Gaming (also known as P2E) cryptocurrencies have emerged as a significant trend at the intersection of two rapidly evolving industries—gaming and blockchain technology. These cryptocurrencies are specifically designed for use within gaming ecosystems, offering unique features that cater to the needs and preferences of gamers. Large Cap Gaming Cryptocurrencies refer to digital assets associated with the gaming industry that have achieved significant market capitalization (greater than 300M USD).
In the context of the cryptocurrency market, market capitalization is a crucial metric calculated by multiplying the current price of a cryptocurrency by its circulating supply. Large-cap cryptocurrencies, therefore, represent those with a substantial market value, indicative of widespread investor interest and confidence.
Before we start, a quick disclaimer: Nothing that is mentioned in this article a financial advice. And this content is just for educational purposes.
List of Large-Cap GameFi Cryptocurrencies (and Marketcap)
- GALA: $704,527,931
- AXS: $869,412,054
- MANA: $850,590,500
- ILV: $420,433,585
- STEPN: $389,880,997
- APE: $592,019,997
- BEAM: $479,421,026
- IMX: $1,810,338,887
- RNDR: $1,347,100,255
- SAND: $892,650,604
as of 3rd December 2023.
Top Large-Cap Gaming Cryptocurrencies to Watch Out for in 2024
Cryptocurrencies designed for gaming ecosystems leverage blockchain technology to enable unique features such as true ownership of in-game assets, decentralized governance, and play-to-earn models. Notable examples of large-cap gaming cryptocurrencies include AXS (Axie Infinity), MANA (Decentraland), and GALA (Gala Games).
Let us look at the top large-cap gaming cryptocurrencies to watch out for in 2024.
- GALA market cap as of 3rd December 2023: $704,527,931.
- Current Price: 0.0269USD
Gala Games introduces a transformative paradigm to the gaming industry, and at its core is the native cryptocurrency, GALA. As the fuel powering the Gala Games ecosystem, GALA serves multiple essential functions. Primarily, it operates as the primary medium of exchange within the Gala Games platform, facilitating transactions for in-game assets, services, and governance.
Gala Games pioneers a decentralized approach, placing control in the hands of players and developers. GALA holders actively participate in the governance of the ecosystem, influencing decisions regarding game development, platform upgrades, and economic policies. The gaming ecosystem spans a diverse range of titles, from decentralized autonomous organizations (DAOs) to blockchain-based games.
Additionally, GALA serves as an incentive mechanism, rewarding players and contributors for their engagement and contributions to the Gala Games ecosystem. With a commitment to decentralization, player ownership of in-game assets, and community-driven decision-making, Gala Games, powered by GALA, stands as a pioneering force in reshaping the dynamics of the gaming industry.
- Axie Infinity market cap as of 3rd December 2023: $870M
- Current price: $6.59
Axie Infinity introduces a groundbreaking concept in the gaming realm, combining play-to-earn dynamics with blockchain technology. At the heart of this innovative ecosystem is the native cryptocurrency, AXS. Functioning as both a governance token and a means of economic participation, AXS empowers players and investors alike.
AXS provides holders with voting rights, enabling them to actively participate in the decision-making processes related to the Axie Infinity ecosystem. Moreover, AXS serves as a utility token within the platform, facilitating transactions, staking, and earning rewards. Players can earn AXS by engaging in battles, breeding Axies (virtual creatures), and participating in other in-game activities.
Axie Infinity’s play-to-earn model, fueled by AXS, has garnered widespread attention for its potential to reshape the gaming landscape. By aligning the interests of players and investors, Axie Infinity represents a pioneering example of blockchain-based gaming economies, where virtual assets have real-world value and players are rewarded for their contributions.
- Current market cap: $853M
- Current price: $0.45
Decentraland, powered by the cryptocurrency MANA, redefines virtual reality by introducing a decentralized metaverse where users can buy, sell, and build on virtual land parcels. MANA serves as the primary medium of exchange within the Decentraland ecosystem, facilitating the purchase of virtual real estate, digital assets, and in-game services.
As a decentralized virtual world built on the Ethereum blockchain, Decentraland ensures true ownership of digital assets through the use of blockchain-based non-fungible tokens (NFTs). MANA holders actively participate in the governance of Decentraland, influencing decisions related to platform development and policies.
