Gaming and cryptocurrencies are two industries that have rapidly grown over the past few years. Combining the two has resulted in the emergence of gaming cryptocurrencies that are quickly gaining traction in the gaming world.
Gaming cryptocurrencies offer several advantages over traditional payment methods. Firstly, they allow for fast and secure transactions, which is essential in the gaming industry where speed is critical. Additionally, gaming cryptocurrencies offer anonymity and privacy, making them a popular choice among gamers who prefer to keep their financial transactions private.
Several gaming cryptocurrencies have been developed, each with its unique features and benefits. It can be challenging to navigate the market and choose the best gaming cryptocurrencies for investment.
In this article, we will explore the top three gaming cryptocurrencies worth considering as investments in 2023. We will delve into the features and benefits of each cryptocurrency, as well as their potential risks. This information will help you make informed decisions when investing in gaming cryptocurrencies.
Enjin Coin (ENJ)-
Enjin Coin (ENJ) is a digital token created using the ERC-20 standard on the Ethereum blockchain. Its primary objective is to make non-fungible tokens (NFTs) more accessible to individuals, businesses, and brands. ENJ serves as a direct backing for the value of NFTs generated within the Enjin ecosystem, simplifying the use of these unique tokens.
Enjin Coin offers a novel way to incorporate blockchain technology into the gaming industry. It empowers players to have more control over their in-game assets and enables game developers to create more immersive and engaging experiences. Moreover, the platform has introduced APEcoin to promote charitable and environmental activities, with a portion of each transaction fee allocated to a charity wallet. The funds can then be distributed to non-profit organizations.
When looking at the price action of ENJ/USDT in the 4-hour timeframe, it appears to be moving within an Ascending Broadening Wedge pattern. Currently, the price is being rejected from the resistance trendline of the wedge. Therefore, traders must wait for a successful breakout or breakdown to determine the direction of the next price move.
Decentraland (MANA) is a form of digital currency that operates within a virtual world platform of the same name. This platform is built on the Ethereum blockchain and is designed to allow users to create, experience, and monetize various forms of content and applications. The primary use of MANA within this platform is to facilitate transactions between users for the purchase and sale of virtual land, goods, and services. Additionally, MANA tokens are utilized as a means of paying transaction fees on the Decentraland network.
MANA's primary application is in gaming, where it enables users to create and participate in decentralized virtual economies within the Decentraland platform. This provides gamers with a unique opportunity to own and monetize their virtual assets in a fully decentralized environment that is controlled by the users themselves.
Overall, the MANA cryptocurrency plays a significant role in the gaming industry by offering a new and innovative way for gamers to engage with virtual economies within the Decentraland platform. As virtual reality continues to grow in popularity, Decentraland and MANA have the potential to become major players in the gaming industry.
In the 12-hour timeframe, the price action of the MANA/USDT pair is currently consolidated within a symmetrical triangle. Additionally, the 4 exponential moving averages (EMAs) are currently positioned above the price action. To confirm the next direction of MANA, we must wait for a successful breakout or breakdown from this consolidation pattern
Axie Infinity (AXS)
AXS (Axie Infinity Shards) is a digital currency that is utilized within the Axie Infinity platform, a blockchain-based game where players can breed, battle, and trade creatures known as Axies. Each Axie is unique and can be used in battles against other players.
One of the most noteworthy aspects of the Axie Infinity platform is its play-to-earn model, where players can earn rewards in the form of AXS and other cryptocurrencies for participating in various activities within the game. This has resulted in a growing community of players who are able to earn a living by playing Axie Infinity. Additionally, AXS can be bought and sold on a variety of cryptocurrency exchanges, with its value being determined by market supply and demand.
Axie Infinity has recently shown significant promise, making it a potentially attractive opportunity to explore and potentially invest in. In the second half of the year, the price of AXS/USDT has broken through a horizontal support and resistance zone. As a result, a downward movement is expected from this point onwards.
In conclusion, the gaming industry is quickly becoming a significant use case for cryptocurrencies. As the industry continues to grow and evolve, gaming cryptocurrencies are poised to become an essential part of the ecosystem. With the advent of blockchain technology, gamers can now earn and spend cryptocurrencies within games, opening up new opportunities for in-game economies and creating a new revenue stream for game developers.
The top 3 gaming cryptocurrencies to invest in for the gaming industry are Enjin Coin (ENJ), Axie Infinity (AXS), and Decentraland (MANA). These cryptocurrencies are all unique in their own right, offering different benefits and use cases for gamers and investors alike. As with any investment, it is important to do your own research and assess the risks involved before making any decisions. However, with the potential for significant growth and adoption, gaming cryptocurrencies are certainly worth considering for those looking to invest in the future of gaming.