Top NFTs by Market Cap
With the crypto market cap at all-time highs, it’s a good time to take a look at which non fungible tokens (NFTs) are at the top of the pile. Here we will take a look at the top 5 NFTs by market cap and try to understand why they have been so successful.
Every day, a new crypto project raises funds via a token sale of their non fungible token (NFT) which represents some sort of unique digital or physical asset that can be owned. Some represent cryptocurrency or game items while others are simply collectables.
As the number of NFT transactions grow, we will likely see this list change but here is our current top 3:
1. Decentraland (MANA)
Decentraland is a decentralized virtual reality world. Users can claim an area of land and then design their own space to do with what they please, subject to the rules of the Decentraland community.
Managers of these pieces of land can choose to sell specific parcels and set the terms for them based on smart contracts written in Solidity. They can also rent out their land for others to build upon.
The MANA tokens that fuel the Decentraland ecosystem are ERC20 tokens which use ETH as their gas source. Each parcel of land is divisible into 100,000,000 units called “MANA” and there will be an infinite amount of them.
2. Axie Infinity (AXS)
Axie Infinity is a game where players own Axies, creatures that can battle or be bred.
Owners of these Axies can give them names and take care of them in their homes with other digital pets. They can also choose to battle these pets against others in an arena for prizes.
The game has been called CryptoKitties meets Pokemon and is currently in closed beta. Their NFT, the Axie Infinity Token (AXS) tracks all of a player’s breeding and battling points and stores them on Ethereum.
Since their token is non fungible, each one of the 100,000,000 AXS tokens represents a specific Axie. The total supply will be hard-capped at 5,000,000 tokens.
3. The Sandbox (SAND)
The Sandbox is a blockchain-based platform where users can play and create games.
This game allows users to use non fungible tokens (NFTs) to build virtual worlds and experiences. They also allow third-party developers to create their own games using the open source Smart Game Objects as templates.
The Sandbox uses their SAND token to power their platform. It can be used for all activities on the Sandbox website including buying, selling and creating games.
The SAND tokens are non fungible and unique which means each of them is attached to a unique piece of pixel art created by their community using the in-game editor tools. The total supply will be 50,000,000 SAND tokens.
The aforementioned NFTs are some of the most successful in the market and we hope this article has given you a better understanding as to why. With so many different ways for someone to make money with their tokens, it’s important that they take advantage of what makes them unique and stand out from other projects on the market.