Thanks to blockchain technology, developers and consumers are now closer to each other than ever before. GameFi coins and this entire market are turning into a global industry with a variety of play-to-win (P2E) games. Tony Toreto, an analyst who closely monitors the gaming market, summarizes in a few points why MANA and SAND hold high potential.
Why is it important to evaluate the GameFi market?
GameFi is a promising sector of the cryptocurrency market that refers to the play-to-win blockchain games. The gaming industry is a large field with great potential to generate a passive income. GameFi was invented and used in a tweet by Andre Cronje, DeFi founder and developer of Yearn Finance.
Combining the words “Game” and “Finance”, the term “GameFi” refers to blockchain games that offer incentives and allow players to use cryptocurrency or NFTs. It gained popularity as a tag for Metaverse games and is slowly gaining traction as a concept.
In general, players go through multiple game levels, engage in battles and perform different missions. In GameFi projects, players use utility tokens purchased with fiat money to spend in-game for different purposes, including purchasing in-game assets represented as NFTs. Meet Klangaverse (KLG), an emerging GameFi project that is deconstructing the Play-to-Earn game genre by giving gamers and artists huge returns while playing music.
GameFi coins with high potential
Decentraland (MANA)
Decentraland is a metaverse-based virtual currency that offers numerous features with its Blockchain game suite. With the MANA token we can shop in the virtual world of Decentraland. Decentraland had two cryptocurrencies: MANA and LAND. MANA is an ERC-20 token used to obtain the ERC-721 LAND token. MANA tokens are used to develop real-life skills such as purchasing various avatars and skins. In the Metaverse, each action has a different cost. So as you play, your characters develop and become stronger.
The price of MANA was around $1.46 in May 2021. At this point, the Atari brand has set up a virtual casino in the world of Decentraland. He also started working on the project. MANA then continued its momentum throughout the rest of the year. It has managed to become one of the first names among the GameFi coins.
Sandbox
Sandbox is a platform with a fascinating GameFi ecosystem. It started as a regular online gaming platform before the incorporation of blockchain technology. In the sandbox game, players buy digital pieces of land (LAND). He then builds activities on them to share with other players.
The protocol is built on Ethereum. Native token SAND is an ERC20 token used to cover transaction costs in the gaming system. Additionally, it can be bought, traded and resold on cryptocurrency exchanges. People can buy and sell land within the ecosystem. So they can earn virtual money through Sandbox. Sandbox is one of the GameFi projects associated with well-known companies such as Snoop Dogg, GameFi Ventures and others. cryptocoin.comSandbox has been on the agenda recently with important partnerships.
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