The Avalanche (AVAX) blockchain possesses a fast-growing ecosystem of different projects. These applications include AVAX games and AVAX NFT drops. These games come in a wide variety of styles and themes and are built on NFTs. Most games on the network also feature the use of cryptocurrency to monetize your in-game experiences. Some of these currencies are unique to their games, while others simply utilize the native AVAX token. Certain games are focused more on farming and staking cryptocurrency, while others provide fun, interactive gameplay experiences.
One example of an AVAX game is AVAXGhost. This game is a decentralized, play-to-earn, adventure game where players can mint their own tokens and earn cryptocurrency through competing on different teams within the game. Players start by connecting their crypto wallets and can then start playing the game and earning real money. This play-to-earn model is revolutionary to the world of gaming which was valued at over $170 billion in 2021 and has a user base of more than 2.5 billion people all over the world. For years, gaming has been considered a leisurely activity and a form of entertainment. Only the most professional gamers were able to turn gaming into a career. But now, the play-to-earn model has democratized the ability to earn an income from gaming. Anyone who knows how to use a computer can now jump into any of these new kinds of games and start earning real money.
Overall, recent AVAX news reveals that AVAX has been doing extremely well in the markets. Recent Avalanche news reports have described the strong growth that is currently pushing the price of AVAX higher and higher (2). Other stories argue that this consistent increase in the value of AVAX is due to it being the fastest smart contract platform (3). Meanwhile, on the AVAX Reddit (4), users are anticipating the value of AVAX tokens to reach up to $100 which would be a huge milestone for the cryptocurrency.
One easy way to find a list of all of the AVAX NFT games, as well as other projects being built on the network, is to go to the AVAX projects website (5). Here, you can simply search for “games” and see all of the blockchain-powered experiences that have been announced to date. All of these games feature NFTs or non-fungible tokens. Non-fungible tokens are permanent, unique pieces of information that are stored on the blockchain and associated with a particular digital object. Using these NFTs, game developers can now provide players with true digital ownership over their assets within the game, whether that is a particular digital wearable for an avatar, a virtual car, or even in-game real estate.
These NFTs form the basis of a significant number of economies within games. Using them, players can buy, sell, rent, or even loan digital assets to each other for certain amounts of cryptocurrency. NFTs also power the play-to-earn methodology as some players start treating them as investments, buying low and selling them high. One example of an AVAX NFT game would be Imperium Empires (6) which is currently in development but will feature high-quality graphics, a large metaverse to explore, and several game modes allowing players to customize their gameplay experience.
The best way to start buying your own NFTs is to find an AVAX NFT market. Some games and metaverse platforms feature their own marketplaces, allowing players to buy and sell assets specific to that game. An example of a place like this could be the marketplaces for games such as Farmers World (7) or Blocktopia (8). An AVAX NFT marketplace is any market that sells Avalanche-powered NFTs and cryptocurrency. The best AVAX NFT marketplace could be NFTrade (9). This marketplace features a wide selection of NFTs for all kinds of AVAX projects. Its aggregating feature makes it easy for you to track down the exact NFT you are looking for, no matter what game it is related to.
NFTrade is also decentralized which means it is more resistant to censorship, not being owned by any single entity. This marketplace also includes several social features allowing owners of NFTs to share their purchases with other members of the NFT community. Furthermore, if you are interested in creating your own AVAX NFTs, you can use their Create feature. This allows you to create NFTs as simply as uploading a video to YouTube or an image to Instagram. Finally, NFTrade is also cross-compatible with other blockchains, meaning that it could easily become the one-stop shop for a significant portion of the NFT community.
The AVAX ecosystem is the sum total of all the hundreds of projects built on the Avalanche blockchain or introduced into the blockchain from outside. Many of these applications have their own native currencies which consist of the AVAX ecosystem coins. CoinMarketCap shows the top Avalanche ecosystem tokens and they include Chainlink (LINK), Dai (DAI), and Tether (USDT) (10). All of these tokens are cryptocurrencies used within the AVAX ecosystem by various projects.
LINK, for instance, is the 22nd largest cryptocurrency by market capitalization and the current price is $17.86 USD (11). LINK is the native cryptocurrency of the Chainlink blockchain project which is the leading vendor of decentralized oracle services. Oracles allow external, real-world data such as pricing information to be maintained live on the blockchain.
DAI, on the other hand, is an Ethereum-based cryptocurrency that Avalanche has integrated into its platform. DAI is a stablecoin, which means that it is a cryptocurrency that is designed to tie its market value to an external reference. Many stablecoins, including DAI, strive to maintain a market value of as close to the US dollar as possible.
Finally, Tether is also a stablecoin built on the Ethereum blockchain and was originally designed to have a market value that was also tied to the U.S. dollar. This currency is not decentralized, but is rather owned and operated by the crypto exchange BitFinex (12).
The current price of AVAX crypto is sitting at around $83 (13). With AVAX Coinbase (14), you can instantly check the value of any cryptocurrency, including AVAX. One of the innovations that Avalanche is utilizing on its blockchain network is the proof-of-stake (PoS) model. In the past, blockchain networks were built on the proof-of-work (PoW) concept. With PoW, new currency can only be minted through the difficult and costly process of mining. When currency was mined, transactions were recorded and massively complicated math problems would have to be solved.
These equations could be solved faster by using large amounts of energy and processing power which made the whole process unsustainable and started creating supply issues in the GPU market. The PoS model allows users to commit their cryptocurrency holdings to support the blockchain network instead of selling it in the market. This is what is meant by AVAX staking. Once users have staked a certain amount of the currency, they are given the chance to become one of the “validators” which are chosen randomly and validate the transactions. Through this process, new AVAX coins are minted. The entire model is much more energy-efficient and sustainable than the PoW model. Purchasing AVAX for staking, for selling, or for purchasing NFTs is easy and can be accomplished by setting up your AVAX wallet (Avalanche offers an easy-to-use browser-based option) and then heading over to a marketplace to start making purchases.
Out of all the AVAX projects, there are several AVAX projects that are focused specifically on decentralized finance or DeFi. AVAX DeFi projects would fit the bill in this case. DeFi technology is an emerging innovative space that is focused on taking control over money away from organizations like banks and institutions that can manipulate its value. These organizations form the basis of centralized finance, where individual organizations can impact the movement and value of money. Furthermore, in centralized finance, your money is stored in individual organizations which could fail and your money could be lost.
Decentralized finance, on the other hand, has many adherents due to its ability to eliminate the fees that are paid to banks for use of their services, and the ability to securely maintain complete control over your own money in a digital wallet (15). One of the most important DeFi apps on the Avalanche blockchain is Avalaunch (XAVA). Avalaunch bills itself as the future of fundraising and is focused on securing investment for innovative projects within the Avalanche ecosystem (16). One of the benefits of the Avalaunch platform is that it is easier to use and more reliable than other similar platforms.
Today, there are hundreds of AVAX NFT projects within the Avalanche ecosystem. They all rely on AVAX NFTs that allow users to be able to trade, buy, and sell digital assets. The NFT space is a massive industry and is only expected to grow further. Last year alone, collectors spent over $21 billion trading in digital art and collectibles. Now, innovators and startups are creating ways to share these NFTs in the real world through monitors and computerized picture frames that can hang in your home and display the art you spent a great deal of money on. These AVAX NFT projects may differ in their purpose from games to decentralized finance applications, but they are all on the cutting edge of the most exciting developments in blockchain technology.