A Look at the Most Anticipated GameFi Token Launches of 2024
On-chain gaming has come a long way in the last few years, with numerous play-to-earn (P2E) and metaverse releases now spread across various blockchain networks. From collectible NFT card games to auto battlers and immersive virtual worlds, GameFi ventures represent a burgeoning ecosystem where players can extract more value from their gameplay, accrue crypto earnings, compete in tournaments, and put themselves in the frame for other platform rewards.
With the value of the GameFi market expected to surpass $90 billion by 2023, GameFi token launches invariably pique the interest of both crypto investors and veteran players. This will be especially true of tokens set to drop in 2024, with swirling talk of the imminence of the next crypto bull run. The question is, can any of the GameFi tokens launching next year follow the success of Axie Infinity’s AXS or The Sandbox’s SAND?
Upland Eyes Fresh Pastures with Sparklet Token
One highly-anticipated token set to debut next year is Sparklet, a utility token for creators to build in the metaverse. It’s the brainchild of EOS-based virtual world platform Upland, which has mapped the world to the blockchain and is on a mission to “build the world’s largest open digital economy.”
Sparklet isn’t an entirely new asset; the blockchain real estate and collecting game already has Spark, an in-app utility resource that players need to build structures in its metaverse. Earlier this year though, the platform published a whitepaper outlining plans to make Spark fully tradable outside of Upland via what it calls a Token Tradability Event (TTE). In short, Sparklet tokens, each of which is equivalent to one-thousandth of a Spark, will launch on Ethereum and be subject to trading like any other cryptocurrency.
Launching an Ethereum token tied to its existing in-game utility token is a bold move but it’s also a potentially inspired one given current market mood music. Unlike many GameFi projects that flood the market with tokens before building a meaningful product, Upland has focused on creating a highly playable game out of the gate. The metaverse already boasts three million registered players, of whom some 30,000 play Upland on a daily basis. It has also sealed partnerships with major organizations like Fifa and the NFL Players Association. Moreover, the decision to create an Ethereum token was made through a community governance vote, reflecting popular support.
Upland says the ERC20 Sparklets tokens will support value creation in the metaverse, improve network effects, and enhance the game’s presence more generally, since Spark holders will, for the first time, be able to trade the asset in liquid markets. CEO Idan Zuckerman believes the team’s slow-and-steady approach will bear fruit. “We’ve been able to study the Spark economy since we launched it two years ago, which gives us the confidence to provide the right model for it to be sustainable for decades to come in Upland,” he said in October.
With Upland currently working to increase the utility of existing Sparks tokens within its metaverse, the launch of 1 billion Sparklets next year is likely to be a major event. Definitely one worth adding to your GameFi calendar.
Will 2024 Be the Year of Gamefi?
There are other exciting GameFi token launches scheduled for next year. Collectible card game Cross The Ages, for example, will drop its native on-chain token $CTA.
Built on the Immutable X blockchain and set in a lurid dystopia, this mobile-first game combines elements of sci-fi and fantasy and has already been downloaded over 300,000 times. Its monthly NFT trading volume exceeds $1 million and it ranks as the second most popular NFT collection on Immutability X, behind Gods Unchained.
Given the game’s popularity and $CTA’s current existence as an off-chain token, expect plenty of interest when the asset debuts on exchanges next year.
Elsewhere in the web3 gaming landscape, Gamepad, which dubs itself a next-gen accelerator for the metaverse era, is another venture set to launch its own ERC20 token, $GPAD. The asset will power the decentralized incubator’s various components, including a launchpad for IDOs, a rewards platform, an NFT genesis pad for INOs, and an extensive marketing and partner network.
Supported by Enjin and OKX Blockdream Ventures, Gamepad, like Upland, will focus on building solutions, onboarding Triple-A blockchain games, and broadening its reach rather than rush-releasing a native token. An approach that could well pay dividends when $GPAD eventually launches next year.
Lastly, there is Meminator, a fun project that operates at the intersection of blockchain, AI, and memecoins. While it’s easy to dismiss anything operating in the loopy memecoin field, Memeinator isn’t squarely aimed at degen speculators: it will also offer a game (Meme Warfare), NFTs, and token staking. Taking its inspiration from the Terminator films, Memeinator’s ERC20 MMR token is set to launch on major exchanges in the early months of 2024. Can it become the next runaway memecoin success story? Time will tell.
Inevitably, GameFi projects like those mentioned above will hope to ride the wave of what could be a cresting bull market in 2024. The proof, though, will be in the playing: if a game’s no good, it’s unlikely the native token will fare well in the long run. Providing players are engaged, 2024 could be the year GameFi comes of age.