NFTs have been gaining popularity even during the ongoing bear market. With rapid adoption of the metaverse and GameFi these tokens have unearthed new economic gateway for art and gaming communities. The article offers an NFT Token List for readers interested in the NFT and metaverse economy.
What are NFTs?
NFTs stands for Non Fungible tokens, are rare assets with an inherent value. These tokens are hosted on a blockchain and unlike crypto these tokens are not fungible or simply put, it cannot be exchanged in lieu for another. Information like rarity, size, content, type are stored in the token which makes it valuable. The earliest ERC-721 NFT project on the Ethereum network is Crypto Kitties – a virtual cat breeding platform.
These tokens have an Ethereum standard called ERC 721 applicable on virtual art work and rare assets. NFT tokens are further classified as ERC-20 tokens that have inherent monetary value. For example, Axie Infinity (AXS), Mana (MANA), Flow (FLOW) and Apecoin (APE)
Also Read: How to Buy NFTs?
How do NFTs work?
An NFT is listed on a marketplace or within a metaverse project. The digital asset’s proof is written in a self executing smart contract. Anyone who interacts with an NFT to buy, sell or to trade will need to initiate a transaction by connecting their web3 wallet like ‘Metamask’, ‘Rainbow’ depending on the blockchain that hosts the NFT.
Primarily, when an individual initiates a transaction to purchase the NFT, a smart contract call is made to verify the parameters set within the digital contract. If the buyer meets all the requirements, the transaction is processed and the NFT is sent to the buyer’s wallet address . The buyer can check the transaction on the blockchain explorer. If an Ethereum standard NFT is brought then the transaction details of the NFT purchase and its history can be cross checked on Etherscan – the block explorer of Ethereum.
Also Read: How To Build An NFT Community?
Key differences between an ERC-20 token (crypto asset) and ERC 721 Token (rare asset)
|ERC-20 (Crypto token)||ERC – 721 ( Non Fungible Token)|
|ERC-20 Represent a crypto asset||ERC-721 Represents art work, collectibles and land.|
|Can be traded, swapped on an exchange||Can be bought through NFT marketplaces or in-game purchases.|
|ERC-20 tokens have high liquidity volumes.||NFTs are rare assets|
|ERC-20 tokens can be swapped.
For example: An individual can trade MANA tokens.
|An ERC 721- token can be purchased or sold. ERC-721 assets once brought can be sold to a collector or can be listed for auction on platforms like Opensea, Rarible and many more.|
Also Read: How to Create an NFT & Sell it?
Top 6 NFT Tokens by Market Cap
|NFT token Name||Apecoin
|Axie Infinity (AXS)|
|Launch Date||March 16, 2022||May 15, 2020||February 20, 2020||May 15, 2012||June 30, 2018||2018|
|Founder||ApeCoin DAO||Dapper Labs||Ari Meilich and Esteban Ordano||Arthur Madrid||Arthur Breitman||Sky Mavis|
|Blockchain Protocol||Ethereum- Proof of Work||Ethereum- Proof of Work||Ethereum- Proof of Work||Ethereum- Proof of Work||Proof-of-stake consensus mechanism.||Ethereum- Proof of Work|
|Circulating Supply||306,875,000 APE||$2,036,389,917||1.85B MANA||1.28B SAND||903,656,324.47 XTZ||82,796,780.48 AXS|
|Max Supply||1,000,000,000||1,390,757,889||2,193,581,527||3,000,000,000||903,656,324.47 XTZ||270,000,000|
Apecoin – the community owned
Apecoin is an ERC-20 token built on the Ethereum network. Its use cases include utility and governance in blockchain projects. Apecoin was created by the APE foundation. The token is inspired by Yuga Labs project Bored Ape Yacht Club.
The token holders get the right to vote in or against a proposal set forth by the project. APE ranks first in the Top NFT tokens by market cap. ApeCoin provides access to selected areas of the Ape ecosystem such as exclusive games, merch, events, and services. Ape coin will also be the native token of the eminent NFT project ‘Bored Ape Yacht Club’. Holders of the BAYC NFT receive Ape coins as rewards for holding the NFT. Ape coin has a max supply of 1 billion tokens which makes the asset scarce.
