I am talking here about the six best NFT cryptos to buy now while they are cheap. These cryptos facilitate the growth and popularity of non-fungible token (NFT) and meme phenomenon in various use cases such as art and gaming.
NFTs are known as representations of digital or physical goods. They can be used as stand-alone art, but are increasingly important as tokens bought as unique items in gaming software. They can also be used as a method of authentication for buyers of unique items, proving aspects such as ownership.
This, in fact, is what the “non-fungible” concept means — “a unique digital identifier that cannot be copied, substituted, or subdivided” as the Merriam-Webster dictionary explains.
Investing in these NFT cryptos are highly speculative, to say the least. At one point they were all the rage, but now they are all down significantly. Investors in these NFT cryptos should expect that there will be a great deal of variance, but mainly on the downside at least for now.
Let’s dive in and look at these cryptos. Best NFT Cryptos: Solana (SOL-USD)
Source: sdx15 / Shutterstock.com Market Cap: $13.4 billion
Solana ( SOL-USD ) is the 9th largest cryptocurrency, based on information from Coinmarketcap.com . The crypto is the worst performing of all the cryptos in the top 10 largest market cap cryptos, down 78.2% YTD. However, in the last 30 days, it is up just slightly over zero, up 0.36% .
Solana is known for being a better practical alternative to Ethereum. It is a platform for NFT apps and related non-fungible token platforms. Solana could rebound when more speculative investments come back into vogue.
SOL crypto still claims to have faster and cheaper validation performance than Ethereum. Solana has had difficulties with platform shutdowns every month or two. That could also be a major cause of the drop in Ethereum.
In the past year, Solana has made huge inroads in the non-fungible token (NFT) marketplace. In fact, Solana-based NFTs are tradable on the single largest NFT trading exchange and marketplace, OpenSea, by volume.
But now that arena is having significant troubles. Many investors are selling their NFTs and cannot see their inherent value returning. This is hurting Solana’s valuation. Solana is finding new applications, like a smartphone app .
Solana could be one of the most undervalued cryptos and rebound quickly when markets start to ease. Ethereum (ETH-USD)
Source: Filippo Ronca Cavalcanti / Shutterstock.com Market Cap: $150.4 billion
Ethereum ( ETH-USD ) has the largest volume of NFTs that trade on the largest NFT market exchange, OpenSea. OpenSea, which is based on Ethereum as well, also hosts the largest number of Ethereum-based NFTs compared to other NFTs based on non-Ethereum NFTs.
Ethereum.org explains that its NFTs allow users to tokenize “things like art, collectibles, even real estate.” They can only have one official owner at a time and they’re secured by the Ethereum blockchain. As a result, no one can modify the record of ownership or copy/paste a new NFT into existence.
Since the Ethereum blockchain is the second-largest blockchain by market capitalization, this provides a huge degree of security to NFT owners. Cronos (CRO-USD)
Source: Voar CC / Shutterstock.com Market Cap: $3.1 billion
Cronos ( CRO-USD ) is the 22nd largest crypto and is fast becoming known for NFTs that are based on its blockchain software. For example, they are now so prevalent that Crypto.com lists the top NFTs based on Ethereum, Cronos as well as Solana, in that order.
However, that has not yet helped Cronos tokens survive the year-long cryptocurrency market rout. For example, CRO tokens are down 78.85% YTD , as of July 8, according to Coinmarketcap.com. Moreover, in the last 30 days, it is down almost 30% (-29.6%).One of the unique and popular aspects of Cronos is that it is an “EVM compatible” blockchain. That means it is compatible with the Ethereum Virtual Machine (EVM). That allows coders to write smart contracts compatible with Ethereum by using strings and patches already coded without having to start from scratch.Cronos was developed by Crypto.com , one of the largest cryptocurrency exchanges in the world. Cronos launched its mainnet in November 2021 with the intention of supporting the creator economy with various DeFi and GameFi applications.That means that Cronos is now seen as one of the hottest and best NFT cryptos out there. Tezos (XTZ-USD) Source: RuskaDesign via Shutterstock Market Cap: $1.4 billion Tezos ( XTZ-USD ) is the 37th largest blockchain by market cap and is well known for its sponsorship of many NFT […]
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