2021 was the year that a lot of people were introduced to the world of cryptocurrency and we’re not just talking Bitcoin and Ethereum, but altcoins like Dogecoin and Shiba Inu, as well as terms like non-fungible tokens (NFTs) and the metaverse. As we hop on to 2022, there’s a lot more to look forward to and one such crypto sector which is expected to blossom in the coming year is the world of Web 3.0 — also claimed to be the future of the internet. This five-part series will help you with a deeper understanding of the broadening crypto space and its elements.
For 2022, I am bullish on 5 crypto sectors:
- Web 3.0
- Gaming & Metaverse
- Public Blockchains
- Decentralised Finance (DeFi)
In the previous edition, we covered the top Web 3.0 Cryptos for 2022. Today, let’s talk about the top Gaming and Metaverse Cryptos for 2022.
What is metaverse?
The metaverse is a “parallel digital universe” where you can create your digital avatar and work, travel, learn, play, and party!
The best way to understand the metaverse is by watching these movies — Ready Player One, Avatar, and Wreck-it Ralph.
The metaverse is actually quite an old concept. My first experience with it was using “Second Life” in the early 2000s. The band Duran Duran performed a concert in the Second Life virtual world in 2006.
You can also check out this metaverse mindmap that I have made.
Top gaming and metaverse cryptos
According to me, the most important gaming and metaverse cryptos for 2022 are:
- Axie Infinity (AXS)
- Enjin Coin (ENJ)
- Gala (GALA)
- Decentraland (MANA)
- The Sandbox (SAND)
The table below shows the primary metrics of these cryptos as of 7 January 2022:
|Axie Infinity (AXS)||$72||$4.4 billion|
|Enjin Coin (ENJ)||$2.4||$2 billion|
|Gala (GALA)||$0.35||$2.4 billion|
|Decentraland (MANA)||$3.15||$5.7 billion|
|The Sandbox (SAND)||$4.9||$4.5 billion|
Source: CoinMarketCap.com (rounded off)
Axie Infinity (AXS)
Axie Infinity is a “battle game” where users battle their Axies (creatures or characters) in real-time. Each Axie is a unique ERC-721 non-fungible token (NFT).
Axie Infinity Shards (AXS) are ERC20 governance tokens in the Axie universe. AXS holders can claim rewards by staking tokens, playing the game, and participating in governance. Players can also earn AXS by playing games and generating content.
Smooth Love Potions (SLP) are ERC20 tokens that can be earned by playing and can be used to breed new Axies.
Enjin Coin (ENJ)
Enjin Platform is a service that enables game developers to issue fungible and non-fungible assets as in-game Ethereum tokens. The Enjin marketplace enables the buying and selling of ERC-1155 assets.
Enjin Coin (ENJ) is an Ethereum-based cryptocurrency that backs the value of fungible and non-fungible tokens.
Gala is a gaming platform that is partially owned and operated by its players. Players can earn GALA tokens by playing.
GALA is a “non-refundable utility token” that can be used as the medium of exchange between participants in the Gala Games ecosystem. It can also be used to influence what games Gala should develop.
Decentraland is an Ethereum-based “virtual reality platform” where you can buy, build upon, and monetize plots of virtual land.
Decentraland uses 2 tokens — MANA and LAND.
MANA is an ERC-20 token that can be burned to acquire non-fungible ERC-721 LAND tokens. MANA tokens can be used to pay for avatars, wearables, names, etc. on the Decentraland marketplace.
The Sandbox (SAND)
The Sandbox is a blockchain-based metaverse (virtual world) with a “play-to-earn” model. Its native utility token is $SAND. The metaverse is made up of parcels of digital real-estate called LAND.
Players can build, own, and monetize gaming experiences using non-fungible tokens (NFTs) and $SAND. The digital assets created by players as NFTs can be integrated into games with The Sandbox Game Maker.
Next edition: The top Public Blockchains
Rohas Nagpal is the author of the Future Money Playbook and Chief Blockchain Architect at the Wrapped Asset Project. He is also an amateur boxer and a retired hacker. You can follow him on LinkedIn.