Are you considering purchasing the one-of-a-kind NFT tokens that live on the blockchain and cannot be copied? Then the Non Fungible Token is the best solution for it.
NFTs are digital assets that reflect physical goods such as real estate and artworks.
The best aspect of investing in these virtual tokens is that selling, acquiring, or trading them has become easier and safer, lowering the possibility of fraud.
The popularity of NFTs among investors is continually increasing. Moreover, these unique assets have no material reality and can only be acquired and sold in the same way in the crypto realm.
What are NFT Tokens?
NFT coins are any cryptocurrency tokens that are used to maintain the ecosystems of NFTs. Axie Infinity, for e.g., is an online game based on its blockchain network that leverages its native currency, AXS, to support mining and voting in order to sustain the play-to-earn ecosystem. As a result, AXS is Axie Infinity’s NFT currency. NFT currencies like AXS, SLP, and SAND assist decentralized apps with a number of critical services ranging from in-game cash to voting.NFT coins, like any other form of currency, maybe traded or invested in.
How do NFTs Work?
In simple terms, NFTs (Non-Fungible Tokens) are digitally created assets. They can be anything from digital paintings, music, playing cards, or a screenshot of something, you name it. If something is digital, you can convert it into an NFT.
The process of creating NFTs is called Minting. For Minting, you need to have access to NFT platforms. There, you can convert your digital artwork into a unique asset on the blockchain network by paying fees associated with it. Most NFTs are minted on the Ethereum blockchain.
Once an NFT is minted, you get the option to list it for sale. People can buy or bid for your NFT and you will be paid in Cryptocurrencies. As NFTs are digital assets, you can track their sales. Most NFT platforms allow the Minter (person who minted the NFT) to earn through royalties every time the NFT is sold.
Difference Between NFTs and Cryptocurrencies
The major distinction between the two is that, unlike cryptocurrencies, NFTs cannot be exchanged for one another since they are distinct versions of real-world goods. Cryptocurrencies may be swapped for each other since there will be no loss of value.
- On the blockchain, NFTs are used to authenticate ownership.
- They are *non-fungible* tokens, which means they cannot be exchanged for one another.
- Despite being largely regarded as a high-risk investment, each NFT is distinct.
- NFTs are used to tokenize physical assets or occurrences.
- An NBA Top Shot card is a good illustration of this, as it tokenizes in-game situations and offers them as NFTs.
- NFTs have broader applications than cryptocurrency.
- They are beneficial in the design, music, film, art, and videogame industries.
- You can mint NFTs.
- You need Cryptocurrency to purchase an NFT
- NFTs are bought on NFT platforms such as OpenSea, Raible, etc.
- Cryptocurrencies are fungible, which means they may be swapped for one another.
- They are mostly used as payment for transactions.
- They are decentralized, which means that there is no centralized authority.
- You cannot mint Cryptocurrencies. You have to mine them.
- You don’t need NFT to purchase Cryptocurrency.
- Cryptocurrencies are bought on Crypto exchange platforms such as Binance, Coinbse, etc.
Now that the Air around NFTs and Cryptocurrencies is clear let’s understand the Best NFT tokens to add to your portfolio in 2022
Top 5+ NFT Tokens 2023
Here are the best NFT tokens that you need to check out if you are thinking about expanding your portfolio.
|MANA – Decentraland||Best for Virtual Worlds|
|SAND – The Sandbox||Best for voxel ASSETS and Gaming|
|XTZ – Tezos||Best for future Proof scalability|
|THETA Token||Best For Media & Entertainment|
|AXS – Axie Infinity||Best gaming token|
1. MANA – Decentraland (Best for Virtual Worlds)
Decentraland is a virtual environment and community based on the blockchain network. People can create and own LANDs, wearables, characters, and other NFT on the platform.
Members are also involved in the platform’s Decentralized Autonomous Organization (DAO). Decentraland empowers its members to contribute to project governance. The ETH blockchain hosts Decentraland’s native token, MANA, as well as all its in-game assets.
- Market Cap: $1,444,809,747
- Fully diluted market cap: $1,705,506,795
- Circulation Supply: 1,855,084,192 MANA
- Volume/Market Cap: 0.09258
- Non-fungible lands can be acquired and developed for lease or sale outright.
- Users may develop virtual experiences for visitors and monetize them.
- Decentraland is being used by major corporations to enter the Metaverse.
- As Decentraland allows you to own private plots, you can host a variety of events on them. Many popular musicians have already started conducting shows at digital venues.
2. SAND – The Sandbox (Best for voxel ASSETS and Gaming)
The Sandbox is a virtual Metaverse built on the Ethereum blockchain that allows users to create, control, and monetize their game experience.
The Sandbox gaming platform is a set of three interconnected technologies that work in conjunction to give a holistic experience for producing user-generated content (UGC). Users will gain extra from the interconnected technologies since they will be able to ensure copyright ownership for their material using smart contacts on the blockchain.
