KEY POINTS

  • The GameFi total market capitalization has surged to $55.38 billion in February
  • SAND was trading down 7.14% at $1.32
  • GMT was trading down 1.81% at $1.40

The rise of the cryptocurrency has a parallel in the surge in popularity of crypto gaming coins or tokens as an investment. With the crash of Terra and the concept of algorithmic stablecoin , investors are looking at the potential of this form of digital asset, in the hope that it will earn a return.

Here are some of the crypto gaming tokens investors should keep tabs on this year and a brief explainer what this financial asset is all about.

What Is Crypto Gaming Token?

DeFi, or decentralized finance, is incorporated into video games to create a new ecosystem called GameFi. The term is a fusion of the words game and finance and refers to play-to-earn blockchain games that give economic incentives to players.

This ecosystem uses native tokens, crypto, Non-Fungible Tokens (NFTs) and blockchain tech like play-to-earn models to create a virtual gaming experience. Crypto gaming tokens or coins are the native tokens of these GameFi that investors can invest in.

Cryptocurrencies that depend on blockchain
Litecoin, ripple and ethereum cryptocurrency 'altcoins' sit arranged for a photograph. Jack Taylor/Getty Images

As of February, the total market cap of GameFi has surged to $55.38 billion. Here are some gaming tokens to watch out for in 2022.

The Sandbox (SAND)

This crypto gaming token launched in 2017 is available on major crypto exchanges like Upbit and Binance. It has a market value of $2.4 billion. Created especially for GameFi, Sandbox supports many transactions per second and charges cheap transaction fees.

SAND has its own blockchain that gives developers the chance to build decentralized apps that can be played on the platform. Sandbox was trading down 7.14% at $1.32 with a 24-hour volume of $382,469,214 as of 2:37 a.m. ET on Tuesday, based on data from CoinMarketCap.

StepN (GMT)

Following its successful launch in December, StepN, an app that allows run- and walk-to-earn gaming tokens, has surged in popularity in the play-to-earn blockchain gaming world. It has between 2 and 3 million users worldwide. As of May 24, GMT, StepN's native token, has a market cap of $837,305,092. It was trading down 1.81% at $1.40 as of 3:04 a.m. ET on Tuesday.

Other cryptocurrency gaming tokens worth noting are ApeCoin (APE), Decentraland (MANA) and Axie Infinity (AXS).

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