce blockchain technology to the world.

The other and the last one we can mention is the Ape Coin (APE). APE Coin (APE) is an Ethereum-based coin based on the ERC-20 standard. The APE token is produced as a benefit and governance token of the Bored Ape Yacht Club ecosystem. Bored Ape Yacht Club is a collection and ecosystem of NFTS issued by Yuga Labs. APE Coin also provides access to various special services of the ecosystem, such as blockchain games, events, etc.