Heading into 2023, Crypto analysts and investors alike are holding their collective breath. One of the great promises of the coming year is the launch of metaverse-compliant games, platforms, and experiences that have the potential to restore the cryptocurrency market to its glory days.
The Metaverse and GameFi are expected to explode in value – some analysts posit that these industries will be worth $50B by the end of 2025. In this article, we’ll look at three cryptocurrencies that are making moves into this sector: Dogelions (DOGET), Axie Infinity (AXS), and ApeCoin (APE).
Each of these ecosystems has unique strengths and weaknesses. We’ll break these down to give you the best idea of which of these coins you should invest in to catch the wave of profit that may be coming.
ApeCoin: NFT Heaven
ERC-20 governance token ApeCoin (APE) is a token that allows holders to take part in the APE ecosystem – buying, selling, and trading NFTs, being used by developers in games, apps, and Metaverse spaces, and allowing for community development of the project.
Inspired by the Bored Ape Yacht Club NFT collection, the token is often used in conjunction with NFTs and has long been associated with the BAYC NFT image. However, the detail behind this is rooted in Metaverse speculation.
To quote Apecoin’s (APE) homepage: ‘APE is a token made to support what’s next, controlled and built on by the community. It will serve as a decentralized protocol layer for community-led initiatives that drive culture forward into the Metaverse.’
The idea of community ownership and input is very attractive to cryptocurrency enthusiasts, as token holders know that they as investors hold a valued stake in not only the currency itself but in the development of their chosen platforms.
By positioning itself early in the game as a token and platform that supports and empowers Metaverse projects, ApeCoin (APE) and its founding members are laying the groundwork for future profit and market dominance.
AXIE Infinity: Battle and Build for Profit
AXIE Infinity (AXS) is a fully-fledged gaming platform based on the Ethereum blockchain. The concept is simple: play AXIE Infinity, and you can earn AXS (Axie Infinity Shards), the native token of the ecosystem. Players purchase ‘Axies’, the creatures of the game world, as NFTs.
AXS can be earned by playing the game – particularly by winning battles against other players’ ‘Axies’. These tokens can then be used to vote on the future of the game and the platform that hosts it. In this way, continued engagement with the game and its systems is encouraged: playing to win is fun, but playing to influence the future of the game is even better.
It’s easy to see how this gameplay could hook mainstream gamers. The proposed battling system can be compared to such monster hits as Pokemon and Final Fantasy, and NFT ownership is strongly encouraged, thanks to the player’s monsters being tied to NFT tokens.
This fun and charming gaming platform, if it can recapture the addictive gameplay and community engagement of other monster-battling games, could be a powerhouse in the future GameFi economy.
Dogeliens: Level Up your NFTs
Last but not least, the meme token Dogeliens (DOGET) has entered the fray with an offer that strongly incentivises continued play and investment in the Metaverse and GameFi concepts.
In Dogeliens (DOGET) your avatars, or Pups, are also tied to NFT tokens, meaning players can own and sell these digital characters. But a clever design choice ensures that community members have good reason to keep playing. As you battle your Pups, they will level up, earning boosts to their power or additional abilities. This means that the more you play and the more you win, the more you earn.
In addition, you’ll be able to take your NFT Pup for walks and feed them treats, increasing their value. This gameplay loop harkens back to successful animal-focused games of the past, such as the highly successful 2005 Nintendo pet simulator, Nintendogs.
This will likely prove a successful game experience – the concept of ‘grinding’ and improving your in-game assets and characters over time is a tried and tested way to get people to enjoy your game.
With this upcoming gaming experience, Dogeliens is certainly positioning itself to be at the head of the queue for Metaverse gaming and GameFi profit.
Which of these coins do you think has the most potential to carve out a niche in the upcoming Metaverse boom?
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