Non-fungible tokens’ (NFTs) sales took off last year, 2021, and surged to ATHs, exploring the $411 million peak on August 29. Sales by value summed at $15.57 billion in 2021 before climbing to $160 million on January 31, 2021 (NonFungble.com data).
NFTs are ‘smart contract tokens on blockchains, representing a physical or digital asset. Users can utilize them to authenticate art, represent gaming universe characters, or create limited collectibles.
Metaverse games like Sandbox and Axie Infinity, sports collectibles like NBA shots; and digital art collections like CryptoPunks and Bored Ape Yacht dominated the NFT market in 2021 as investors indulged in profits amid the craze.
NFTs’ prices range from a few dollars to millions. The Merge by Pak remains the costliest NFT to date, which sold over 300,000 units in 48 hours in December for $91.8 million. You probably want to join the bandwagon. The best way to add NFTs into your portfolio is by considering tokens utilized by top collections.
Top Non-Fungible Tokens
Here are the top NFT-related cryptos according to a market cap on April 28, 2022.
ApeCoin (APE)
ApeCoin is an ETH-based ERC-20 utility and governance token utilized in the APE Network. For instance, BAYC uses it to incentivize and empower decentralization in the web3. The altcoin takes the top spot after gaining 30% within a week.
The decentralized governance approach allows APE holders to govern themselves, monitoring the APE DAO and deciding on ApeCoin DAO Fund usage. Though the alt doesn’t have a ‘real’ function, currently, besides the DAO membership, its roadmap indicates changes in the future.
APE peaked at $17.75 after its inception in March. The alt saw a remarkable performance, trading at $20.36 on April 28, following a 7% increase over the past day.
Decentraland (MANA)
Decentraland is a digital world connecting users via the internet, virtual reality, and augmented reality. Users can purchase land parcels as NFTs that offer proof of ownership. They can use the land to build avenues such as hotels, casinos, and concert stages and sell events’ access.
MANA is an Ether-base ERC-20 coin used within Decentraland. Holders use the token to purchase lands and several metaverse products. MANA holders can also participate in governance.
MANA price exploded in November as metaverse tokens flourished, hiking to $5.90 on November 25 from $1 in October. The alt ended 2021 with an over 4000% yearly surge. MANA lost 14% to $1.84 over the past day, and ApeCoin overtook it.
Sandbox (SAND)
The Sandbox is another digital world allowing individuals to monetize their gameplays. Participants use the Sandbox Game Maker to create ASSETS NFTs and incorporate them into the games. They can also trade them in the Sandbox marketplace.
SAND holders purchase lands, which they can populate with NFTs and Games. Gamers earn $SAND by playing and using them to buy ASSETS, customize avatars, and equipment to improve gameplay and play games. Also, they can stake the alt to participate in governance and earn rewards.
SAND also surged in November, exploring $8.44 on November 25 from October’s $0.75. The crypto soared over 16,000% in 2021. The alt saw remarkable surges in February before losing 35% since the February 8 peaks. While publishing this content, on April 28, SAND traded at $2.54, its market cap stands at $2.95 billion.
Theta Network (THETA)
Theta Network introduced NFTs in January last year as it aimed to be a leading blockchain platform for the entertainment and media industry. The ecosystem expands from video, computing, and data delivery to provide decentralized services for digital tokens storage, focusing on digital collectibles like NFTs and video-on-demand.
THETA recorded peaks in April last year as the crypto market rallied, surging from $1.86 in January to the $15.90 mark on April 16. The token declined as the broad market retreated but failed to recover as most assets revived, ending the year near $4,71, gaining 153% in 2021.
For now, on April 28, the alt finds it challenging to keep momentum with the leaders. THETA lost 20% this week.
Meanwhile, NFTs can still decline if their popularity fades. Whether non-fungible tokens are appropriate for your investment depends on your financial status and risk tolerance.
