Non-fungible tokens (NFTs) have gained a lot of traction, and this segment of the cryptocurrency market has grown significantly over the recent year. Even if there are many, you just want to worry about the top NFT tokens. This article discusses NFTs, how they operate as unique cryptographic tokens, and how to select the top NFT tokens.
NFTs and cryptocurrencies are frequently used interchangeably, although they are not the same thing. NFT, short for "non-fungible token," stands for a non-fungible or unique token. On the other hand, because they can be exchanged for other tokens that are similar to them, cryptocurrencies are fungible assets. In order to assist the growth and popularity of NFTs in various use cases, such as art and gaming, investors are seeking the greatest NFT cryptos.
There are lots of cryptocurrencies available in the market for trading these NFTs like Flow, ApeCoin, Decentraland, The Sandbox, SAND, Axie Infinity, Theta Network, Chiliz, Enjin Coin, STEPN, Ethereum etc. We will discuss only the best 5 cryptocurrencies for NFT.
Ethereum (ETH)
The blockchain of Ethereum (ETH-USD) hosts the majority of NFTs. Indeed, the majority of NFT sales on OpenSea, the largest NFT market exchange in the world, are based on Ethereum.
According to industry data aggregator CryptoSlam, sales of Ethereum-based NFTs decreased throughout the summer due to the bear market in cryptocurrencies, but almost 1 million Ethereum NFTs worth a combined $497 million were sold in August. The value of Ethereum NFTs sold in August 2021, during the height of the NFT mania, was close to $3.8 billion.
The Ethereum blockchain is also the one on which some well-known NFT games have been developed. Users may amass NFTs while playing the game and can purchase, sell, and trade them with other players.
Ethereum’s position as a leading cryptocurrency, secod only to Bitcoin (BTC-USD) in terms of market cap, provides a level of security for NFT investors, as well as those looking to invest in the best NFT cryptos.
Solana (SOL)
Solana (SOL-USD), one of the most effective Layer-1 blockchains available, is renowned for its speed and cheap fees above all else. In the field of NFTs, its quick and inexpensive blockchain has proven useful, with Solana-based NFT sales ranking second in terms of volume among all cryptocurrencies.
Watch CryptoSlam! Sales of Solana NFT reached a high in January of close to $300 million. Sales of Solana NFT amounted to $58.6 million in August. They were nearly quadruple that amount ($164.6 million) a year earlier. However, compared to 67,400 transactions a year ago, there were 1.5 million transactions last month, a huge increase. Notably, the average sale price per NFT decreased throughout that time from $2,441.56 to $37.67. This shows more buyers coming into the NFT market as it has grown broader and more affordable.
Magic Eden, an NFT marketplace owned by Solana, has grown to be a formidable rival to OpenSea. No matter which chain the project is implemented on, NFTs may now be purchased using SOL or ETH thanks to Magic Eden's recent expansion of its Ethereum marketplace. Access to well-known Solana NFT collections including Aurory, DeGods, Solana Monkey Business, and Degenerate Ape Academy will increase as a result of the change.
Solana is one of the greatest NFT cryptos to buy as Solana and Ethereum grow more and more interwoven, which should increase Solana's potential value in its competition for market dominance.
Flow (FLOW)
A lesser-known blockchain project called Flow (FLOW-USD) was developed by Dapper Labs, the organization behind the well-liked crypto-collectables game Crypto Kitties. Compared to Ethereum, this blockchain with a proof-of-stake consensus process gives consumers a cheap and simple way to complete transactions.
A blockchain that is now synonymous with NFTs is flow. Investors seeking a pure bet on the NFT industry have tended to gravitate toward Flow due to the project's concentration on NFTs and NFT-related games.
Instagram made the decision to add support for Flow NFTs on its platform in August. The announcement led to a 44% increase in FLOW token price over the course of a day.
Flow has since given up these gains, but the possibilities of this blockchain are quite promising for anyone seeking for NFT-led rallies in the future. Many anticipate that Flow will dominate certain categories in terms of growth. Flow may have greater growth potential than Ethereum or Solana in the infrastructure, content, and decentralized financial applications used in the gaming industry.
Investors looking for one of the greatest NFT cryptos with a greater risk/higher reward ratio might choose Flow.