Also Read: How to buy Apecoin in India?
Flow – layer 1 blockchain for gaming and virtual digital asset
Flow is a developer centric blockchain designed to build games, and virtual digital assets. Flow is the only blockchain that has consistently delivered great user experience. It has orchestrated blockchain projects like CryptoKitties, Dapper Wallet and NBA Top Shot. FLOW is the native token of the blockchain. Dapper Labs is the creator of the blockchain. Flow is designed to work as a payment method and is also the treasury for Flow’s expansion.
FLOW is designed as a payment method as well as a long-term reserve asset for the entire Flow economy. The token is used by validators, developers, and users to participate in the FLOW network and earn rewards. It is also used for fees and to participate in future protocol governance.
Also Read: Top Ethereum NFT Projects
MANA – the native token of Decentraland Metaverse
Mana is the native token of the Decentraland metaverse. The platform has gained stellar response with many celebrities owning a piece of virtual land parcel and even hosting their events. The token gives premium access for investors to buy land, in game collectibles and other digital assets.
Mana token holders also get the right to vote for proposals to make the platform user centric. Owners of land parcels on the Decentraland metaverse can also lease and rent their property and advertise within the metaverse. The platform offers more than just virtual land. The main proponents of Decentraland are MANA and LAND. To progress in the game a player needs to buy MANA to access and purchase collectibles, land and wearables.
Also Read: Is Decentraland(MANA) a Good Investment?
SAND – the single player gameplay
SAND is the native token of THE Sandbox – a 3D game built on blockchain. The game is called Sandbox because their users get access to tools to create their own game play and choose a role within the game. Players in the Sandbox have to take the roles of the universe like using water, making batteries, building castles with mud and many other real life events and tasks are carried out in the Sandbox.
To access the game, a user needs to purchase SAND tokens and participate in the game. SAND holders will be also able to participate in governance of the platform via a Decentralized Autonomous Organization (DAO), where they can exercise voting rights on key decisions of The Sandbox ecosystem.
Also Read: SandBox Technical Analysis
Tezos (XTZ) – the ever evolving blockchain
Tezos is a layer 1 blockchain with the functionality of a smart contract like Ethereum but with a twist. Tezos cannot be forked like Bitcoin and Ethereum. Tezos also offers staking as a DeFi use case. What distinguishes Tezos from others in terms of staking is that holders stake their holdings by ‘Baking’.
Tezos has some great applications in its ecosystem. Tezos has designed a more inclusive approach towards building the creator economy with a developer friendly platform. Tezos has some of the finest NFT marketplaces. The blockchain has also partnered with brands like Ubisoft, Manchester United and Red Bull Racing Honda.
Axie Infinity – the ultimate battle game on Ethereum
Axie Infinity is a blockchain based battle game built on the Ethereum network. Axie Infinity allows players to collect, breed, raise, battle and trade Axies. The native token of the game is Axie (AXS) These Axies’ can take various forms, and there are more than 500 different body parts available, including aquatic, beast, bird, bug, plant and reptile parts.
Parts from each type class come in four different rarity scales: common, rare, ultra rare and legendary — and Axies’ can have any combination of body parts, making them highly variable and often rare and unique. Each Axie is a non-fungible token (NFT) with different attributes and strengths.
Also Read: How to Play and Earn with Axie Infinity?
Pro Tip: Planning to enter the metaverse and NFT domain? Bookmark this article as NFT Token List for reference.
How to Invest in NFT Tokens?
It is important to choose a safe crypto investment app if one plans to invest in NFT tokens. Choose a crypto investment platform that is secured by insurance and offers a seamless investment experience.
Use this three-step process to buy your first NFT token using the CoinDCX crypto investment app
- Sign Up for the CoinDCX account: Enter a valid email address and a user name on the sign-up page. Once the Email Id has been verified, set a strong password to secure your account.
- Verify the account: You need to complete your KYC, to buy on the CoinDCX platform. All you need to do is upload the documents and your account will be set up in 15 minutes.
- Buy NFT tokens: After the account has been verified, you can deposit any amount of fiat currency you are comfortable with and start your crypto journey!
Additional Read: Top Crypto News: NFT Market Space to Reach $231 billion by 2030?