The 14 Best GameFi Crypto Tokens to Buy in 2024

Blockchain technology has enabled gaming platform developers to design internal economies within their games with their in game assets that have real word value. This combination of finance and gaming is called GameFi and players are already earning from the best GameFi tokens out there.

These projects are games or other game-like platforms that reward players for performing specific action, winning battles, and generally doing what players already love, playing. But with so many tokens out there, which ones give the best yield and stand the best chance of growth?

This guide dives into 14 of the best gaming crypto out there. It dives into what the games are about, why they are good investments, and the risks involved with investing in them.

The Best GameFi Crypto Tokens in 2024

The Top GameFi Crypto Tokens Reviewed

What Is GameFi Crypto?

GameFi cryptos are tokens and coins that are at the intersection of Web3 and decentralized finance. They usually belong to gaming ecosystems that integrate financial mechanics into their gaming to incentivise users to play the game or interact with the crypto gaming ecosystem.

Most GameFi cryptos have an element of game theory that can be used to predict how various participants will act and behave. The development team will rely on this to design the internal economics and in-game purchases of their system to make it sustainable and rewarding for users.

Because of this design, GameFi cryptos are popular among Web3 gamers because they can generate financial returns, gaming cryptos, from playing their favorite games.

What are GameFi Tokens Used for?

Most GameFi tokens generate rewards in some ways, however, they may serve different functions within their ecosystems.

Some tokens are used for governance, giving their holders the right to vote on proposals and exert some level of ownership over the ecosystem. Some others are used for utility, allowing users to access certain services or abilities. For example, one of the best utility tokens, SLP in the Axie Infinity game can be used to upgrade Axies to make them stronger.

Platform tokens grant access to the blockchain gaming platform or ecosystem and are needed to play along the game.

Oftentimes, a token plays multiple roles. For example, a governance token can also be used as a platform token, like the case of Apecoin in the coming Otherside Metaverse.

How Can You Earn in GameFi?

Earning in GameFi depends on the model the game runs on. Some are play-to-earn, meaning that you need to engage in gameplay to earn crypto gaming tokens. A good example is Axie infinity where players earn tokens when they win battles against other players.

Alternatively, you can earn from various staking or mining activities. A good example is Alien Worlds where you can stake Trillium in various planets and earn a portion of all resources from that planet, which can be converted to crypto.

How Will Blockchain Gaming Revolutionise Digital Gaming?

Digital ownership: Blockchain technology allows players to truly own their in-game items and virtual assets like weapons, skins, tools, and even characters. Players know that they exert complete control over the virtual assets they buy and this leads to vibrant in-game markets.
Interoperability: Thanks to NFT standards and shared blockchain infrastructure, the game development team can build interoperable ecosystems where players from various games can interact with one another and engage in trade. This can deepen in-game markets and create wider player arcs.
Digital scarcity: NFTs allow players to own verifiably unique items, thereby creating value in the digital space. These unique items can be traded at a premium.
Inclusivity: The barriers for entry into the blockchain games virtual space are usually low. Even if the price of characters may be high, there are usually no geographical barriers to entry.
Profitability: Well-planned gaming ecosystems can be profitable for players provided the in-game advancement and reward system is sustainable.

What are the Benefits of GameFi Crypto Investments?

Asset Ownership

One of the major benefits of GameFi crypto investments is verifiable ownership of digital assets. And the reason this is important is because the digital assets you own can one day become very valuable.

A good example is buying land in the Metaverse like Sandbox or Otherside. Land in these Metaverses are NFTs, so land owners know that they own the properties bought. As Sandbox grows in usage, the land could grow in value.

Another benefit of ownership is that nothing is truly lost, provided you hold the NFT. You can move your assets to other games that are built on the same technology and standards, hence preserving everything you’ve spent your money on.

Profit Potential

The next major benefit of GameFi investments is the profit potential from either the tokens or digital assets.

For example, at the height of the 2021 bull run, land prices on Sandbox were as high as $10,000 for average plots. In Axie Infinity, a regular Axie sold for around $200 while more exotic ones sold for higher prices.

The owners of these assets could have sold for a handsome profit (and many did).

Income Source

GameFi projects provide a means to make profit for various people. A great example is Axie Infinity. When the game launched, the industry was saturated with stories about people in the Philippines who made money playing the game full-time.

Because the price of Axies were very expensive at the time, crypto gaming guilds sprung up, bought Axies, and loaned them out to these players for a cut of their profit. In essence, one game provided a source of income for players and the gaming guilds.

Are There any Risks Involved With GameFi Cryptos?

Scam Projects

Any competent developer can hack together a “game”, create tokens for it and call it a GameFi project. This was rampant in the NFT space in 2021, especially on the Solana network as it was cheap and easy to create NFTs.

These projects don’t usually last long, create a lot of hype, and are not very clear on where the yield they pay stakers comes from. Unfortunately, several uneducated players fall prey to these types of projects.

Some scam projects also run scripts that steal tokens from your wallet immediately you connect. A good example was the SolCars NFT project that drained the wallets of several unsuspecting folks who connected to mint the new NFTs.

Failed Projects

A project could be legit and still fail, sometimes due to reasons outside their control. There are several GameFi offerings in the crypto space, and there are only so many games people can play simultaneously.

As such, players tend to go for the most popular, profitable, and most visually appealing gaming experiences. This will inevitably leave out projects that were good, but not necessarily great. And you may suffer a loss if you are invested in their tokens.