The utility of MANA extends beyond simple transactions; it forms the economic backbone of Decentraland, creating a thriving virtual economy. Users can monetize their creations, trade virtual goods, and participate in a wide array of experiences within the metaverse. With its commitment to decentralization, user-driven content creation, and blockchain-based ownership, Decentraland, propelled by MANA, stands as a pioneering project at the forefront of the blockchain gaming revolution.
- Current market cap: $422M
- Current price: $112
Illuvium introduces a groundbreaking approach to blockchain gaming, and at its core is the native cryptocurrency ILV. As the utility token within the Illuvium ecosystem, ILV plays a pivotal role in various aspects of the platform. It serves as the primary medium of exchange for in-game assets, transactions, and governance.
ILV holders actively participate in the governance of the Illuvium ecosystem, influencing decisions related to game development, upgrades, and economic policies. The decentralized nature of Illuvium empowers players by providing them with ownership of their in-game assets through NFTs.
Additionally, ILV serves as an incentive mechanism, rewarding players for their engagement, contributions, and participation in the Illuvium ecosystem. The combination of decentralized governance, player ownership of assets, and a vibrant in-game economy positions Illuvium as a pioneering force in the evolution of blockchain-based gaming.
- Current market cap: $387M
- Current price: $0.2788
StepN enters the gaming cryptocurrency scene with a unique proposition, aiming to blend blockchain technology with gaming and social experiences. As the native token, GMT plays a crucial role within the StepN ecosystem. It serves as the primary means of exchange for in-app transactions, incentivizing users to engage in the platform’s various activities.
StepN introduces a play-to-earn model, allowing users to earn STEP tokens by participating in gaming challenges, social interactions, and other in-app activities. The platform fosters a community-driven approach, where users actively shape the gaming and social experiences through decentralized governance.
STEPN aims to create a seamless integration of health and blockchain technology into mainstream gaming and social applications, providing users with new opportunities to earn, connect, and participate in a dynamic virtual environment.
- Current market cap: $592M
- Current price: $1.61
ApeCoin, denoted as APE, steps into the gaming crypto arena with a unique focus on decentralization and community-driven initiatives. As the native token of the ApeCoin ecosystem, APE plays a crucial role in facilitating transactions, incentivizing community engagement, and influencing governance decisions.
APE holders actively participate in the decentralized governance of the ApeCoin ecosystem, allowing them to propose and vote on changes to the platform. The community-driven approach extends to the development of gaming experiences, fostering an environment where users contribute to the evolution of the ecosystem.
In addition to its governance role, APE serves as a means of value exchange within the ApeCoin ecosystem, enabling users to participate in various in-game activities, trade assets, and contribute to the growth of the community. ApeCoin’s commitment to decentralization and community involvement positions it as an intriguing player in the blockchain gaming space.
- Current market cap: $479M
- Current price: $0.011
Beam enters the cryptocurrency landscape with a focus on privacy and scalability, and it extends its features to the gaming sector. As a privacy-focused cryptocurrency, BEAM utilizes the Mimblewimble protocol to enhance transaction privacy and reduce blockchain bloat.
BEAM’s privacy features are particularly relevant in the gaming space, where user data and transactions often require heightened confidentiality. Gamers using BEAM can enjoy secure and private transactions, protecting their financial privacy within the gaming ecosystem.
The scalability aspect of BEAM ensures efficient and fast transactions, addressing common challenges associated with blockchain networks. As the gaming industry continues to explore blockchain integration, BEAM’s commitment to privacy and scalability positions it as a cryptocurrency with potential applications in gaming and beyond.
Immutable X (IMX)
- Current market cap: $1.81B
- Current price: $1.41
Immutable X, represented by the token IMX, is a pioneering project in the blockchain gaming space. Functioning as a layer-2 scaling solution on the Ethereum network, Immutable X addresses the challenges of high gas fees and slow transaction times often associated with blockchain transactions. Specifically tailored for non-fungible tokens (NFTs), Immutable X facilitates instant and gas-free trading of these unique digital assets. The platform’s commitment to environmental sustainability is notable, as it operates on a layer-2 protocol that significantly reduces the carbon footprint compared to traditional proof-of-work blockchains.
IMX serves as the utility token within the Immutable X ecosystem, playing a crucial role in governance and providing incentives for participants. By leveraging zero-knowledge rollups, Immutable X ensures the security and integrity of transactions while maintaining the benefits of the Ethereum network. With a focus on NFTs and decentralized finance (DeFi) within the gaming industry, Immutable X positions itself as a key player in enhancing the user experience for gamers, collectors, and developers alike.
