With the Top 10 GameFi / Play To Earn cryptocurrencies having a total market cap of almost $10 billion, the blockchain gaming sector is one of crypto’s biggest. For investors, however, the last 12 months have basically been a coin flip.
Half of the Top 10 GameFi / Play To Earn cryptocurrencies have lost value over the last year. Although all things ‘metaverse’ were highly topical in 2021 and 2022, by 2023 the meta lights had dimmed somewhat, along with enthusiasm for crypto in general.
The main challenge faced by blockchain games continues to be user experience, which, when compared to the likes of PlayStation and Nintendo, remains underwhelming.
In this environment, 2024 will be a pivotal year for the sector as the lack of quality games and user experiences will need to be addressed. New money entering crypto will likely assist, but game development is very time-consuming and near-impossible to fast-track. This means the following projects will need to already have an ambitious release schedule finalized, to capitalize on any returning enthusiasm in 2024.
2024’s Top GameFi Cryptocurrencies
1. Immutable (IMX): Immutable X is a layer-2 scaling solution for NFTs on Ethereum, offering zero gas fees for trading and minting NFTs. It’s designed to provide fast and secure transactions, making it ideal for gaming and digital collectibles.
IMX Market Cap: $2.45B
IMX Price: $1.84
12 Month Return: +159%
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2. MultiversX (EGLD): Formerly known as Elrond, MultiversX is a high-throughput blockchain platform focused on scalability, efficiency, and usability. It’s known for its adaptive state sharding mechanism and secure proof-of-stake algorithm, catering to decentralized applications and enterprise use.
EGLD Market Cap: $1.31B
Price: $49.67
12 Month Return: +11.17%
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3. The Sandbox (SAND): The Sandbox is a virtual world where players can build, own, and monetize their gaming experiences using SAND, the platform’s utility token. It empowers creators through blockchain technology, offering a decentralized and user-generated gaming ecosystem.
SAND Market Cap: $987M
SAND Price: $0.43
12 Month Return: – 44.95%
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4. Axie Infinity (AXS): Axie Infinity is a blockchain-based trading and battling game partially owned and operated by its players. Inspired by popular games like Pokémon, it allows players to collect, breed, raise, battle, and trade token-based creatures known as Axies.
AXS Market Cap: $970M
FET Price: $7.18
12 Month Return: – 40.6%
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5. WEMIX (WEMIX): WEMIX is a blockchain gaming platform developed by Wemade Tree, the blockchain subsidiary of Wemade, a South Korean game developer. It aims to create a comprehensive blockchain gaming ecosystem with its own cryptocurrency, NFT marketplace, and a variety of integrated games.
WEMIX Market Cap: $848M
AGIX Price: $2.39
12 Month Return: +225%
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6. Beam (BEAM): Beam is a privacy-focused cryptocurrency that uses the Mimblewimble protocol to enhance privacy and scalability. While not exclusively a gaming token, its privacy features make it a potential choice for secure in-game transactions.
BEAM Market Cap: $866M
BEAM Price: $0.47
12 Month Return: +247%
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7. Decentraland (MANA): Decentraland is a decentralized virtual reality platform powered by the Ethereum blockchain. Users can create, experience, and monetize content and applications, with MANA being used to purchase virtual land and other digital goods and services within the platform.
MANA Market Cap: $820M
MANA Price: $0.43
12 Month Return: – 39%
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8. Ronin (RON): Ronin is an Ethereum sidechain built specifically for Axie Infinity to handle its scaling demands. It facilitates faster and cheaper transactions, enhancing the gaming experience for Axie Infinity players.
RON Market Cap: $659M
RON Price: $20.52
12 Month Return: +216.94%
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9.Gala (GALA): Gala Games aims to redefine the world of gaming by giving players more control over their games. GALA is used as the utility token within the Gala Games ecosystem, allowing players to own their in-game items and influence the governance of games.
GALA Market Cap: $622M
GALA Price: $0.022
12 Month Return: – 57%
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10. ApeCoin (APE): ApeCoin is a token associated with the Bored Ape Yacht Club (BAYC) ecosystem, a popular NFT project. It’s designed for transacting within the BAYC ecosystem, including new games and services, and serves as a decentralized protocol layer for community-led initiatives. Apecoin is also a popular protocol for staking – typically offering the highest rates of any crypto tracked.
APE Market Cap: $484M
APE Price: $1.31
12 Month Return: – 77%
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