Bad Economic Models

Some GameFi projects fail due to bad economic models. Some print too many tokens and dilute their value, some others focus way too much on the financial side of the game and neglect engaging gaming experiences, driving away players who just want great games.

These projects can redeem themselves if they change their economic models or infuse engaging gameplay fast enough before players move on. However, there are no guarantees that the new changes will work.

Play-To-Earn (P2E) Vs. Pay-To-Play (P2P) Vs. Play-To-Own (P2O) GameFi Models

Play-To-Earn

Play-to-earn GameFi models are a system of fusing finance and gameplay that requires players to engage with the game in certain ways to earn financial rewards. Usually, the model requires that players win battles or tournaments or reach certain levels within a period of time.

In essence, the more players play and fulfill the conditions, the higher their chances of earning. This model motivates players to keep playing, thereby keeping the game alive and profitable. A good example of this is Illuvium where players can earn by exploring worlds, finding rare artifacts, and battling.

Pay-To-Play

Pay-to-play models hide the game behind a paywall. This paywall may come in various forms. Sometimes, players are required to buy characters to be able to engage in the game. A good example is Axie Infinity that requires players to buy at least three Axies to begin.

Play-To-Own

Play-to-own models allow players to own digital property that can be sold or traded on a secondary marketplace. Oftentimes, these items are the loot from embarking on quests, defeating villains, or battling other players.

Once obtained, players exercise complete control over the items, usually NFTs, and can do with them whatever they please.

How to Open a Wallet for Play-To-Earn Games

1. Open An Account

Go to the eToro website and click on the Start investing icon to create an account. Alternatively, you can download the mobile app from the Play Store/App Store and click on Sign up. Fill out the form with your full name, email address, and password.

2. Verify Your Account

Next, verify your account with personal details like your date of birth and a passport photo, after which submit KYC documents. These documents include proof of ID (National ID or driver’s licence) and proof of residence (utility bill).

3. Make a Deposit

Once your account has been verified, click on Deposit funds on the left pane of the page. The deposit options available will be displayed. Choose a convenient method from the drop-down menu and set the amount you’d like to deposit.

4. Buy a GameFi Crypto

Once your account is funded, search for any Metaverse crypto in the Discover tab. An interface like the one below should load. You can then set your parameters and buy.

Where to Buy New GameFi Coins

To get your hands on GameFi cryptos like Chancer that are not yet listed on exchanges, you’ll have to purchase them directly on their websites using a crypto wallet. We created a guide to help you do that.

Step 1: Download a Wallet

We used the MetaMask wallet for this guide. Download the app on your phone or use the browser extension on your laptop. Create a new wallet. Ensure you keep your seed phrase safe and offline.

Step 2: Buy Some Crypto

You’ll need BNB to buy new Chancer tokens. Buy some from an exchange like eToro and transfer to your wallet. Alternatively, you can use an on-ramp on MetaMask’s portfolio site to buy.

Step 3: Connect Wallet

Navigate to Chancer’s website and connect your wallet to join the presale. You can do this from the in-built browser on the mobile app. Buy CHANCER tokens using BNB. Ensure you have enough to pay for gas fees.

Step 4: Wait to Claim

You’ll need to wait until the presale is over to claim your tokens.

The Latest GameFi Cryptos News

Illuvium secures additional $10M funding from Framework Ventures to further develop its game into a AAA title.
Gala Games burns over $600 million worth of GALA tokens in a push towards a new, improved tokenomics model.
Axie Infinity launches a new iOS app that doesn’t require player to buy NFTs in a bid to expand its game to mobile.

Final Thoughts on the Best GameFi Crypto Tokens

We explored the best GameFi crypto projects and chose Chancer as the most attractive overall option as its gambling platform features GameFi mechanics like staking that can be financially rewarding as well as its core betting features.

You can profit from Chancer by winning bets on the coming platform or purchasing the tokens which are still in the presale phase and as such are being sold at a discount to the launch price.

Nonetheless, all the other projects in this guide are great GameFi tokens with high-profit potential. You’ll need to sign up with a crypto exchange to invest in cryptos with GameFi potential.

Methodology - How We Picked The Best GameFi Cryptos

The tokens covered in this guide were chosen through rigorous research and reviews. We paid attention to security, transparency, reputation, gameplay, tokenomics, and competitive edge.

The tokens listed are the best we found in the various categories we listed them. For example, we listed Axie Infinity as the best play-to-earn GameFi crypto because of the financial model it runs where players earn with more battles they win.

Check out our why trust us and how we test pages for more information on our testing process.

FAQs

How to get started in play-to-earn gaming?

To get started with play-to-earn gaming, choose a suitable game and start playing. You may need to be a little strategic to maximise your yields.

Is GameFi a good investment?

Game Fi can be a good investment, provided that they have sound economic models and a vibrant user base.

Does GameFi have a future?

GameFi has a future as more people embrace the adoption of blockchain technology across various industries.

Does GameFi have a token?

This question is not formed properly. GameFi is not a singular project that has ome token, but a category in crypto where projects may or may not have tokens.

What are GameFi coins?

GameFi coins are cryptos that belong to the GameFi ecosystem and projects that either offer financial incentives or governance rights.

How do crypto games make money?

Various games implement different profit models. Some take a cut of marketplace transactions made in the ecosystem. Some others sell items directly to players.

The 14 Best GameFi Crypto Tokens to Buy in 2024 | Play and Earn Crypto