- Current market cap: $1.343B
- Current price: $3.65
Render Token, abbreviated as RNDR, ventures into the intersection of blockchain and CGI rendering, introducing a decentralized network for rendering services. This innovative approach aims to disrupt the traditional CGI rendering industry by harnessing the power of blockchain technology. RNDR facilitates the creation of a peer-to-peer network where users can rent computational power for rendering tasks using RNDR tokens.
By decentralizing rendering services, RNDR reduces costs, enhances efficiency, and democratizes access to high-quality rendering resources. The platform leverages blockchain’s transparency and security to ensure fair compensation for those contributing their computing power. Additionally, RNDR tokens serve as the native currency for transactions within the ecosystem, providing a seamless and secure means of exchange.
As the demand for high-quality CGI content continues to rise, RNDR stands at the forefront of transforming the rendering landscape, making advanced rendering capabilities accessible to a broader audience while promoting decentralization and efficiency.
- Current market cap: $901M
- Current price: $0.42
The Sandbox, powered by the SAND cryptocurrency, redefines virtual worlds by merging blockchain technology with gaming and creation tools. Positioned as a decentralized gaming platform, The Sandbox empowers users to buy, sell, and create virtual assets, including lands, characters, and experiences, using blockchain-based non-fungible tokens (NFTs). SAND serves as the primary utility token within The Sandbox ecosystem, facilitating transactions and governance.
The platform is built on Ethereum, leveraging the security and transparency of blockchain to enable true ownership of in-game assets. Users can monetize their creations, fostering a vibrant virtual economy within The Sandbox metaverse. The integration of VoxEdit, a voxel-based 3D modeling tool, allows users to design and animate their assets, contributing to the rich and diverse virtual experiences available on the platform.
With its emphasis on user-generated content, decentralized governance, and blockchain-based ownership, The Sandbox stands as a leading example of how blockchain can revolutionize the gaming industry, providing new opportunities for creators and players alike in the evolving landscape of virtual worlds.
What are the risks of investing in P2E Blockchain Games?
Investing in P2E Blockchain games in 2024 could be risky.
There was a euphoria in the 2021 bull run around P2E and Metaverse niche. The coins did 10-50X easily from the local bottom. However, since then, the cryptocurrencies have been down by 70% to 90%, or more than that. In the last couple of months, we have seen Play to Earn space gaining a lot of attention back, which is why this could be a good time to add some to your portfolio. You could still be early today. However, this rally could be a fake BTC rally, and if that is the case, we may see the token falling by another 50 to 70% from the current price. So you may invest a small amount, and exercise patience.
In conclusion, the intersection of gaming and cryptocurrencies has given rise to a dynamic and rapidly evolving landscape within the blockchain space. Large-cap gaming cryptocurrencies, such as Gala (GALA), Axie Infinity (AXS), Decentraland (MANA), Illuvium (ILV), StepN (STEP), ApeCoin (APE), Beam (BEAM), Immutable X (IMX), Render Token (RNDR), and The Sandbox (SAND), exemplify the innovative approaches taken to reshape the gaming industry.
These cryptocurrencies not only serve as mediums of exchange within their respective gaming ecosystems but also introduce groundbreaking concepts like play-to-earn models, decentralized governance, and true ownership of in-game assets through blockchain technology. They are not just tokens but integral components of gaming economies that foster community engagement, reward active participation, and enable players to influence the development direction of the games they love.
During the 2021 bull run, a lot of players made millions playing Axie Infinity, most of the players were from Southeast Asia. And since the bull run, the tokens are down by 80 to 90%. It could be a good time to stack some cryptocurrencies that are already down by more than 70% from their previous ATH, and are in uptrend. By uptrend, I mean the token has given a positive return in the last 7/14/or 30 days.
As we look forward to 2024, these large-cap gaming cryptocurrencies are poised to play pivotal roles in the ongoing evolution of blockchain gaming. The commitment to decentralization, user empowerment, and the creation of vibrant virtual economies highlights a paradigm shift in the traditional gaming landscape. The unique features and functionalities offered by these cryptocurrencies demonstrate the potential to revolutionize how we perceive, engage with, and derive value from digital gaming experiences.