Globally, cryptoassets are now being accepted as legal means of transaction by major companies as well as recognized by government organizations. To a large extent, the rise of digital currencies has been facilitated by major cryptocurrencies like Bitcoin and Ethereum. NFTs are one of the types of digital currencies that have emerged with the growth of the crypto industry. NFT coins have become a popular asset class in both the financial and art world. NFT cryptocurrencies offered the value of digital art that original masterpieces like Picasso and Monet could not. NFT marketplaces have made digital artwork valuable, encouraging several digital artists to produce their work. Here is a list of the top NFT cryptocurrencies by market cap to keep an eye on in January 2022.
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Market cap: US$4.106 billion
Decentraland defines itself to be a virtual reality platform that is powered by the Ethereum blockchain that allows users to create, experience, and monetize content and applications. In this virtual world, users can buy plots of land that they can later navigate, build upon, and navigate. Decentraland owns two tokens: MANA and LAND. This platform is extremely helpful for content creators, individuals, and businesses that are looking for a new artistic medium.
Market cap: US$3.21 billion
Axie Infinity is a blockchain-based trading and battling game that is partially owned and operated by players. The game allows players to collect, breed, raise, battle, and trade token-based creatures known as Axies. It is an NFT with different attributes and strengths that can be sold or used in the Axie marketplace.
Market cap: US$2.63 billion
The Sandbox is a blockchain-based virtual world that allows users to create, build, buy, and sell digital assets in the form of games. By blending in the powers of the decentralized autonomous organizations (DAOs) and NFTs, SAND creates a decentralized platform for a thriving gaming community. The platform’s main mission is to successfully introduce blockchain technology in mainstream gaming.
Market cap: US$2.684 billion
Theta is a blockchain-powered network purpose-built for video streaming. The Theta mainnet operates as a decentralized network in which users have the bandwidth and network resources on a peer-to-peer basis. Its token can be used to perform various governance tasks within the network.
Market cap: US$1.17 billion
ECOMI is a technology company in the digital collectible domain. The company created VeVe, which is a blockchain-based digital collectibles marketplace for users to buy and share their collectibles across the social network service.
Market cap: US$1.664 billion
Flow is a blockchain designed from the ground up for mainstream adoption and it is also the only blockchain that builds usability improvements into the protocol layer. Some of the world’s largest brands and top developers are building on Flow, enabling completely new experiences with top-tier content.
Market cap: US$1.40 billion
Gala Games aims to take the gaming industry in a different direction by giving players back control over their games. The mission of the game was to encourage more players to indulge in blockchain games. The project aims to change the fact that players can spend hundreds of dollars on game assets, and spend countless hours playing games that could be taken away from with a click of a button. It plans to reintroduce creative thinking in games by facilitating players with the controls of the games.
Market cap: US$1.41 billion
Enjin Coin is a project of Enjin, a company that provides an ecosystem of interconnected, blockchain-based gaming products. It allows game developers to tokenize in-games on the Ethereum blockchain. The Enjin Coin is a digital store of value used to back the value of blockchain assets like NFTs.
Market cap: US$1.05 billion
Chiliz is a leading digital currency for sports and entertainment. It operates the blockchain-based sports entertainment platform called the Socios, which enables users to participate in the governance of their favourite sports brand.
Market cap: US$5.67 million
WAX is a purpose-built blockchain that is designed to make e-commerce transactions faster, simpler, and safer for every party involved. The WAX blockchain uses delegated proof-of-stake (DPoS) as its consensus mechanism. It is also fully compatible with EOS.