Gaming has become a huge part of the cryptocurrency movement. In addition to its popular usage in online games and gambling websites, cryptocurrency is also slowly creeping into the world of AAA games. Some studios have started accepting small amounts of payment for their games via Bitcoin through platforms like BitPay. So, there’s no reason why this practice can’t grow over time.
Gaming is a sector that could benefit from cryptocurrency use. Gamers are always looking for ways to get more out of their experience, whether it’s using cheats while playing or spending money on extra lives or points. And many video game developers would love nothing more than to accept payments from potential customers around the globe. Crypto facilitates it without having to worry about exchange rates, fees charged by banks and PayPal, or any other obstacles between them and their fans’ money.
With the evolution of crypto technology, it’s now possible to purchase cryptocurrency, convert cryptocurrency (fiat), and even buy cryptocurrency with a credit card. If you are a gamer, you can buy cryptocurrency relevant to gaming for an enhanced in-game purchase experience.
If you’re wondering what cryptocurrencies are relevant to gaming, let us tell you there are several gaming cryptocurrencies in existence. Here’s the list of best gaming cryptocurrencies in 2022.
Enjin Coin (ENJ)
Enjin is a company that has already been around for some time, so we’re not expecting to see any initial coin offerings or token sales while we’re writing this. However, they do have a cryptocurrency of their own called Enjin Coin (ENJ), and it will be the primary method of payment on their platform starting in June 2018. ENJ will also function as the native currency for all other tokens made using their platform.
Enjin Coin is quite versatile. As an ERC-20 token, you can use it on the Ethereum blockchain in addition to its native one. This opens up possibilities for developers looking to build games with closed backends (like those built with Java or C++). They won’t have much luck without a secure, public blockchain like Ethereum backing them.
The same goes for mobile games, which generally use software development kits (SDKs) rather than coding from scratch and don’t provide support for custom cryptocurrencies at this time; Enjin says they’ll add support later in the year if there’s enough interest from developers and players alike.
The long-term goals of the project are still fuzzy; they mention a smart wallet that allows users to trade currencies across different blockchains but give few details on how this would work on the user end beyond “in-game exchanges.” However, we think that giving game developers tools to create unique gaming assets could change how gamers think about virtual items forever. Just imagine being able to cash out your Runescape gold pieces ten years after you stopped playing.
ICON is a cryptocurrency platform that seeks to connect different blockchains, allowing them to interact with each other. They focus on the financial sector as well as on social services. The project is still in its infancy but has already managed to raise an impressive amount of capital.
ICON has partnered with several other blockchain projects that have signed onto their ecosystem: blockchain ID service uPort, artificial intelligence service Streami, one-stop multi-asset exchange Qubole, online community platform Cello, and blockchain project BOScoin. Most recently, they have also announced a partnership with Line Plus, Japan’s leading chat application with hundreds of millions of users worldwide (including China). It will connect its centralized services, such as games and merchandise sales, with the decentralized ICON network.
ICON has already proven itself to be a leader in terms of establishing connections between previously separate technologies, especially because this approach allows for greater scalability than solutions presented by other blockchain platforms thus far. This can prove valuable for gaming—which is expanding globally at an increasing rate—and could see it reach new audiences through this medium.
They could also help gaming become more mainstream by making it easier for individuals who are unfamiliar or uncomfortable with traditional online payment methods to purchase games and in-game items using cryptocurrencies instead (for example). There are multiple possible applications for ICON in gaming, and we think this cryptocurrency will play an important role in our industry moving forward.
In 2022, the top dog in gaming cryptocurrencies will be XTZ or Tezos. The platform has a unique governance framework based on on-chain consensus and is capable of handling more transactions per second than any other cryptocurrency currently in existence.
Tezos is a blockchain network that works with a proof-of-stake consensus mechanism, which means that users can stake their tokens to help secure the network. This staking process gives them a chance to earn block rewards and fees as part of the validation process. As every node can take part in governance, the community not only has control over protocol amendments but also gets to vote for key decisions that affect the platform’s future direction.
Tezos supports smart contracts and decentralized applications (dApps). The language used to write these dApps is Michelson, which was specifically designed by Tezos’s development team for this purpose. It facilitates formal verification—a technique that mathematically proves both functional and security requirements of these smart contracts (or any software) before they are deployed on the network.
Chainlink, which is a project by the smart contract platform Ethereum, is a decentralized oracle network that connects smart contracts on the Ethereum blockchain with data from the real world. No longer will your cat be able to predict the weather.
What Chainlink does is provide evidence for specific events taking place off of the blockchain through secure APIs and off-chain connectors. It can also handle complex payments using cryptocurrencies and its token LINK as well as other cryptocurrencies such as ETH/BTC/LTC/XMR and WETH (wrapped ether).
The Chainlink network provides a way to connect multiple trusted sources to create accurate data feeds, making it easier to use this information in smart contracts.
The team behind Chainlink has been developing decentralized oracles since 2014, and they are consistently selected as one of the top blockchain technologies by leading independent research firms such as Gartner.
Chainlink addresses many challenges for smart contracts to work seamlessly with real-world applications and become an integral part of businesses around the globe, including connecting real-world data into decentralized applications (DApps), handling complex payment scenarios, scaling effectively, and creating an open market for third-party actors.
This allows users all over the globe to access various data streams from any source they choose. All these features make it easy for businesses worldwide to create new solutions using a multitude of available oracles in different fields at a fraction of the costs otherwise incurred when using traditional methods.
The Rise of Gaming Cryptocurrencies
Until recently there were more elusive ways to get into gaming than cryptocurrency. Online casinos have been around since 1997 but still operated outside the law in many countries. Recently though, online gaming sites have been cropping up right next door to your favorite games. Steam now offers an online casino that lets you play blackjack while waiting for your game to load. Blizzard has introduced loot boxes as a way of obtaining new skins. Facebook is creating a platform where game developers can sell digital items directly through their games. Gaming cryptocurrencies will only help boost these gaming sites.