The SAND token is an ERC-20 utility token that is used for value transfers as well as staking and governance in the Sandbox ecosystem.
- Market Cap: $2,489,364,961
- Fully diluted market cap: $6,087,255,863
- Circulation Supply: 1,227,539,778 SAND
- Volume/Market Cap: 0.1419
- There are three major interlinked products: VoxEdit, Sandbox Marketplace, and Game Maker.
- VoxEdit allows users to build and edit 3D objects such as wearables/weapons and in-game characters in the Metaverse.
- The Marketplace allows players to sell their in-game assets, and NFT works.
- Users may develop 3D games for free with Game Maker.
3. XTZ – Tezos (Best for future Proof scalability)
Tezos is an open-source project that overcomes significant hurdles to blockchain adoption for digital goods and services, and it is supported by a worldwide community of auditors and researchers. Tezos is built by keeping open participation, cooperation, secured smart contracts, and long-term upgradability in mind.
It offers a more robust platform for dApp development.
Tezos’ strength is its future-proof architecture, which allows for scalability with ease.
Tezos is also well-known for providing high-performance and low-cost transactions to users in the DeFi, NFT, and Metaverse ecosystems
Tez (XTZ) is the Tezos blockchain’s native coin. It is used to engage with decentralized apps, pay fees, and as a governance token.
- Market Cap: $1,060,469,701
- Fully diluted market cap: $1,082,194,919
- Circulation Supply: 925,896,907 XTZ
- Volume/Market Cap: 0.0359
- provides high-performance and low-cost transactions to users
- Uses Proof of stake instead of proof of work that, saves a lot of energy
- Users can mathematically verify their smart contracts.
- Creating a revolution in the upcoming world of Web3
4. THETA Token – Theta Network (Best For Media & Entertainment)
The Theta network works similarly to other blockchain systems. The project promises to revolutionize the video streaming and information delivery sectors by allowing users to share the bandwidth by using peer-to-peer (P2P) distribution technologies.
End-users pay for content delivery networks (CDNs), which are widely dispersed to provide video stream content. Existing CDNs are unable to keep up with progressively high-quality streams due to geographic constraints.
Theta pays its worldwide pool of users for relaying videos by allowing them to give their spare bandwidth and computer capabilities.
- Market Cap: $1,104,052,466
- Fully diluted market cap: $1,104,036,406
- Circulation Supply : 1,000,000,000 THETA
- Volume/MArket Cap : 0.0275
- Greatly focused on users and thier experience
- It helps to enhance the end users’ video streaming experience.
- Supported by some of the top technology businesses, like Google, Sony, Samsung, Binance, and others.
- Open Source platform
- Users have the option to build decentralized applications on the platform.
5. AXS – Axie Infinity (Best gaming token)
Axie Infinity is an online gaming world centered around Pokémon like animals known as Axies. Players may gather Axies as virtual pets with plans to combat, mate, collect, grow, and establish kingdoms for your Ax. What makes Axie Infinity distinct from other video games is the interaction it has built between normal online gaming and blockchain. The Ethereum-based game has a concept that enables players to control their virtual assets and prizes players who unlock a higher level.
Axie Infinity Shards are an ERC 20 governance token for the Axie universe.
- Market Cap: $1,136,646,374
- Fully diluted market cap: $3,043,030,041
- Circulation Supply: 100,869,735 AXS
- Volume/Market Cap: 0.0917
- Players can create goods within the platform and sell them as NFTs while they enjoy the game
- The goods and services are upgradable using the experience points gained through reaching new levels in the game.
What do We Believe?
Investors wanting to expand their portfolio by getting into NFTs or cryptocurrencies should learn the distinctions between the two and know that both are more or less in their infancy phase. People are just starting to give more attention to digital financial assets. Both have limited pricing details, no certainty that there will be a demand for them in the future, and no established underlying fundamental worth. As a result, they must be regarded as speculative assets, the value of which will be determined primarily by their attraction to other investors over time.
But as things are progressing, metaverse and web 3.0 are gaining traction. The chances of digital assets going out of fashion are very highly unlikely. You can start by investing the amount which you’re okay with losing if things go south.
There are various platforms to get your digital assets today. You can opt for Opensea and Rarible for NFTs and Binance for cryptocurrencies.
Conclusion: Best NFT Tokens (2023)
As we always say, we are here to guide you, but our content is no substitute for financial advice. We recommend doing your own research #DYOR. Let us know what you think about the growing craze of NFTs and Web 3.0 in the comments below. We also have various other crypto-related articles on our page; check them out too.
Disclaimer: This post on the best NFT token is purely for informational purposes. We’re not promoting any product or recommending it. What’s more, we’re not their affiliates as well. The intention is to provide updated raw information. Before buying or making a decision use your due diligence. DemandSage will not be responsible for any brands mentioned in the list 🙂Admin DemandSage