GameFi (game finance) is a new area that provides an opportunity to earn on gamified dApps in many ways. There are two main areas of income that are actively used in gaming. These are the creation/sale of NFT tokens, which represent various in-game objects and locations and investing in your own native project tokens, which can grow many times in value as the project develops.
Some of these tokens have shown truly spectacular growth. For example, the value of the AXS token (Axie Infinity) has increased by 58,000% since its launch, SPS (Splinterlands) by almost 500% in the first days of trading, and ENJ (Enjin Coin) by 1,100% over the last year, and especially rapid growth began in January 2021, with the beginning of GameFi popularity.
Today, you will find out how to buy GameFi tokens or sell them and which platforms are suitable for this purpose. Let’s get started!
What Are GameFi Tokens?
The direction of gamified finance has emerged from decentralized finance and is essentially very similar. Only the external component differs — thus, developers began to add a game component to their projects to attract more users. As a result, dozens of strategies, arcades, RPGs, and other genres where blockchain technologies play a key role have emerged: NFTs, decentralized management, and the Web 3.0 concept.
Tokens of such blockchain projects can give various rights: voting on governance, performing some in-game actions, as well as buying or selling NFTs on built-in marketplaces.
The most capitalized GameFi tokens according to CoinMarketCap:
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- Axie Infinity (AXS) — $5,120,011,807
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- Decentraland (MANA) — $1,878,230,893
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- Enjin Coin (ENJ) — $1,774,556,761
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- The Sandbox (SAND) — $868,623,655
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- BakeryToken (BAKE) — $570,194,390
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- Star Atlas (ATLAS) — $513,560,770
Thus, the undisputed leader is Axie Infinity (AXS), and the more popular the game is, the higher the demand for its token. In the Philippines, people are even ready to accept it as payment since many players make money using this platform.
Where to Buy GameFi Tokens?
The most popular way to purchase tokens is doing it via crypto exchanges with the most up-to-date rates. Here is the list of the most popular decentralized crypto exchanges to buy GameFi tokens.
Uniswap
The platform allows you to trade ERC-20 tokens based on the Ethereum blockchain via a web interface. The exchange takes place instantly, and there is no need to worry about trusting someone with storage or going through KYC. On the exchange, liquidity providers can provide funds to any pool but must first provide collateral for each target market. For example, a user interested in the DAI/USDC market must provide the same collateral for the two currencies.
PancakeSwap
Another DeFi app with AMM (automated market maker) allows you to exchange tokens, supply liquidity and earn commissions, and engage in yield farming. PancakeSwap is powered by Binance Smart Chain and currently ranks second in terms of volume and number of transactions on this chain. This exchange is sometimes referred to as Uniswap on the BSC Network.
SushiSwap
The project appeared as a fork of Uniswap and aimed to eliminate its shortcomings. Users pay a 0.3% fee for using any liquidity pool. In addition, once the token pool is approved, users pay another small fee. Since its launch, the platform has received a lot of support from the crypto community. Many DeFi platforms have also supported SushiSwap, and even major centralized exchanges have listed a SUSHI token.
BakerySwap
It’s one of the best AMM DEX built on Binance Smart Chain. In addition to fast transactions and low fees, it has many innovations such as creating and trading NFTs, the IDO launch pad, and, more recently, blockchain games. BakerySwap was quickly able to position itself as one of the leading providers of AMM services.
1inch
This DEX aggregator constantly scans the cryptocurrency market to find the best exchange options and the lowest transaction fees. 1inch can also split a trade across multiple exchanges to get the best result. Moreover, users have the ability to set limit orders.
Conclusion
To quickly find where you can buy or sell a GameFi token you are interested in, use aggregators such as CoinGecko. As the popularity of gaming blockchain projects grows, a trend is expected to be followed by other trading services, exchanges, and wallets.
What is your favorite crypto exchange to buy GameFi tokens? Feel free to share your thoughts in the comments below!
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