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Cryptocurrencies have found significant use in gaming, such that assets not initially created for games can be applied if they satisfy a few requirements. There already is a large market for blockchain gaming and the applicable crypto assets, by extension, as nearly half of all blockchain activity came from gaming in January alone.Â
There are several benefits to gaming with crypto. Firstly, using cryptocurrencies in gaming helps streamline transactions and increases scalability.
In addition, online gamblers can use crypto to avoid restrictions by playing at offshore and non-gamestop platforms since many UK establishments are notorious for restricting big winners.Â
As 2024 begins, the following are three cryptos to use in gaming:
Bitcoin (BTC)
Bitcoin is the world’s most popular cryptocurrency and the largest by market capitalization.
This popularity has earned it a higher adoption level than other assets, with increased use across the board, especially in gambling. Online casinos that allow gamblers to make deposits and game wagers via cryptocurrency almost always support Bitcoin and other assets.
While BTC may not be the first choice for in-game transactions in non-gambling games, these casinos find it easier to expand their customer bases by accepting Bitcoin deposits and payments.
There are multiple factors expected to boost the value of Bitcoin in 2024, including the blockchain’s halving event in April and the approval of a spot Bitcoin exchange-traded fund (ETF) by the United States Securities and Exchange Commission (SEC).
While these factors may not directly affect gaming, network events could boost the entire ecosystem enough for people to acquire and use Bitcoin for online transactions, including gaming.
Ethereum (ETH)
The native token of the Ethereum blockchain, ETH is the world’s second-largest cryptocurrency by market capitalization. Ether is one of the major tokens to use for gaming in 2024 because of the design of the underlying blockchain.
Ethereum is adaptable and allows developers to build projects run by powerful smart contracts. These self-executing programs support automation, which is useful in gaming and attracts creators to the blockchain.
In addition, the Ethereum blockchain also supports interoperability, allowing projects compatible with the Ethereum Virtual Machine (EVM) to interact with each other easily.
Furthermore, ETH is a great way to pay gas fees for these transactions, making the network a complete solution for gamers and creators as a new year begins.
Axie Infinity (AXS)Â
Current CoinMarketCap data puts AXS as the third-largest gaming token by market capitalization.
With a valuation of more than $1.4 billion, AXS is one of the most popular gaming tokens in the crypto market.
Since the token launched in 2020, it has become one of the most revolutionary gaming tokens for several reasons.
Firstly, the play-to-earn (P2E) model used by Axie Infinity earned the platform a vibrant ecosystem, helping people to profit from their gaming skills.
Secondly, the game uses the AXS token to power a governance model that supports decentralization and gives users a sense of ownership in the ecosystem.
There are also earning opportunities via staking, extensive utility in the game, and the team’s commitment to continuous development and innovation, all of which make AXS a gaming token to look forward to in 2024.
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