The GameFi sector has generated a lot of buzz lately, sparking discussion among crypto traders about the potential gains these gaming gems may bring.
In this article, we’ll take a closer look at this niche and highlight three promising tokens that investors may wish to keep an eye on in the latter half of 2024.
The Next Level of Gaming – Why GameFi Tokens Could Surge This Year
GameFi tokens, or gaming cryptocurrencies, are at the intersection of gaming and decentralized finance.
These tokens serve various roles – acting as in-game currencies to purchase items, governing gaming platforms via voting rights, providing access to special features, and rewarding players for skilled gameplay.
Many are also tied to NFTs representing virtual assets that players truly own.
A key draw of GameFi tokens is their interoperability across blockchains and integration with DeFi protocols.
This allows for easy trading, staking, and also the popular “Play-to-Earn” model, in which gamers can accumulate real-world value.
Given all of this, could GameFi tokens be a smart investment in 2024?
There are certainly reasons to believe that the sector might be primed for growth.
The GameFi industry is still relatively new but is rapidly gaining users enticed by the prospect of crypto rewards.
Major gaming companies such as Ubisoft and Epic Games are also exploring crypto integration.
This increasing mainstream attention, combined with new use cases, could be the key to a surge in GameFi adoption – which may boost the value of associated tokens.
Which GameFi Tokens Could Rally in 2024?
With the GameFi space potentially set to grow, several promising tokens are positioned to benefit.
Let’s take a look at three gaming-linked tokens that could see substantial upside in 2024:
1. Mega Dice Token (DICE)
One GameFi token that could surge this year is the Mega Dice Token (DICE).
DICE is the native token powering the Mega Dice crypto casino built on the Solana blockchain.
The project’s whitepaper outlines that DICE has several key use cases.
It’s used for betting and transactions, can be staked, unlocks exclusive games, and might even allow for governance participation in the future.
A few factors make DICE an intriguing prospect for those seeking exposure to the GameFi space.
Firstly, and most importantly, it has an established casino backing already.
Mega Dice casino has over 10,000 monthly active users – and handles over $50 million in monthly wagers.
Secondly, DICE’s staking rewards provide a steady passive income stream for those who hold the token long-term.
A whopping 42 million tokens, representing 10% of the supply, have been set aside to fund these staking rewards.
Finally, with a capped supply of 420 million DICE, there’s clear potential for price appreciation through scarcity.
No wonder prominent YouTubers like Michael Wrubel have recently endorsed Mega Dice Token.
With the DICE presale having raised over $880,000 in funding and tokens on offer for just $0.069, investors may not want to sleep on this project.
2. Ronin (RON)
Another GameFi crypto to watch is Ronin (RON).
Ronin is a gaming-focused sidechain built as a scalable solution for powering Play-to-Earn games like Axie Infinity.
Its native RON token facilitates in-game transactions and enables players to earn rewards.
What makes Ronin so exciting is that the network’s high throughput and low fees cater perfectly to the gaming use case.
As the Play-to-Earn model continues gaining traction, the utility (and demand) for the RON token could rise rapidly.
The fact that Ronin is compatible with the Ethereum Virtual Machine (EVM) adds another reason for investors to be bullish.
Right now, RON is trading for $2.76 and has a market cap of less than $900 million, suggesting plenty of room for growth in the future.
3. Illuvium (ILV)
A third GameFi cryptocurrency worth watching in 2024 is Illuvium (ILV).
Illuvium is an immersive 3D open-world RPG on Ethereum, making it one of the most ambitious blockchain games to date.
Its native ILV token is critical to the in-game economy.
Players earn ILV as rewards for quests and battles, can use it to make purchases and even deploy it to vote on governance proposals.
Additionally, Illuvium shares revenue with ILV stakers through its “Vault” program.
With AAA graphics and true asset ownership via NFTs, Illuvium is one of the most popular crypto-gaming projects on the market right now.
And given that ILV’s price is still 95% below its 2021 all-time high, it might present a buying opportunity for those who believe in the development team’s long-term vision.
