SMOKE and My Crypto Heroes: 2 new gaming cryptos making noise

Highlights

• Major gaming cryptos like MANA, SAND, and AXS have lost substantially this year
• New gaming tokens are being launched, and SMOKE token of Dormant Dragons game comes with in-house NFTs
• My Crypto Heroes token is down this year, and its trading volume is also very low

Is gaming undergoing a paradigm shift due to the blockchain tech? Recently, Square Enix -- popular for its Tomb Raider gaming series -- sold some assets including Tomb Raider to focus on blockchain.

Separately, the native crypto tokens of blockchain-based gaming verses of Axie Infinity, Decentraland, and Gala Games command very high market cap and all three feature in the top 100 cryptos list. Experts, at least some of them, are viewing Microsoft’s Activision Blizzard takeover and Facebook’s Meta shift as likely moves of these tech giants into gaming and even digital assets.

Though Axie Infinity’s AXS token and other top tokens by market cap are the most popular, the below two gaming tokens were making noise at the time of writing.

SMOKE token (SMOKE)

What is SMOKE cryptocurrency?

The project has a role-playing game (RPG) at its heart. It claims, in its whitepaper, to have 5,000 NFTs, Dormant Dragons. These digital assets are said to be powered by Ethereum’s blockchain. The SMOKE project also claims to have virtual land, which is customizable by players. The area holding this land is termed Dragon Valley Land.

Also read: Is Square Enix entering NFT gaming with Tomb Raider's sale?

SMOKE token

SMOKE, the whitepaper says, is an ERC-20 coin, with a feature to bridge it with Polygon network.

It is said to be the project’s utility token, with uses in minting of new characters, staking, and in rewards to users. CoinMarketCap has yet to provide price and other data like market cap for SMOKE token. As it is a fairly new token, enthusiasts of gaming tokens must exercise excessive caution.

My Crypto Heroes (MCHC)

What is My Crypto Heroes game?

Another RPG gaming venture on Ethereum’s network, My Crypto Heroes also has non-fungible tokens in the form of characters and items. My Crypto Heroes has divided its NFTs in three categories -- Land, Hero, and Extension. It is claimed that the owners of these digital assets can eventually trade them on NFT platforms like OpenSea.

MCHC token

An ERC-20 digital asset, MCHC is native to the game My Crypto Heroes. It is said to be its governance token. This means holders of MCHC can vote on how the gaming ecosystem functions.

As of writing, MCHC token traded at nearly US$0.08, which indicated a negative year-to-date (YTD). The 24-hour trading volume of My Crypto Heroes crypto is very low in comparison to gaming tokens like AXS and MANA. CoinMarketCap data suggests MCHC can be traded on QuickSwap and a few other exchanges.

Data provided by CoinMarketCap.com

Also read: As another CryptoPunk NFT sells for high price, what to expect?

Performance of major gaming tokens

AXS, MANA, and SAND have all lost in the current year. It may be because of the drop in popularity of riskier assets due to rising interest rates and geopolitical disturbances. The total market cap of cryptos is under pressure this year, with the biggest asset, Bitcoin (BTC), also having registered losses.

Despite the downward trend in cryptocurrencies, new tokens in all categories including metaverse and play-to-earn can be launched anytime. However, new launches may be riskier than established high cap cryptos that have comparatively higher trading volumes.

Bottom line

Large cap gaming cryptos like AXS and MANA are down this year, but this is not stopping new projects from launching. SMOKE token is a new cryptocurrency, for which price data is not available. MCHC token is linked to My Crypto Heroes game, and on a YTD basis, the token price is down.

Also read: Considering cryptos for retirement investment? Points to evaluate first

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