When investing in a specific sector, investment groups will typically utilize a range of different sources of information in order to be able to make an educated decision. Investors want to make sure they are going to maximize their profits and take different aspects of a potential investment, like unique selling points and potential longevity as a product or offering, into consideration before deciding on which company to back.
One area that many analysts believe could be among those most impacted by blockchain and related technological innovations is gaming, where the intersection of gaming and decentralized finance, known as GameFi, is predicted to explode in size and scope.
In light of this burgeoning area of the crypto economy, investors are reaching out to the gaming community to understand what gamers see as the top cryptocurrency projects, and here are the projects they are rating most highly right now:
- Metacade (MCADE)
- Axie Infinity (AXS)
- The Sandbox (SAND)
- Gala (GALA)
- Decentraland (MANA)
1. Metacade (MCADE) – Could Metacade be the new face of gaming?
Metacade is an impressive newcomer, having only recently launched its lauded whitepaper. The project has seen incredible early interest from hordes of investors, as it raised an eye-watering $6.2 million in the 11 weeks since the start of its presale. This momentum shows no signs of abating as the project has continued its trajectory and raised a current value of $6.4m.
This presale success has been attributed to the strategic measures laid out in the whitepaper, which outlines the Metacade team’s comprehensive vision for GameFi. It also exhibits the meticulous planning that has gone into the project, devoted to MCADE holders, Metacade users and the wider gaming community.
At the very center of Metacade’s strategy is the construction of the biggest play-to-earn (P2E) arcade in the world, supported by an extensive rewards system to enable gamers to benefit from their current preferred style of gaming by earning tokens through Metacade’s P2E offer. Additionally, gamers can earn money with Metacade’s Create2Earn system by sharing tips and tricks with the community, sharing alpha, and beta testing games.
This means that Metacade will have an enormous total addressable market (TAM), given that many players in the $200 billion gaming industry are familiar with the play-to-earn approach being taken by the platform. Playing titles in solo play or taking part in competitive environments are well-established play mechanics, designed to be easily recognized and welcomed by the gaming community at large.
Furthermore, the Metacade project has been seen as one of the top cryptocurrencies for investors because it also incentivizes activities that improve the user experience for everyone. Actions like sharing alpha, writing game reviews or even just engaging the community can earn rewards, creating a virtuous circle in which user actions derive growth thanks to the incentives at hand.
MCADE is the utility token that powers the project, and its use cases are critical across ecosystem functions. It is the platform’s currency and is required for any activity that requires an exchange of value, such as buying merchandise or entering a paid tournament. The token also boasts staking options, allowing savvy investors to use their tokens to earn a passive income while they hold for big returns.
One feature in particular, which is receiving great approval for its concept, is the Metagrants program, which allows game developers of all abilities to propose their game ideas to the community with the chance to win funding. MCADE holders will be able to vote for which projects they feel most deserve funding, playing a direct role in how support is distributed from the Metacade treasury – and a continual stream of brilliant titles for the arcade.
Metacade also boasts a high level of security, which is a critical component of ensuring future confidence regarding the platform. By submitting its smart contracts, team information and ecosystem code to respected auditing outfit Certik, the project has demonstrated that it takes user security extremely seriously.
Metacade aims to eventually transition to a decentralized autonomous organization (DAO) structure, with the process expected to last a few years in order to ensure steps taken are fair and in line with the project’s community-driven philosophy. It signals that gamers are at the heart of the platform, and so it’s no wonder that GameFi investors recognize that Metacade is one of the top cryptocurrencies in the space right now.
>>> You can participate in the Metacade presale here <<<
2. Axie Infinity – can it expand its user base?
Axie Infinity is perhaps the most well-known project in Web3 gaming, where players collect, battle and breed digital pets known as Axies. Axies are themselves a direct product of blockchain technology. By issuing the Axies as NFTs, Axie Infinity creator Sky Mavis can not only pass direct ownership of the Axies across to the users but also provide clear means of providing game features like the individual traits that each Axie possesses in a decentralized way.
For new players, Axies are first purchased from the heart of the Axie Infinity ecosystem, the Axie Infinity Marketplace. Owning and looking after your Axies is a big part of the fun, but they can also provide play-to-earn opportunities to the owners, allowing them to earn as they play.
