Top Gaming Tokens by Market Capitalization

By William Davis

|

Feb 15, 2024

Reading time: 4 min

If you love adventure and thrill, gaming is one of the most worthwhile activities you can indulge in. Over the years, several inventions have graced this sector to improve the experience. The particular innovation that we will focus on is gaming tokens. 

These tokens can be classified as virtual assets you can use when gaming. Here are the top echelons of these digital elements.

Immutable

Boasting a market cap of $3.9 trillion, Immutable or IMX sits at the throne of gaming tokens. It was discovered in 2018 by James, Robbie Ferguson, and Alex Connolly. IMX functions as a Layer 2 scaling solution for NFTs.

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Some games that allow you to use this token include Delysium and Ember Sword, Guild of Guardians, and Gods Unchained. The token uses Ethereum components, and early this year, the company launched its first zero-knowledge Ethereum Virtual Machine. This technology is aimed to smoothen the transaction process and maximize efficiency. 

Axie Infinity

If you are a Pokemon fan, Axie Infinity is a game that you are also going to enjoy. This crypto-based game allows you to create digital characters known as Axies. You can feed, breed, and raise them to trade the offspring. 

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Running the Infinity ecosystem are the Axie Infinity Shards (AXS). These Nonfungible Tokens (NFTs) bear unique attributes when laying. You can get these tokens simply by spending time on the game. 

Axie Infinity also went ahead and found a sidechain on the Ethereum platform known as Ronin. The designer who came up with the idea managed to pull this off and ensure that the Ronin network was cheaper than using the main Ethereum blockchain.

The relatively lower Ethereum cost compared to the Bitcoin price, among other factors like low transaction fees, made the idea feasible. 

Multiversx

Coming in second place, Multiversx has a market cap of $1.8 trillion. The company formerly identified as Elrond founded this platform in an attempt to improve decentralized applications. One feature that ensures this token stands out is the company’s sharding input variation. 

Furthermore, the platform can manage up to 12,500 transactions per second, which is quite an impressive feat. The Electronic Gold coin (EGLD) is the currency that Multiversx uses on their platform to enable exchange. 

You can also use this token for a more intentional purpose besides trading or governance. If you possess this coin, you can be a part of network decisions. 

Beam 

The Beam Network is a company that has taken several initiatives geared towards improving gaming. Powered by the Merit Circle DAO, they released the $Beam token, which currently has a market cap of over $1.48 trillion.

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This token was launched in early 2021 and has proven instrumental in fostering game development. One feature this token brags about is its flexibility. Aside from engaging in asset transfer, you can use $Beam tokens to interact with smart contracts on the network. 

The Sandbox

Here is another game that lets your creativity roam without bounds while allowing you to reap something tangible in the process. The Sandbox Metaverse is an online game where you get to experience a whole new virtual life. 

To reap the most from this immersive gaming experience where you can create and monetize several assets, the SAND token was founded to run the ecosystem. 

When it comes to delivering thrill and adventure, gaming does it best. After several evolutionary phases, we now have gaming tokens that massively improve the gaming experience. Some of the most widely used tokens include Immutable, Multiversx, and Beam.

*DISCLAIMER*
This information is of a general nature only and should not be regarded as specific to any particular situation. This should not be taken as financial advice to buy, trade, or sell cryptocurrency or use any specific exchange. This is not intended for use as investment, financial or legal advice as each individual’s need will vary. Binance Australia is not affiliated, associated, endorsed by, or in any way officially connected with any individual or organisations mentioned in the article. Binance Australia is not liable for any loss caused, whether due to negligence or otherwise arising from the use of, or reliance on, the information provided directly or indirectly by use of this newsletter and expressly disclaims any and all liability for any loss or damage you may suffer.

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