ApeCoin (APE)
March 2022 marked the release of ApeCoin, the Bored Ape Yacht Club-affiliated cryptocurrency that promises to be the coin-of-choice for a new metaverse ecosystem being built out by Yuga Labs — the creators behind BAYC. The release of the coin, which came on the heels of Yuga Labs acquiring pioneering NFT collectable CryptoPunks, and was followed up by the announcement that Yuga Labs raised $450 million in venture capital funding, is a banner moment for the NFT space. ApeCoin doesn’t just have the potential to bring new people into crypto, via the events, gaming, and merch that will be accessible through the token, but it also represents one major way the NFT space is quickly evolving, beyond just the “profile picture projects” that have become synonymous with the $40 billion-plus market.
ApeCoin was originally distributed to owners of the Bored Ape Yacht Club and Mutant Ape Yacht Club via a claimable airdrop. But anyone with an account on Coinbase, or a number of other crypto exchanges can also buy the coin. In the days after it launched on March 17, the price fluctuated wildly, swinging from as high as nearly $40, to as low as $6.48. Regardless of the price swings, there’s a ton of interest in ApeCoin – it traded more than $2.3 billion in volume on Coinbase on March 24 alone, and was the fourth most mentioned cryptocurrency across Twitter and Reddit posts according to the social media monitoring app, LunarCrush.
Anyone who buys ApeCoin is eligible to become a member of ApeCoin DAO, a decentralized organization that will govern how the DAO’s treasury is spent and vote on proposals about future projects related to the coin. Even though ApeCoin is affiliated with BAYC and Yuga Labs, technically, it’s controlled by ApeCoin DAO, and Yuga Labs claims that they have no ownership over ApeCoin DAO. In lieu of a centralized entity in control, there is a five-member “board” of top-tier crypto investors that will oversee certain proposals related to ApeCoin DAO, and each member gets a six-month term, then ApeCoin DAO community members get to vote on who the future board will be. The initial board includes Reddit co-founder Alexis Ohanian, Amy Wu, head of FTX’s venture arm, and Yat Siu, co-founder of blockchain gaming company Animoca Brands.
There aren’t too many details on the projects that will accept ApeCoin at the moment. But Yuga Labs has big ambitions for integrating ApeCoin into its future plans, saying on its website that holders will be able to use ApeCoin to access exclusive merch, events, and services. Yuga Labs also says that ApeCoin will be the de facto currency for all new projects, including the coming play-to-earn aspect of Benji Bananas, a popular mobile game owned by Animoca Brands. In even bigger news, the token will play the same role in Otherside — Yuga Labs’ forthcoming metaverse game that will seemingly also be interoperable with other leading NFT collections like Mutant Ape Yacht Club, CryptoPunks, World of Women and Cool Cats. And beyond Yuga Labs, Time Magazine has said that it will soon accept ApeCoin for digital subscriptions, while rappers Snoop Dogg and Wiz Khalifa have released 8 songs together that can only be bought using ApeCoin.
Enjin (ENJ)
As an ERC-20 compatible token, Enjin Coin, a cryptocurrency introduced by the Enjin corporation, may be transmitted and received using an Ethereum wallet. With blockchain-based nonfungible tokens (NFTs) powering the rise of Web3, a number of NFT-based projects are gaining significant importance, as they provide the technological means of assembling important data on blockchains in a visually appealing manner.
Leading among them is Enjin, a world-class blockchain software co-founded by Maxim Blagov and Witek Radomski in 2009. Enjin helps build an entire Enjin ecosystem consisting of products that individuals, businesses and developers can use to develop, trade, monetize and market NFTs.
Allowing users to manage NFTs and crypto through the Enjin wallet, lets them share NFTs through simple QR codes and provides them access to a dedicated marketplace to trade and collect rare NFTs. All transactions in the Enjin ecosystem are powered by the native Enjin Coin (ENJ) token and the platform offers the functionality of managing all digital assets through a simple mobile app.
It enables entrepreneurs to conceive gaming, art, music and sports-based NFT projects with the functionality to create custom coins without any coding requirements. The Enjin platform facilitates gas-free transactions for NFTs and ENJ through JumpNet, allowing for a seamless user experience that is made possible by its integration with all of its other products like Enjin Beam, Marketplace and Wallet.
Combined with Efinity, a Polkadot-based para chain, Enjin allows creators to mint tokens on specialized blockchains that are focused on core functionality and provide superlative chain stability. With companies such as Microsoft, Samsung and BMW having integrated Enjin’s products and services into their blockchain-based rewards platforms, Enjin is enabling millions of users across the globe to safely manage and store their digital assets.
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