Once a player owns three Axies, they are able to battle other players in a turn-based strategy game, allowing users to earn rewards in three-on-three combat. Owners are also able to breed Axies, resulting in offspring that can either be added to the collection for use in battle or sold on the marketplace to earn AXS tokens.
The final main component of the Axie Infinity universe is the ability to buy land in the so-called ‘homeland’ of the Axies, known as Lunacia. The map has been split into just over 90 thousand individual parcels of land, and each plot is also represented by an NFT. This land can be developed in order to run shops, farm resources and other such activities, which allow the holders to deepen their participation in the platform.
The AXS token is used as the currency of the platform and is the primary token for investment. AXS is certainly an interesting investment and could post decent returns if Axie Infinity creator Sky Mavis is able to regain some of the momentum lost since the 2021 bull run.
3. The Sandbox – Focused on ownership for creators
The Sandbox is another project that has performed well in the Web3 gaming space. It was created by Pixowl and provides users with a metaverse experience that focuses on ensuring that users have the ownership they deserve when creating assets that improve the user experience in-game.
The Sandbox experience is built on Ethereum and allows users to not only be part of a gaming economy where assets and other resources can be traded (and the token SAND forms the core currency) but also to buy land, represented by the LAND token.
The Sandbox also supplies a range of tools to enable creators to build out assets and games that other users can experience. VoxEdit is used for creating 3D objects (ASSETS), and these apply the ERC-1155 token standard. The Sandbox Marketplace is used for selling ASSETS, which are hosted via distributed file host InterPlanetary File System (IPFS). Finally, the Sandbox Game Maker is used for creating 3D games.
These options allow users to define the experience within the platform, and in creating and selling assets and experiences, The Sandbox is hoping to build a comprehensive and self-sufficient ecosystem for gamers. If it can build back momentum and continue to evolve over time, the price of the SAND token, in particular, could rise due to the demand driven by user growth.
4. Gala (GALA) – Launching many small titles
Gala Games is a relatively well-known gaming project that used the GALA token to try to incentivize players to play its small but growing library of Web3 games. The project has been built on the Ethereum and Binance Smart Chain, and in splitting between the two layer-1 protocols, it offers flexibility to developers wishing to integrate.
The project also looks to offer tools for developers to leverage Web3, which has led to a number of partnerships with third-party developers. While these projects are yet to release or in early access, the project is trying to set the foundations required for further growth.
The page of growth the project has seen is perhaps a little slower than some investors would like, and so the project has seen a significant reduction in token price over the last 12 months. If the platform is able to build more momentum, though, the price of GALA could start to regain some of the lost ground over 2023 and be one of the top cryptocurrencies to invest in.
5. Decentraland (MANA) – A decentralized world
Decentraland is also built on Ethereum and offers users another virtual world in which to explore and engage with the community.
The project uses MANA tokens as the currency of its metaverse, meaning that it is used for all transactions. This is a big focus of the platform as users build different experiences on land parcels that are owned using the LAND and ESTATE tokens.
These experiences include visiting art galleries, learning at a university and trading with other users, and in handing the development of the platform over to users, the project is able to leverage the skills of creators to attempt to maintain its user growth over time.
Decentraland offers an experience somewhat similar to games like Second Life, and by allowing users to create their own experiences, including the ability to improve or rent out their LAND, the project has built a semi-organic economy that can allow users to show some entrepreneurial spirit in the way they play the game.
Although Decentraland has seen its user numbers fall over the last 12 months, if it is able to attract high-quality creators and continue to build out a vast and immersive experience, it could see momentum as we approach the next bull run beyond 2023.
Metacade is the top cryptocurrency project for gamers to invest in
While the increasing number of projects in the GameFi space reflects the exploding growth of the sector, it’s clear that Metacade stands head and shoulders above the other projects in terms of raw potential. The platform offers an incredible range of features, tied together to create a novel community hub focused on the next generation of gaming and beyond.
With such strong performance already seen in its presale, savvy investors are moving quickly to secure their portion of MCADE at the low prices currently available. As time moves on, it is becoming increasingly likely that the presale will sell out in short order.
You can participate in the Metacade presale here.