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The launch of the Runes Protocol on Apr 19, 2024, has quickly led to the creation of thousands of fungible tokens on Bitcoin (BTC). Based on Bitcoin's native unspent transaction outputs (UTXOs) and featuring high efficiency, Runes tokens have proved to be highly popular. The number of Runes tokens on the Bitcoin network has crossed the 68,000 mark by early May, less than a month since the start of the protocol's operations.
However, despite their potential in the realms of DeFi and beyond, most Runes tokens don't feature any existing or planned use cases beyond acting as meme coins. Only a select few Runes assets are anticipated to power some applied functionality.
One key area for potential application of Runes-based Bitcoin cryptos is GameFi — a critical niche of the blockchain industry that opens up play-to-earn (P2E) and other engage-to-earn (E2E) opportunities for web3 gamers. GAME•OF•BITCOIN (GAMES), one of the earliest Runes, is quickly shaping up as the undisputed leader of the GameFi category in the Runes universe.
Key Takeaways:
GAME•OF•BITCOIN (GAMES) is the leading gaming-related Runes token on Bitcoin.
Rune #111, GAME•OF•BITCOIN, is one of the earliest Runes tokens. It was created at Bitcoin block #840,000, the inaugural block for Runes.
The token possesses P2E gaming use cases and will potentially support additional utility in the future.