A pair of gaming altcoins are getting the royal treatment as crypto investors flock to their native tokens.
While the leading crypto assets Bitcoin (BTC) and Ethereum (ETH) are trading sideways, the nostalgic fantasy pixel art game DeFi Kingdoms (JEWEL) is shining emerald green after nearly doubling in price.
Blockchain-based DeFi Kingdoms is a newer player in the GameFi niche, which combines decentralized finance (DeFi) with the metaverse.
The JEWEL token was built on the Harmony blockchain and went live last September. It’s used for buying in-game NFT (non-fungible token) characters called “Heroes,” staking and voting in governance. Harmony’s native token ONE is used for gas fees.
DeFi Kingdoms has skyrocketed in price over the past week, ramping up by 98.5% from a low of $4.95 to a peak of $9.83. JEWEL is currently trading for $9.60.
Also making major gains is the medieval-themed metaverse battle game League of Kingdoms, whose native token LOKA first went live on January 24th.
The massively multiplayer online (MMO) game goes beyond the traditional strategic fighting game format by employing blockchain features such as non-fungible tokens (NFTs) that serve as plots of land for the project. In addition, the protocol’s governance will be determined by a decentralized autonomous organization (DAO).
On top of governance, LOKA can be used for in-game purchases, minting or upgrading NFT assets, and staking holdings to earn rewards.
According to the project’s whitepaper,
“Not only can gamers own these Lands, but also gather resources on the Lands and mint them into NFTs to trade.
All these tokenized assets are transparently and trustlessly transacted and traded across the blockchain, without intermediaries.”
League of Kingdoms surged by 131% this week, leaping from $2.40 to a new all-time high of $5.11 earlier today.
LOKA has since corrected but remains up 75.28% in the last 24 hours and is priced at $4.87.