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The non-fungible token (NFT) market has expanded into a multi-billion dollar industry over the last several years. The value of cryptocurrencies connected to NFT has also increased significantly. It can be a smart idea to buy NFT-related cryptocurrencies if you want to participate in the NFT ecosystem but aren’t ready to buy your first NFT. In this article, we’ll be looking at the 10 best NFT Cryptocurrencies To Buy Now!
What Are NFTs?
NFTs stand for Non-Fungible Tokens, a distinctive piece of blockchain-supported digital content. The content is not the NFT itself, but it can be linked to the NFT.
Understanding NFTs depends on defining fungibility. Fungible assets are those that have a similar worth. Gold and Bitcoin are fungible assets because, for instance, one ounce of gold is equal to another ounce of gold, and one Bitcoin is worth exactly one Bitcoin.
Assets that have unique values based on their characteristics are said to be non-fungible assets. Automobiles, real estate, and art are some examples. Because of their distinctive qualities, each of these assets is valuable. Some of these qualities for cars may be mileage, appeal, and condition. Assets known as NFTs are those that have been blockchain-verified.
Top 10 Best NFT Cryptocurrencies To Buy Now
1. Ethereum (ETH)
The largest ecosystem for NFTs is found in Ethereum, which is the second-largest cryptocurrency by market size. NFTs became well-known on its blockchain as one of the first Layer 1 cryptocurrencies to use smart contracts. NFTs are made possible by Ethereum smart contracts for a number of reasons, including the fact that it is difficult to steal an NFT off the blockchain and that ownership can be easily established.
2. Polygon (MATIC)
A Layer 2 scaling solution for Ethereum is Polygon. High gas costs for Ethereum can discourage users, but Polygon offers a solution by enabling users to mint NFTs outside the Ethereum network. Users can buy and trade NFTs on Polygon for cheap gas costs.
3. Solana (Sol)
Another Layer 1 coin that supports NFTs through smart contracts is called Solana. At $14 billion, Solana has the ninth-largest market cap. Furthermore, according to the volume of NFT sales during the previous 30 days, Solana is the second-largest blockchain. Solana’s market worth is unlikely to surpass Ethereum’s, but the network does have some advantages. Solana’s reduced gas fees when trading NFTs are one of its primary benefits.
4. ApeCoin (APE)
Yuga Labs, the organization behind ApeCoin, is the owner of a number of high-profile NFT initiatives, including Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club, Meebits, and Cryptopunks. The native Yuga Labs token will probably one day be extremely useful across all of the company’s products. Although the token may be used outside of the Yuga Labs ecosystem, betting on ApeCoin is a bet on Yuga Labs. Yuga Labs keeps innovating and expanding its ecosystem with useful new features. The Web3 startup was valued at $4 billion when Yuga Labs concluded a round of seed funding in March 2022, the same month ApeCoin was launched. Samsung, Adidas, Google Ventures, Animoca Brands, Sound Ventures, FTX, and MoonPay are a few well-known investors.
5. The Sandbox (SAND)
A virtual universe called “The Sandbox” was created using in-game objects including furniture, plots of land, and games. Initially, the designers aimed to create a game with NFTs that allowed players complete ownership of their creations, much like Roblox and Minecraft. On the Sandbox market, players exchange NFTs using the cryptocurrency SAND.
6. Decentraland (MANA)
A virtual reality game called Decentraland blends gaming, real estate, and cryptocurrency. NFTs can be used by players to prove ownership of the virtual environments they construct. The Decentraland open-world game platform is powered by the MANA coin, which is a native of Decentraland. It can be used to purchase in-game items and services.
7. Flow (FLOW)
The organization that created Flow, Dapper Labs, also created NBA Top Shot and CryptoKitties, two of the earliest and most well-known NFT ventures. Aiming to be developer-friendly for the upcoming generation of games and decentralized applications, Flow is a decentralized Layer 1 blockchain (dApps). Investing in Flow may be the ideal method for you to make predictions about the future of the entire ecosystem if you have a strong belief in NFTs, blockchain technology, and the dApps built on it.
8. Looksrare (LOOKS)
With the LOOKS token, Looksrare, an NFT marketplace, compensates consumers for using its service. Despite being a new market, it experienced an average daily volume of over $120 million in February. The market still sees an average daily volume of over $5 million even if it is now seeing a decline in volume along with the rest of the market.
9. Axie Infinity (AXS)
Axie Infinity is a play-to-earn gaming site that uses blockchain technology. By using Axie Infinity, players can earn AXS tokens through play-to-earn. The game’s NFT marketplace allows players to buy and sell Axies, which are NFTs. You can utilize axes to advance in the game by using their animals. The Axie Infinity governance token is called AXS. AXS may be the token for you if you’re wanting to invest in a distinctive NFT gaming platform. Holders of AXS are given voting privileges for the governance of the gaming platform.
10. Enjin (ENJ)
NFTs and the gaming sector have been integrated by Enjin. The Enjin platform enables game developers to create NFT versions of video game items. Enjin enables users to sell these in-game objects on its marketplace, further integrating these NFTs and providing a new source of income for game developers. Enjin is one of the greatest NFT cryptocurrencies since it serves as the foundation for NFT gaming, which is one of the market’s fastest-growing segments.