Thanks to Bitcoin, cryptocurrency and blockchain is a rapidly growing market. There are some industries still reluctant to give into cryptocurrency. However, the gaming industry is one that has opened its arm wide, and it has been using digital currency for almost 10 years now. ESports and gaming are one of the biggest industries today and in 2017, there are about 2.2 billion gamers across the globe that’s expected to generate $108.9 billion in game revenues. Experts anticipate that by 2020 the global market will grow to $128.5 billion.
Video games represent an industry prime for blockchain integration, and video game-related currencies across the board have exploded in price and volume. Gaming cryptocurrencies could change the face and economies of gaming and they are growing on an industry-wide scale to new all-time highs every day.
The 5 cryptos in this space we recommend keeping an eye out for include GameCredits (GAME), Chimaera (CHI), Enjin (Enjin Coin), Ethbet (EBET), FirstBlood (1ST), MobileGo (MGO) and Refereum (RFR).
#1 GameCredits (GAME)
GameCredits’ primary initiative consists of developing a digital currency-driven gaming platform. This platform is focused on providing a secure, elegant, and robust system aimed at replacing existing in-game buying options and mechanisms.
GameCredits is a project created for the gaming industry by the gaming industry. This is an open source peer-to-peer digital cryptocurrency that allows gamers to purchase in game content using cryptocurrency. It also allows payouts to developers and gamers.
Google Play and Apple allow only credit card payments. On the other hand, GameCredits have thought about the PC gamers and expanded their deposit options by adding cryptocurrency in the market.
It was incepted in 2015 under the name GamersCoin (GMC), but it was later rebranded to GameCredits (GAME).
#2 Chimaera (CHI)
Chimaera (CHI), a project that has yet to have its token pre-sale, is without a doubt the single most significant video game cryptocurrency development that will see mass adoption this year. Unlike existing game coins, which serve primarily as asset storage, Chimaera employs game channels that can be used for player interactions without requiring a space in public blockchain thereby lowering public usage.
Chimaera is a custom blockchain derived from the team’s prototype project, Huntercoin (HUC), which allows users to earn coins by playing the game. Huntercoin first introduced the concept in 2013 and it strived to create a massively multiplayer online (MMO) game directly on the blockchain. Huntercoin has proved successful and within just a few months of launch achieved over 35,000 simultaneously controlled characters in the game. This technology is being expanded with Chimaera as an all-inclusive platform for online gaming.
In order to help with project scalability, Chimaera employs ephemeral timestamps, which allow the network nodes to timestamp data in order to keep all transactions verified.
With Chimaera, games are published directly on top of the blockchain, and through this method, each game is automatically administered and maintained. This eliminates upkeep costs for the developer and drastically eases the burden of moderation. Developers can also issue their own game-based tokens that can be traded for CHI. This is the reserve currency and fuel for the Chimaera blockchain and it will be used to fuel transactions, such as account creation, renting game assets or accounts, coin transactions, buying game assets or accounts, CHI powered crowd sales, and more.
Chimaera, with roots in Namecoin, the first altcoin, also provides selling of games and apps, private messaging, and social media and community platforms to achieve optimal functionality. Using the platform, gamers can trade in-game assets safely and securely, and developers can develop and deliver new games to their fans using game coins.
The assembled Chimaera team has the experience, insight, and initial designs available to readily solve the challenges ahead and is comprised of the original creators of blockchain gaming, experienced developers, and blockchain and business experts.
A public sale is slated to begin in February, with the main ICO taking place afterward, and the team has stated the hard cap will likely be US$50 million, although the project only requires additional funding of US$3.5 million.
#3 Enjin (Enjin Coin)
The Enjin Network has 18 million registered users with 3 million active users monthly, and is among the world’s largest social gaming platform. It has the most ambitious roadmap out of all gaming coins reviewed, aiming to provide the users the required crypto-backed value for all the virtual goods that they trade. Its long-term goal is to develop a smart wallet for in-game purchases, a plugin for Minecraft, an escrow smart-contract for item trades, and baking support for the coins into their social network.
