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- 1 Axie Infinity, Immutable, Decentraland, The Sandbox, and Ape Coin are some popular gaming tokens.
- 2 Non Fungible Tokens (NFTs) provide a way to verify ownership of digital assets.
NFT tokens are a unique digital identifier that are recorded on the blockchain and are used to certify ownership and authenticity. Some of the popular gaming tokens are discussed below.
1. Axie Infinity (AXS)
It is an online gaming platform from where the players purchase NFTs of game characters and then put them against each other in battles. It is inspired by the Pokemon series. It is a play-to-earn game. One can own the Axie NFTs and can resell them. It rewards with crypto tokens that can be exchanged for money.
It runs on the Ethereum blockchain. The reason behind its popularity is the land plots and the Axies. On the game’s marketplace Axies can be traded for real money.
2. Immutable (IMX)
Immutable provides blockchain products designed to enhance the blockchain gaming experience on Ethereum. IMX is the native currency of the Immutable X ecosystem. It has a total supply of 2 Billion. This gaming token is a governance token and users can have these by contributing to the growth and development of the clusters in ways such as creating apps and trading NFTs.
3. Decentraland (MANA)
Decentraland (MANA) is a cryptocurrency that permits users to purchase, develop, and sell virtual land in a decentralized way. The smart contracts allow to store the transactions on the platform. Smart contract functionality allows Decentraland to create virtual land parcels which are called “Lands” which are stored as NFTs.
MANA is the native currency of Decentraland, which is used to purchase land on the platform. Along with this, it is also used to buy in-app purchases like avatars, buying virtual coffee from the virtual shop, tickets to virtual concerts, etc.
4. The Sandbox (SAND)
The Sandbox is a metaverse, a virtual world where players can create, monetize, and participate in blockchain-based gaming experiences. The native gaming token of the platform is SAND. The game designers can create 3D NFTs that can be used across the ecosystem. It is a decentralized community.
The creators are offered copyright ownership of their content through blockchain and smart contracts in the form of NFTs. SAND helps with transactions within the virtual world.
5. Ape Coin (APE)
Ape Coin is a utility and governance token of the Bored Ape Yacht Club (BAYC) ecosystem. It was created to strengthen the APE ecosystem. This enables gaming token holders to participate in the APE ecosystem. The token gives access to exclusive events, games, and services and can be used as a currency within the ecosystem. This innovative token driven approach for community events is one of the reasons BAYC is so popular.
Summary
Gaming tokens provide ownership of in-game items by allowing them to manage the NFTs on the blockchain. They are reshaping the gaming world. Tokens like SAND, APE, AXS etc have upgraded the concept of ownership and help in enhancing community driven spaces
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
