Although GameFi is a relatively new sector in the crypto industry, it is already undergoing reinvention. Thanks to the vast potentials of blockchain and virtual reality, cryptocurrencies such as Avalanche (AVAX), Enjin Coin (ENJ), and Metamortals (MORT) lead the group guiding this reinvention phase.
This article provides information on these three big-time supporting cryptocurrencies of the GameFi sector.
Popular Ethereum rival, Avalanche (AVAX), is a cryptocurrency and an open-source smart contract protocol for deploying new and autonomous dApps and blockchains. Its blockchain is lightning fast, cheap, and eco-friendly.
Avalanche blockchain features include multiple validators, high scalability, and a tri-chain network (X-Chain, P-Chain, and C-Chain) for processing more transactions per second. Its proof-of-stake consensus and the Avalanche consensus protocol also ensure high security.
Additionally, Avalanche supports scalable, fast, and low-cost Ethereum (ETH) smart contracts and dApps. The Avalanche bridge also allows for the transfer of assets between the Ethereum and Avalanche blockchains, enabling interoperability.
Furthermore, the Avalanche Foundation recently announced its multiverse project, Avalanche Multiverse. The incentive program focuses on improving the adoption and expansion of its revolutionary “subnet” to create a rich ecosystem of scalable and customizable dApps such as games, DeFi, NFTs, and institutional use cases.
The AVAX token powers the Avalanche network and secures the network through staking. It facilitates fee payments, validator rewards, and fast peer-to-peer transfers or trading on different crypto exchange platforms. It also serves as the medium of exchange between the multiple subnetworks created on the Avalanche platform.
Enjin Coin (ENJ)
Enjin Coin (ENJ) is an Ethereum-based cryptocurrency used by the gaming company, Enjin, to create value for next-gen blockchain assets and NFT creations.
The Enjin platform hosts an ecosystem of decentralized, interconnected blockchain-based games, NFTs, tokens, and a marketplace for trading these digital assets.
Therefore, the platform supports crypto gaming by enabling game developers to tokenize in-game items or create custom tokens (NFTs) backed against the ERC-20 Enjin Coin (ENJ) for a predefined fee.
As the backbone of NFTs in the Enjin ecosystem, the ENJ token is anti-inflationary and offers authenticity, tangibility, trust, scarcity, and value to the NFTs minted on the platform.
The ENJ token creates value when users earn certain tokenized assets by participating in Enjin-based games and then ‘melt’ those assets into ENJ. Subsequently, users can use the ENJ coins to purchase various in-game items or trade them on crypto platforms, such as Gemini, Binance, and Coinbase.
Furthermore, ENJ will also infuse value to the digital assets created on the upcoming Efinity network, a decentralized cross-chain metaverse built on Polkadot.
Metamortals is a new cryptocurrency that aims to incorporate decentralized finance into crypto gaming as a GameFi project. Therefore, the innovative DeFi blockchain game plans to combine saving, earning, and entertainment.
Players can enjoy adventurous play-to-earn games in a fantasy realm while earning or performing DeFi activities like staking, yield farming, and token swapping.
Additionally, Metamortals will create a virtual social world where everyone can interact in real-time using social media, augmented reality, virtual reality, and mixed reality.
The Metamortals ecosystem will also feature a learn-to-earn model, incubator (for fundraising), decentralized exchange, and a DAO system.
The Metamortals token, MORT, will power the ecosystem. The MORT token is a BEP20 token based on the Binance Smart Chain with a cross-chain functionality.
Players can obtain the MORT tokens by carrying out various game tasks like exploring, providing liquidity, staking, etc. The token facilitates in-game trading, rewards for liquidity farming, staking, decentralized exchange, and acquisition of the governance token, MORT DAO.
The Metamortals presale is currently live and offers exciting rewards for purchases. You can earn a 35%, 50%, or 85% bonus on your 1st, 2nd, or 3rd purchase. Other incentives like deposits and referral bonuses are available to buyers.
Crypto gaming has grown from a mere play-to-earn model to a means of value creation both in the real world and multiverse, attracting more interest from game developers and players alike.
These tokens on our cryptocurrency list lead the reinvention of crypto gaming, with the Metamortals (MORT) token bringing an innovative approach to value creation.
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