Gaming cryptos are set to explode in 2024 as multiple factors combine to create bullish tailwinds. Video games increasingly focus on microtransactions and juicing as much cash from individual players as possible. Gaming cryptos tend to facilitate this, as they are typically in-game finance and transaction management tools.
Likewise, the global blockchain gaming market broke $4.6 billion in total value in 2022. It’s now on track to exceed $65 billion in 2027 – a 70% CAGR. It’s tough to beat that upside from other investments, including standard crypto fare like Bitcoin (BTC-USD). Combined with their inherent “usability,” putting practical concerns to bed, these gaming cryptos stand the best chance to generate massive returns in the coming years.
Decentraland (MANA)
Decentraland (CCC:MANA-USD) is a metaverse-focused crypto offering users an in-browser gaming experience unparalleled in today’s market.
Like most metaverse opportunities, MANA saw a rapid rise and precipitous fall in recent years. Amid the pandemic’s “everything goes up” investment strategy, real estate prices in Decentraland were selling for tens of thousands per block, with big-name buyers offering virtual parties, fashion shows, and more.
Well below past highs where MANA traded in the $5+ range, today it sits at a relatively paltry fifty-six cents. But metaverse and Web3 gaming isn’t going anywhere, particularly as virtual reality gaming takes off. When (not if) companies like Nintendo offer complete VR headset experiences, Decentraland will be a prime market opportunity for immersive gaming.
To meet new and future players, Decentraland just announced a cross-chain upgrade to let players use other cryptocurrencies rather than MANA in-game. While this could put pressure on MANA in the short term, it ultimately serves as a capture point for players to nest themselves in the ecosystem before leveraging MANA.
The Sandbox (SAND)
The Sandbox (CCC:SAND-USD) is another metaverse-focused gaming coin that lets users trade within the platform.
Unlike others, The Sandbox lets users build and develop their own games through no-code tools. This unique feature democratizes the notoriously difficult-to-learn game development process. Already, brands like Gucci and Adidas are leveraging the platform to host virtual fashion shows, showing that The Sandbox has use cases beyond just gaming.
Like MANA, SAND saw a rapid decline after 2021, but its recent 40% gain points to renewed enthusiasm. Still, the crypto remains primed to break out as gaming cryptos start gaining steam. One technical analyst showed that SAND’s current chart is firmly within the “depression” phase of the Wall Street psychology cycle. That indicates inherent undervaluation that precedes a rapid run-up. Technical analysis can sometimes be compared to reading tea leaves, meaning forecasts aren’t set in stone. Still, it’s a compelling opportunity for this gaming crypto that trades at just sixty-three cents today.
Immutable (IMX)
Immutable (IMX-USD) saw massive whale movement earlier this year, as some called September surges price manipulation. Still, like other gaming cryptos, IMX offers a compelling use case for 2024. And, though the apparent price manipulation pushed shares to $1, IMX’s price nearly doubled in the interim – meaning those calling foul may have been premature.
Much of that resurgence came from investment management firm VanEck calling for IMX “to become a top 25 coin by market cap.” That bullish endorsement comes from the imminent release of big-budget video games made to fit within the IMX ecosystem.
Notably, gaming company Illuvium is building a suite of gaming opportunities on Immutable’s blockchain. And, though none of those games have yet dropped, surging prices point to massive opportunity. If you’re looking for gaming cryptos in 2024, IMX is likely your best and safest bet – especially if paired with relatively speculative assets like MANA and SAND.
On the date of publication, Jeremy Flint held no positions in the securities mentioned. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
