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If you’re a developer in the blockchain space, it is important to know what token standards are. Essentially, these standards are a set of rules that a token or a blockchain project follows to be compliant with the blockchain’s operations.
Over the years, it has become obvious that Ethereum is the blockchain of choice for developers in the space. With its wildly popular ERC-20 standard, Ethereum now supports some of the world’s most popular assets, including USDT, ETH, and more. Interestingly, there was a bit of a shift last year. Binance kick-started a high gear with its Binance Smart Chain (BSC), providing another opportunity for developers to build within its ecosystem and contribute to the expansion of the growth space.
Like Ethereum the Binance Smart Chain (BSC) itself has also relied significantly on token standards to make things work. One of these token standards is BEP 1155.
Understanding the BEP-1155 Token Standard
Primarily, the BEP-1155 standard focuses on enabling developers of decentralized finance (DeFi) protocols and non-fungible tokens (NFTs). It works as a proper combination of crypto and NFTs in particular, bringing together the features of Binance’s BEP-20 and BEP-721 characteristics.
The primary token standard on the Smart Chain is BEP-20 – a standard that especially enables the function of cryptocurrencies themselves. The BEP-721 token standard focuses on NFT, allowing token developers to build on the Smart Chain. Additionally, there is BEP-1155. This standard allows you to combine both. This means that its application is prominent in different areas – such as gaming.
Blockchain Gaming and Its Growth in 2021
The crypto trend is susceptible to different trends and buzzwords. 2021 was synonymous with the growth of DeFi and institutional crypto investments. For 2021, however, concepts like NFTs, blockchain gaming, and the metaverse took the market by storm.
Blockchain gaming is pretty simple – building games on the blockchain where players get rewards and compete for points. Blockchain gaming is beneficial for different reasons, including its ability to allow governance in these ecosystems and the potential for even more secure gameplay.
Blockchain games have also been prominent for their promotion of the Play-to-Earn (P2E) model, where players compete for points and can earn actual valuable items in the games.
Play-to-earn has been more than a smash hit in 2021.
The premise is simple – people play games and compete for specific points. Once they get the points, they are rewarded with anything – collectibles, discounts on services, or NFTs.
The introduction of NFTs into the play-to-earn model was one of the biggest catalysts for growth in blockchain gaming. Players can play games and earn NFTs as rewards, and they can sell these NFTs on external marketplaces.
Or, the games themselves could have in-house NFT marketplaces where these NFTs can be traded or sold off. Like that, players are hooked. They come for the fun of playing, as well as the opportunity to earn money. It’s the perfect win-win situation for anyone who loves gaming. In 2021, several play-to-earn games saw massive adoption. These include the following:
Axie Infinity (AXS)
Axie Infinity is a blockchain game that takes place in a virtual world. With Axie Infinity, players breed digital pets – known as Axies. They battle their Axies with other players, and winners get to take home NFTs.
Today, Axie Infinity has become the industry leader in blockchain gaming. Besides the NFTs that players get, they also win tokens – either Smooth Love Potions (SLP) or Axie Infinity Shards (AXS). AXS functions as a native token for the Axie Infinity ecosystem, and holders get to enjoy the different benefits you can expect – governance, discounts, tradability, and more.
Already, all eyes will be on Axie Infinity going into 2022. The gaming platform is getting massive traction across the world, and it could easily prove to be the perfect iteration of blockchain gaming.
Cryptosnake (SNK)
It isn’t as popular as Axie Infinity, but Cryptosnake has a lot of potentials. Built on the Binance SMart Chain, Cryptosnake is the first blockchain game to work with the BEP-1155 token standard.
Cryptosnake combines NFTs and DeFi, creating the perfect blockchain game. It is based on the classic “Snake” game, where players control a snake to take points. However, instead of just catching points, you actually earn real cryptocurrencies.
As expected, the bigger your snake is in this game, the more points you get. Players also get to compete for unique NFT artifacts as well as the game’s SNK tokens. The opportunity to earn crypto and still get a passive income is one that many will find irresistible for sure.
Illivium (ILV)
Illivium is an interesting role-playing game (RPG) that is built on the Ethereum blockchain. The open-world game allows players to go around a virtual world, battling and capturing different characters as they level up.
Illivium allows you to build your characters, work with others where necessary, and compete against the best in the world. You can earn the game’s in-house token – $ILV – through your gameplay.
More Room for Growth in 2022
All of these games and more are ushering in the age of blockchain gaming. Heading into 2022, it will be interesting to see how they build on the successes they’ve had in 2021 and how they can optimize their ecosystems for more players.
Some games have already started to take advantage of the metaverse concept, building worlds and offering impressive rewards to their players. There is an opportunity for them in this regard as well. To cut a long story short, blockchain gaming with the BEP-115 standard is promising.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.