Three Altcoins to explore | GameFi Tokens Outpaced the Crypto Market’s Recovery Last Week
Last week didn’t start well for Bitcoin. The chart was red with only a slight recovery in sight. That was until Friday 1st October came by, and Bitcoin went from $44,907 to $47,604 within just 25 minutes. The market turned green and stabilized, breaking the $48,000 resistance level with last week’s peak of $48,111. Ethereum's price went from $3,113 to $3,242 during those 25 minutes. Showing green colors for the remainder of the week and peaking at $3,484. Welcome to October.
Many tokens with use cases on the Ethereum blockchain recovered well last week. However, last week’s charge was led by GameFi tokens. Blockchain-based gaming, with its P2E (Play-to-Earn) concept, keeps riding the waves with strong performing tokens.
GameFi is a combination of DeFi and gaming. Instead of the traditional play-to-win structure, they offer a P2E model. The concept of P2E allows you to earn money whilst gaming. One of the most exciting features in this setup is that you get to keep all your gaming assets, in the form of NFTs. Your game assets can be used in various games, and you are the owner of these assets. Assets can come in the form of avatars, cars, weapons, basically anything that you can think of that can be used in a game. You can also own real estate, like land, shopping malls, sports arenas, or a restaurant. Digital land plots can only be used in one specific game, though.
What makes GameFi appealing is not only the fact that you can earn money whilst playing. Due to the pandemic, many people saw an opportunity to gain additional income, or even make their main income, with P2E. Another important factor why GameFi tokens are leading the market recovery, is the fact that you can govern the game and decide over the future direction a game is going to take. This happens through governance tokens, and your voting power is proportional to the number of tokens you hold. Thus, a transparent system is created with a fair-minded way of trading items. Whilst with traditional games, all revenue generally goes to the publisher or owner of the game, with P2E you can even receive a share of a game’s revenue.
Today we look at three GameFi tokens that were leading the price increase last week, Axie Infinity (AXS), Yield Guild Games (YGG), and My Neighbor Alice (ALICE).
Notice: KuCoin does not provide financial advice. Please do your own risk assessment when deciding how to invest in cryptocurrency and blockchain technology.
Axie Infinity (AXS)
Axie Infinity introduced staking to its protocol. With this new option, holders of AXS can lock up their tokens for a specific period of time. In return, you receive awards, which will unlock over 5 ½ years. When staking AXS, you can vote on the community treasury. This treasury holds all the protocols earnings in storage. An announcement by Axie Infinity states: “Staking is a way for us to reward our community members for having a long-term mindset and locking up their $AXS tokens”. It was also revealed that $60 million worth of AXS tokens will be distributed to the game’s early users.
The AXS token is the native token of Axie Infinity. It is used for most in-game activities and is the main in-game currency. AXS is also the governance token for the Axie Infinity game. During the last 24 hours AXS saw a 35% increase with a 126% increase during last week.
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Yield Guild Games (YGG)
Yield Guild Games acquires various in-game assets (NFTs) across a variety of P2E games, including Axies. This allows you to lease these assets and start playing games and earn money. Yield Guild Games is a decentralized autonomous organization (DAO), governed by YGG token holders. Due to the pandemic, players are attracted to P2E games. In the Philippines, unemployment hit 40% and P2E turned out to be an alternative way of earning an income by playing GameFi games. Game profits are shared with token holders and the mission of Yield Guild Games is to create the biggest digital world economy.
Holders of the YGG token can participate in yield farming, staking, governance, and pay for transaction fees. In July 2021, 25 million YGG tokens were sold in just 31 seconds, generating $12.5 million. Over the last seven days, the YGG token is up 37%.
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My Neighbor Alice (ALICE)
My Neighbor Alice is a multiplayer builder game based on blockchain. In the game you can buy and own virtual lands and in-game assets, like barns, vegetables, and animals. During the game you can earn passive income, with the various NFTs and in-game assets. First digital land sales started in May 2021. To play this game, no previous knowledge about blockchains or NFTs is required. Participating in the actual game is free, but you will need to invest in in-game assets.
The ALICE token is the native token of My Neighbor Alice and can be used for staking, governance, purchasing in-game items, and playing the actual game. During the last 24 hours ALICE gained 15% and over last week 49%.
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The future trend of GameFi is looking very positive. GameFi and P2E have the potential to disrupt the traditional gaming world, by allowing gamers to own in-game assets, earn money, and govern the game. P2E is still not nearly as popular compared to the traditional games in the traditional gaming industry; however, they are chipping away at the traditional gaming industries dominance and are gaining territory day-by-day and week-by-week.
Some other GameFi tokens to look forward to are My DeFi Pet (DPET), Illuvium (ILV), Seascape Crowns (CWS), and Fear (FEAR).
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