As the cryptocurrency world continues to expand, it’s almost becoming difficult to keep up with the different investment opportunities within the market. For some, the most appealing course of action is still to try to read the trends in leading crypto options like Bitcoin and Ethereum. For others, it’s potential up-and-comers like Ripple and Cardano that make the most sense from an investment perspective. And others still might be more inclined toward some of the advice we offered when looking at the ‘Best Penny Cryptocurrency to Invest 2020’.
In addition to considering different subsets of the crypto market, however, some investors may also be interested in looking at different classes of cryptocurrency with regard to potential utility. With new digital assets always emerging, it’s important to remember that most of them are emerging for a specific purpose — and occasionally, a group emerges that looks as if it will hold real-world value, and thus possesses investment potential.
This is just what appears to be happening with gaming. For one thing, the potential of blockchain technology to host games is being realized. Just recently in fact, VentureBeat.com reported a rather stunning $1 billion valuation for a Forte blockchain game platform! Additionally, though, we’re beginning to see the steady emergence of new crypto tokens specifically meant for various uses in gaming.
These are trends that are likely just in their infancy, but which show immense potential. And for that reason, we thought it was about time to identify some promising gaming cryptocurrencies worthy of investment consideration in 2021.
Enjin Coin (ENJ)
Enjin is no joke. This is a gaming community that is already large and consistently growing, most recently by way of a partnership with Microsoft. The aim of Enjin is effectively to blur the lines between in-game assets and digital assets that hold real-world value. Already, Enjin is helping to infuse Microsoft’s beloved game Minecraft with valuable NFTs, but even as the community continues to innovate it is also promoting its own token: Enjin Coin (ENJ). As of this writing, ENJ is trading at roughly $1.40 with a market cap of $1.17 billion, and it has significant growth potential due to its expanding gaming connections.
GameCredits was basically developed to make the process of in-game purchasing smoother, more reliable, and more universal. While a coin like ENJ has the potential to infuse video game assets with real-world value though, there’s a distinction here. GAME is more geared toward purchasing additional gaming content the way many currently do through payment processors and/or credit cards connected to console and mobile gaming accounts. We’d consider it an interesting option for investment simply because if it can become the go-to option for these kinds of payments it will become one of the more useful day-to-day cryptocurrencies. At this time, GAME is at $0.145 with a market cap of about $20.4 million.
CoinPoker is among the most promising concepts we’ve seen in gaming-related cryptocurrency. For several years already there has been talk of cryptocurrency becoming the new normal in online poker gaming. This would be significant as the poker industry stand already, and yet the potential is even greater. As is explained in detail in an article on cryptocurrency and online poker by Poker.org, there is at least a chance that crypto poker gaming would massively increase the capability of Americans to play real-money games without breaking the law — essentially reopening the U.S. market to the poker industry. This is not all guaranteed, but as of now CoinPoker is in good position to capitalize on the possibilities. This is a blockchain gaming platform that uses a combination of stablecoins, cryptocurrencies, and its native CHP token to facilitate games. As of now, CHP is trading at $0.02001 with a market cap around $5.5 million.
Ionomy is characterized at Blockchain Gamer Biz as a platform changing the way games are made and played. And this simple description actually says a lot about the technology’s place as one of the most complete realizations of what crypto in gaming really means. Basically, Ionomy is a blockchain on which developers can create original games that use cryptocurrency to incentivize players, accept payments, and even dole out prize money. The platform has already produced and enhanced some interesting games, and it’s likely only getting started. ION is the native digital currency for Ionomy, meanwhile, and is arguably the most well-known coin discussed here. Currently, ION is worth roughly $0.02474 with a market cap of nearly $339,000.
MobileGo is the last gaming crypto we’ll mention here, and it’s an interesting case. Based on the Ethereum network, it is essentially a specific version of GameCredits that is already in use in hundreds of online games. As with the broader GameCredits concept, MobileGo is designed to make it easier for people to purchase in-game content and upgrades, and to do so via cryptocurrency. And because it’s already associated with a number of popular games (World Of Warcraft, Call Of Duty, and more), it’s attained strong value even beneath the GameCredits umbrella. MGO is trading around $0.02188 as of this writing, with its own market cap of nearly $2.1 million.
As you can see, there are a lot of interesting ideas emerging where cryptocurrency and gaming intersect. Furthermore, these concepts already have value and are providing real uses and applications to gamers. So, while there is never a sure thing in cryptocurrency, there’s something to be said for looking into these game-related coins for investment opportunities.
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Written by Alice Ford
With over 50+ years of combined trading experience, Trading Strategy Guides offers trading guides and resources to educate traders in all walks of life and motivations. We specialize in teaching traders of all skill levels how to trade stocks, options, forex, cryptocurrencies, commodities, and more. We provide content for over 100,000+ active followers and over 2,500+ members. Our mission is to address the lack of good information for market traders and to simplify trading education by giving readers a detailed plan with step-by-step rules to follow.