The gaming industry means serious business and is to be expected to reach a value of over 339 billion US-Dollars by 2027. Most of the businesses and games that are available on the market follow a centralized business model. Meaning that a company is creating the game and holding all the rights to the game and its content. Customers on the other hand get to pay for enjoying these games and usually own certain items that can be traded at in-game marketplaces.
Some of these items can be sold for money and others just for some in-game currency that is not traded on a secondary market as a virtual asset. With blockchain technology, things could change in the next few years since this introduces the option to make in-game content a virtual asset that can be actually owned by the gamer and be transferred or traded. In-game currencies can be tokenized and will add dollar value to the achievements of gamers.
What are the top 5 blockchain games and what do they have to offer?
1. Axie Infinity is still the top gun
Axie Infinity is based on Ethereum and despite the fact the whole ecosystem of the game suffered from Ronin hack, it is still the most valuable blockchain game according to its market cap. It combines NFTs with in-game tokenomics.
The game has proven resilient even after such an attack and the network effect is providing it with a large user base. This makes it more likely that Axie will stay in the top 10 over the next few years. At the time of writing the AXS token still has over a $1,7 billion market cap and the game has about 1,6 million active players per month.
2. The Sandbox comes with heavy partnerships
Snoop Dogg, Adidas, and “The Walking Dead” are just a few examples of what players can face in the virtual realm of the Sandbox. It is not only a game but also one of the hottest places in the metaverse, and the fact that it has dozens of big partnerships not only adds value but is also an indicator that it will most likely stay on top.
Again, the game combines NFTs with an in-game token. Players can buy land, enjoy user-generated content or contribute to the virtual world and earn rewards. The SAND token has a market cap of $ 1,69 billion and with only 300.000 active players there is a lot of room for growth with an already high valuation.
3. Decentraland is one of the first games
The idea for Decentraland started in 2015 and concluded in 2017 in an ICO. It offers similar functionality as the Sandbox and is also based on Ethereum. The MANA token is the most important asset in its digital economy that allows players to own land and generated content or enjoy it.
Virtual music festivals and the embassy of Barbados are just two examples of what Decentraland can contribute to the overall growth of the metaverse. It was revealed that Decentraland also has around 300.000 active users in December 2021. The market cap of the MANA token on the other hand is still a little bit behind the SAND token with about $1,5 billion.
4. STEPN – The first move-to-earn game
While the top three games are all based on Ethereum, STEPN on the other hand is based on the Solana blockchain. Players have to download the app, choose a running style, buy a pair of NFT sneakers according to that style and start to run.
In return, they can upgrade their sneakers earning tokens for each successful task. The gamification of sports and related activities might become a driving factor in the success of blockchain gaming. STEPN had over 2,3 million users worldwide which sets a record despite the bear market. The GMT token is far behind the top three in terms of market cap with “just” $610 million.
5. Gala Games is creating a whole ecosystem
While the top 3 are focused on creating an experience in the metaverse that involves gaming but isn’t limited to games, Gala is dedicated to it. The platform allows developers to build their games on it and also integrates the ownership of in-game items as well as the GALA token as the digital fuel for this ecosystem.
Many of the games with titles like The Walking Dead: Empires or Battlestar Galactica are still under development. Gala Games promises that players can not only own the content but also decide which games will receive funding. Galas’ userbase is 1,3 million active players and the market cap of the GALA token is close to $600 million. It remains to be seen if this is going to improve in the future once more games are released.