Enjin launched its cryptocurrency – Enjin coin. This is a new ERC20 token that runs on the Ethereum network and gives communities, content creators, game servers and game publishers an easy solution for implementing virtual goods and real value into their gameplay and communities.
ENJ raised 75,084 ETH from 18,559 backers in their successful token launch in October. Enjin has partnered with Bancor and announced their adoption of the Bancor protocol as a component of Enjin Coin in order to provide an on-chain exchange and market-matching of any game items that have less liquidity.
#4 Ethbet (EBET)
Ethbet is another promising gaming-based cryptocurrency that lets players wager with no house edge in a peer-to-peer manner. Ethbet is a newly developed dicing platform based on the Ethereum blockchain and Ethereum smart contracts. Ethbet is revolutionizing the way gambling on the blockchain works by becoming the first project to support peer-to-peer betting, allowing players to cut out the middleman and works by matching up game players against each other. This model allows players to receive a return higher than the returns offered by any other platform and gives them a fairer gambling experience.
Ethbet held a crowdsale from September 17th to September 21st 2017 and reported a 100% sale of its 7,500,000 tokens available (there is a total supply of 10,000,000 EBET tokens). 10% will go to Ethbet’s partners, 5% will go to the bounty and the community, and 10% will go to Ethbet itself. The funds raised during the crowdsale went on further improvement of the platform, including further web and application development and third-party contract security audits.
The USP of Ethbet lies in its provision of gambling without a house edge, because by default Ethbet has no house edge.
FirstBlood is another Ethereum-based platform and it operates on the Ethereum Virtual Machine and is powered by 1ST tokens. FirstBlood is an eSports tournament platform that uses a jury to decide on match outcome and allows users to bet on games without the risk of money transfer, middlemen corruption, and financial regulations.
FirstBlood was launched in 28/09/2016 by the team of developers Zack Coburn founder of EtherOptt, Joe Zhou, co-founder and CEO of Alt-Options, Mikko Ohtamaa CTO and co-founder of LocalBitcoins, and Joey Krug, core developer at Augur.
FirstBlood is a decentralized application (dapp) that intends to make the eSports industry more transparent and efficient while bringing in a new demographic into the crypto community. In this way, the platform brings cryptocurrencies one step closer to mainstream adoption.
FirstBlood hosted a crowdfunding campaign that took place on September 26th at 12AM UTC and lasted for a month and was able to raise $5.5 million.
FirstBlood alpha is expected to launch in December, followed by community tournaments in January 2017 and formation of regional FirstBlood communities in the first months of 2018.
MobileGo is another decentralized blockchain-powered crypto platform that works on the Ethereum smart contract technology. MobileGo is an offshoot of GameCredits and aims at revolutionizing the gaming industry. Some benefits of this platform include absolute control by players and non-requirement of dedicated mobile apps.
This project wants to bypass the restrictions and high fees charged by the dominant mobile app stores by allowing Android users to install a custom app store with a selection of partnered games. MobileGo is a smart token that can facilitate P2P matchplay and tournaments for millions of competitive gamers worldwide – all of which are decentralized.
During their crowdfunding ICO, MobileGo raised $53 million, which became the second biggest ICO at the time. 50% went to direct marketing, 30% is reserved for legal fees, licenses, partnership development and branding, and payment processing float and 20% to MobileGo development including virtual marketplace, gamer to gamer match play, and decentralized tournament play.
Refereum uses the blockchain to directly connect developers and influencers, resulting in lower marketing costs and increased profits for everyone. In addition to more effective growth, Refereum strengthens engagement by offering cash prizes — enabling rewards for anything from an in-game high score to an eSports grand prize. We are working closely with Twitch and Unity, and anyone can play our open source demo today.
Gamers can make money playing video games. Influencers can effectively monetize their followings. Developers can offer cash rewards with a new level of specificity to expand and award their fanbases. Here is a full review of Refereum.
So there you have it. These are five of the most promising gaming based cryptos.
There are a plethora of gaming cryptocurrencies on the market today but it’s still very early to choose a solid winner. However, we think these five projects have the potential for success and suggest both crypto and gaming enthusiasts alike take a closer look.