The Web3 gaming ecosystem is rapidly changing the gaming landscape by incorporating blockchain technology and cryptocurrencies. This integration along with blockchain technology allows for new rewarding economic models, true ownership of in-game assets, and player-controlled decentralized governance. Each of these cryptocurrencies serve important purposes within their respective Web3 gaming ecosystems, providing distinct features and advantages.
Illuvium, an open-world role-playing game, operates on the Ethereum blockchain. Its ambition sets it apart as it seeks to provide a triple-A gaming experience on the blockchain. This ambitious goal brings with it the ever-present, gamer-grade standards of quality and immersion.
Solana, built for speedy and cheap transactions, is the other major player in the coup. First, its high performance has made it a top choice for Web3 game developers looking for efficient blockchain solutions. The native token, SOL, is pivotal to in-game features and economies across the Solana ecosystem.
In Axie Infinity, which runs on the Ethereum blockchain, players breed and battle digital creatures known as Axies. The game utilizes two essential cryptocurrencies: Axie Infinity Shards (AXS), primarily for governance, and Smooth Love Potion (SLP), earned through gameplay. While Axie Infinity’s model has proven attractive and created massive user engagement, the pitfalls of token price volatility have been laid bare.
Decentraland, an online virtual reality platform, is another example that runs on the Ethereum blockchain. MANA, the platform’s native currency, fuels millions of transactions within its growing, immersive virtual world. This opens the door for users to more effortlessly purchase land, items, and services.
OpenSea, which started in 2017, became widely popular as it enabled trading for multiple token standards, like ERC-721 and ERC-1155. Because OpenSea runs on Ethereum, anyone can use OpenSea to buy or sell any NFT that exists on Ethereum. These range from wearables in Web3 games, art, and other collectibles.
Ethereum is the foundation of all these projects and many more, including Axie Infinity, Decentraland and The Sandbox, among many others. It allows for true ownership and transferability of digital assets, which adds a new foundational layer to countless Web3 games. Solana is indeed very speedy and less expensive. This booming ecosystem and the potential for multiple scalable chains make it an attractive option compared to Ethereum for developers seeking scalable solutions.
