3 Altcoins to Buy to Gain Exposure to Blockchain Gaming
While blockchain gaming is still very much in its infancy, there is little doubt that in-game transactions and NFTs represent one of the biggest opportunities for the crypto industry.
From major investment firms to leading cryptocurrency exchanges, everyone is looking to get in early on the blockchain gaming industry. This may be most evident by the major hackathons and multimillion-dollar funds cropping up of late, which are designed to grow various blockchain gaming ecosystems.
For the everyday crypto investor, there are some options available for gaining exposure to the blockchain gaming market. While there is a growing list of individual games and platforms launching their own tokens, the following three projects have been clear leaders in the field thus far:
Enjin (ENJ): With a $48.3 million market cap, Enjin is the largest blockchain gaming platform token on the market. Enjin is developing what it calls a “multiverse” of games where each NFT is able to cross between games, creating an interconnected ecosystem that leverages real-world ownership. The ERC-1155 token standard specifically was developed by Enjin with this functionality in mind.
The platform itself has steadily expanded over the last year and now features everything from a game asset marketplace to a universal blockchain explorer, EnjinX, which allows users to search, browse and verify ERC-1155 assets and transactions.
Enjin recently received its first equity investment from the venture arm of Blockchain, giving the project additional capital to work with moving forward.
Decentraland (MANA): With a $32.8 million market cap, MANA underpins the first virtual reality platform built on top of the Ethereum blockchain. With its unique functionality, Decentraland allows users to create and monetize content and applications that can be accessed directly through your browser or by using a VR headset.
Decentraland has been working hard to onboard developers and external game platforms through various hackathons and a full-fledged SDK. Additionally, an investment from Digital Currency Group has brought in additional capital to expand the Decentraland universe, making it one of the more intriguing speculative investments in the space.
Loom Network (LOOM): While LOOM has the lowest market cap of the three altcoins at $21.1 million, the project is by no means the least successful. Loom Network allows the building of scalable blockchain games thanks to its high-performance DPoS sidechain that acts as a bridge between multiple chains and Ethereum, allowing games to exceed the current TPS of the Ethereum network.
ENJ/USD 1-day chart (TradingView)Loom Network also features delegated Plasmachain staking, allowing LOOM holders the option to delegate their tokens to a network validator to receive LOOM rewards for securing the network. Notably, Loom Network is also utilized by a number of the leading blockchain games, including Axie Infinity and the upcoming Neon District.
As with any crypto investment, there is a high-risk associated with the above altcoins. Additionally, any major move by Bitcoin could significantly hinder prices as market sentiment for altcoins has yet to turn bullish this cycle.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.