Crypto Gaming Altcoins: The Basics
Table of Contents
Crypto Gaming Altcoins: The Basics
Are you a gamer looking to dabble in the world of gaming altcoins? Are you wondering if the crypto gaming world is your cup of tea? Then you are likely curious to know about gaming altcoins too. Perfect! We’ll go over crypto altcoins 101 and give you the basics. That way, you can decide if this venture is for you before you have even put any money down. By the time you have scrolled to the bottom of this page, you will understand the following:
- Where to buy the top gaming tokens.
- What crypto gaming coins are.
- How crypto gaming works.
- Why you should use gameFi tokens.
- Can you earn money as a crypto gamer?
It sounds like a lot, but we promise it won’t take longer than five minutes of your day. Ready to understand gaming coins? Keep scrolling to get started!
What Are Crypto Gaming Altcoins?
Before we explain crypto gaming altcoins, breaking down altcoins as a concept is essential. The word is a combination of “alternative” and “coin”. Typically it refers to all other crypto coins aside from Bitcoin. This distinction is essential, as most crypto gaming coins don’t originate from Bitcoin’s blockchain. Oftentimes they are built on the Ethereum network, but there are some exceptions.
There are over 5000 altcoins, and you have likely heard of some of them already – Tether and Ripple are popular coins. Among these thousands of altcoins is another subcategory – gaming altcoins. Developers create gaming tokens to be used within a particular gaming ecosystem. You can use these alternative currencies to pay for subscriptions, play games, and purchase in-game goodies.
Why Use Crypto Gaming Altcoins?
Why should crypto gamers use gaming coins? There are several surprising benefits that regular gaming currencies lack. To start, gaming cryptocurrency transactions are much faster than traditional payment methods. If you need an in-game item ASAP, you won’t have to wait for your payment to process or experience any delays that might otherwise hinder your experience.
Another perk is the increased security of your in game assets. You own your gaming assets, and no central authority controls them. When you make a purchase, it’s recorded on the blockchain, permanently verifying your ownership of the assets. Unlike regular game items you buy, these crypto-bought goodies aren’t stored on a server.
Altcoins are also significant if you’re looking for some privacy. Frequently, crypto gamers keep their identity a secret, and transactions made with gaming altcoins are anonymous. If privacy is important to you, this can be a crucial perk.
Types of Gaming Altcoins (With Examples)
If you’re looking to invest in gaming crypto coins, it’s worth checking the various types of altcoins. Each one is used on slightly different occasions:
Utility Tokens
These tokens are designed to be utilised in specific gaming virtual worlds. They let you buy in-game products and gain access to exclusive features. Some examples include Enjin Coin (ENJ) and Wax (WAXP).
Gaming Platform Coins
Developers use gaming platform coins in blockchain-based decentralised gaming. For example, Decentraland (MANA) and the Sandbox (SAND) allow you to buy virtual plots of LAND. There you can create your own gaming environment.You can sell some of the items you create for the gaming coin of your choice, too!
eSports Coins
People use some eSports coins for betting on sports events.Others are designed to enable fan voting on important decisions within the sports teams. Whether you want to vote for the next team’s jersey design or theme song, eSports coins can help you achieve that. Chilliz (CHZ), Unikoin Gold (UKG), and Esportsbits (HLT) are popular amongst sports fans.
Investment Coins
Developers create these alternative coins to introduce investors to the gaming sector. You can use the altcoins to back your favourite crypto gaming projects, further boosting the ecosystem. This is similar to owning shares in a company. Some example coins include Axie Infinity (AXS), GameCredits (GAME) and MobileGo (MGO).
Of course, players can use many other types of gaming tokens. Some even overlap in functionality. In addition, keep in mind that the blockchain industry evolves very fast, and new gaming altcoins can pop up in the future.
How To Buy Gaming Tokens?
Buying gameFi tokens is easier than you think. You only need a stable WiFi connection and the fiat currency or cryptocurrency you’ll use to pay for the tokens. Next, follow the steps below:
- Step 1: Have a little look at the most popular crypto games. These will have the most extensive user base. Just take a mental note of the ones that catch your attention. On the official gaming website, you should be able to find the native token used in the game.
- Step 2: Head over to a platform that allows players to purchase gaming tokens. If you’re looking for a secure option and you’re a newbie, we have seen an increasing number of crypto experts recommend Immediate Edge. This crypto brokerage offers support, tools and guidance to new investors that want to purchase tokens without worrying about scams and fraud.
- Alternative Step: If you already have some crypto investment experience, you can join a crypto exchange and buy your preferred coin there. Some gaming websites also feature markets that let players purchase gaming tokens right from their profiles.
- Step 3: Set up an account in the brokerage or exchange of your choice. Next, deposit the required sum for the number of gaming coins you wish to purchase. You’ll need to connect the crypto gaming funds to a crypto wallet, so make sure you are prepared. You can ask your broker for information on how to set up a crypto wallet.
- Step 4: Launch the game, then use your tokens to buy items in-game or gain access to more features.And remember to have fun!
Always be careful when placing orders online, especially when disclosing sensitive info or personal data. When making a payment, ensure you are on a secure website and that all your information is correct.
How Does Crypto Gaming Work?
Blockchain gaming, also called crypto gaming, works by using blockchain technology to help players own and sell in-game assets and currency.
While you can buy in game currencies to use in blockchain games, some gamers prefer to earn their cryptocurrency rewards. This is called a ‘play to earn model’. It rewards players for completing quests, winning battles or contests, and claiming achievements. Blockchain based gaming allows you to purchase virtual items, skins, and abilities and pay for them in game currency.
While developers are still creating numerous gaming styles and platforms, cryptocurrency gaming remains a relatively new idea. The primary goal is to create a more transparent and player-centric gaming environment. In this space, gamers are in control of their in-game items and the game’s overall economy.
Can You Earn Money from Gaming?
Absolutely! You can benefit from crypto gaming not just by having fun, but by earning a little something on the side as well. Certain play-to-earn games, for instance, can encourage users to buy their tokens in advance. Once the game picks up a fanbase, players can resell their assets at a better price, and earn more than they paid for initially. As you explore more crypto games, you’ll notice some have special markets that enable players to sell their collections. The most popular are in-game items like avatars, virtual weapons, and virtual land plots.
In other cases, players must complete a certain number of daily tasks to earn XP and gaming coins. While not exactly a game, the app COIN allows users to earn rewards by walking or driving. This “geomining” enables players to earn crypto for their travelled distances.
You can exchange the virtual currency you earn for real-world items like iPads, VR sets, and other tech. Alternatively, you can trade it for major cryptocurrencies like Ethereum. Crypto games work in a very similar way, requiring players to meet certain requirements before they receive in-game rewards. However, others provide websites where users can wager their digital assets on online slots or other games of chance.
As you can see, there are plenty of ways to monetise gaming tokens and reap their real world value. Of course, we would like to remind crypto gaming investors to remember that gaming tokens are just as volatile as crypto. When you invest, only put down a sum that you are comfortable losing, as the market can be unpredictable.
Final Thoughts
We hope we shed some light on the topic of crypto gaming altcoins. Crypto gaming can be super fun – from designing incredible characters to participating in virtual communities. It has plenty of advantages to offer players. Who knows how big crypto gaming will be in a few years. So why not get in on it now and find out?
Follow us on social media
