Best GameFi Tokens That You Definitely Should Know in 2023

A Play-to-Earn model is becoming very popular in the decentralized finance industry. A turnover of such projects reaches millions of dollars. Typically, protocols combine creating and selling NFT tokens, staking, decentralized management, and earnings by performing specific in-game actions. Today, we’ll consider the most popular GameFi tokens that are widely used in NFT games. Let’s get started!

Key Features of GameFi in the Cryptocurrency Industry

The first interactions between blockchain and games took place in 2014 when some online casinos started to accept and withdraw money in BTCs. However, the concepts related to intellectual property and NFT originated somewhat later. In 2017, the NFT-game CryptoKitties, where you could make money, became incredibly popular.

In 2021, we are witnessing the formation of a fundamentally new market segment GameFi (games finance).

The main types of projects involved in this sector:

- Metaverse (alternative game worlds).

- Play-to-Earn and Free-to-Play games.

- Projects for using NFTs in DeFi protocols.

- Tools for creating NFT games or transferring existing games to the blockchain.

Currently, there are about 387 blockchain games of different genres: arcade, card games, strategy. The most used blockchain in such projects is still Ethereum, but other chains, such as Binance Smart Chain, Wax, Tron, are quite actively used to unload it and reduce the cost of transactions.

Many NFT games have not even reached release yet, but you can find their tokens on large crypto exchanges. If you are interested in the list of upcoming NFT games, make sure to check our complete review on the best ones!

Top 10 Best GameFi Tokens of 2023

The in-game tokens listed below are the most demanded and capitalized, according to CoinMarketCap. Let’s consider them in detail!

#1 Axie Infinity (АXS)

- Token’s rate: $133.16

- Market cap: $8,104,730,669

- Blockchain: Ethereum

- NFT support: yes

Axie Infinity is a game about collecting and breeding fantastic creatures called Axies and further PvP battles between players. You can build powerful teams of creatures to defeat opponents. Each Axie has unique strengths and weaknesses, and genetics play an important role in crossbreeding. There are millions of combinations of genes involved in creating Axies. In addition, the game contains land plots that can be used to collect rare in-game resources. During the game, users earn AXS tokens for various in-game actions.

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#2 Enjin Coin (ENJ)

- Token’s rate: $3.73

- Market cap: $3,163,701,588

- Blockchain: Efinity

- NFT support: yes

Enjin develops a blockchain platform for game creators and those who transfer existing game projects to the blockchain. It also focuses on creating NFT tokens. The Enjin Adopter program, launched in 2020, has attracted many developers who have been able to monetize their own projects. In 2021, the company launched its blockchain to avoid the shortcomings of the Ethereum network.

#3 Decentraland (MANA)

- Token’s rate: $4.15

- Market cap: $7,633,104,860

- Blockchain: Ethereum

- NFT support: yes

Decentraland is a kind of virtual reality where you can create in-game objects, trade in a decentralized manner on the Ethereum blockchain. User-owned land plots contain many in-game decorations and structures, from a spaceship to medieval dungeons and villages inspired by the community. A MANA token is required to create objects in the NFT format and trade them.

#4 The Sandbox (SAND)

- Token’s rate: $5.56

- Market cap: $5,024,906,369

- Blockchain: Ethereum

- NFT support: yes

The Sandbox is another metaverse where players can monetize their in-game actions by building constructions and crafting items. SAND is the main mechanism of the platform, ensuring the proper operation of the game and economic mechanics. Players pay SAND to play, buy skins, customize their avatar, acquire land plots. With this token, you can buy assets on the marketplace and generate passive income.

#5 BakerySwap (BAKE)

- Token’s rate: $1.88

- Market cap: $360,959,995

- Blockchain: Binance Smart Chain

- NFT support: yes

A BakerySwap protocol is best known as a decentralized crypto exchange, using automated market maker (AMM) technology. In addition, it provides IDO (Initial DEX Offering), NFT, and, more recently, gamification services. The platform has a collection of more than ten games, including USM Metaverse, Bake Musk Mixer, Doggy Equipment, Matrix Plus Box, Poker BlindBox, Barking Shop, Crуpto Doggy Shop, Rare Car Collection, Game Box, Soccer.

#6 My Neighbor Alice (ALICE)

- Token’s rate: $23.61

- Market cap: $716,035,188

- Blockchain: Ethereum

- NFT support: yes

In the game My Neighbor Alice, each user has their own avatar and can interact with other players or friends. You can change the avatar by purchasing or creating new attributes. In the game, players can buy and sell digital land plots on the in-game marketplace. Each land plot is represented in the form of an NFT token. Houses, animals, food, decor, etc., also act as NFTs. ALICE token is a native currency of the game, which allows you to exchange NFTs, buy land plots, and use various DeFi products.

#7 Ultra (UOS)

- Token’s rate: $1.90

- Market cap: $538,622,101

- Blockchain: Ethereum

- NFT support: yes

Ultra is an entertainment platform that combines various services of the gaming industry. You can buy and play games, watch live broadcasts, interact with influencers, participate in contests and tournaments. All purchased content is NFT protected and can be traded on third-party platforms. The project has a referral program.

#8 BORA (BORA)

- Token’s rate: $1.11

- Market cap: $954,962,986

- Blockchain: BORA Chain

- NFT support: yes

BORA is a blockchain platform for content developers (mainly gaming) and its users. The main goal is to use trial services to test the network at the speed of light. Games are in demand and intuitive, so they are well suited for these purposes. BORA supports smart contracts to create BApps — decentralized applications on its blockchain. The project cooperates with many companies in the field of games, music, and video.

#9 Yield Guild Games (YGG)

- Token’s rate: $8.13

- Market cap: $556,515,569

- Blockchain: Ethereum

- NFT support: yes

The Yield Guild Games project is a decentralized management organization specializing in NFT and metaverse investments. In July 2021, the IDO of the project took place, and it also received venture funding. A YGG token gives the right to manage the project and share of NFT operations. Mainly, the project focuses on asset management in games such as Axie Infinity, League of Kingdoms, Sandbox.

#10 MOBOX (MBOX)

- Token’s rate: $6.54

- Market cap: $515,307,654

- Blockchain: Вinance Smart Chain

- NFT support: yes

The MOBOX project strives to unify NFT, blockchain games, and platforms. It aims to improve the utility of non-fungible tokens by introducing additional uses for them. The platform provides an opportunity to play games and earn money while playing, stake MBOX tokens and receive gift boxes with NFTs as a reward. There are three main components of the platform: NFT marketplace, a tool for creating NFTs, and functionality for game development.

Conclusion

The industry of GameFi and gaming tokens is one of the most promising to date. It provides a ton of opportunities for both developers and users. Players can monetize their time and effort, and a variety of decentralized games genres allows everyone to find a perfect game for every taste.

What NFT games do you play? Feel free to share your favorite ones in the comments below!