Want to purchase NFTs or NFT-related cryptocurrencies? You may need to sign up for an exchange account to buy Ethereum on eToro or WeBull first .
Over the past couple of years, the non-fungible token (NFT) sector has grown into a multi-billion dollar industry. NFT-related cryptocurrencies have also seen tremendous growth in value. If you want to get involved with the NFT ecosystem but are not ready to purchase your first NFT , it may be a good idea to purchase NFT-related cryptocurrencies. What Are NFTs?
NFTs represent a unique piece of digital content backed by the blockchain. The content can be attached to the NFT but is not the NFT itself.
Defining fungibility drives an understanding of what NFTs are . The term fungibility means assets that hold equivalent value. For example, one ounce of gold is equivalent to another ounce of gold, and one Bitcoin is worth the same as one Bitcoin, making gold and Bitcoin fungible assets.
Non-fungible assets are assets that hold distinct a value based on their traits. Some examples include cars, real estate and art. Each of these assets holds value because of its unique characteristics. For cars, some of these characteristics might include condition, appeal and mileage. NFTs are assets that are verified using blockchain technology. NFT Cryptocurrencies
Ethereum (ETH)
Ethereum is the second largest cryptocurrency by market cap and has the largest ecosystem when it comes to NFTs. Being one of the first Layer 1 cryptocurrencies to implement smart contracts, NFTs gained popularity on its blockchain. Ethereum smart contracts allow NFTs to work for several reasons — aside from phishing scams, it’s nearly impossible to steal an NFT on the blockchain, and it’s simple to prove ownership. Polygon (MATIC)
Polygon is an Ethereum Layer 2 scaling solution. Ethereum’s high gas fees can drive users away, but Polygon has a solution to that problem by allowing users to mint NFTs outside the Ethereum network. Polygon lets users to buy and sell NFTs with low gas fees. Solana (SOL)
Solana is another Layer 1 cryptocurrency with smart contract capabilities enabling NFTs. Solana has the ninth largest in market cap at $14 billion. Additionally, Solana is the second largest blockchain by NFT sales volume in the past 30 days. It’s unlikely that Solana will pass Ethereum in terms of its market cap; however, the network has its advantages. One of the main advantages Solana has to offer is its low gas fees when trading NFTs. ApeCoin (APE)
The company behind ApeCoin — Yuga Labs — takes ownership of multiple blue-chip NFT projects such as Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club, Meebits and Cryptopunks. The token is native to the Yuga Labs ecosystem and will likely have a ton of utility among its projects one day. A bet on ApeCoin is a bet on Yuga Labs, although the token could be integrated outside of the Yuga Labs ecosystem. Yuga Labs continues to innovate and add valuable utility to its ecosystem. In March 2022, the same month ApeCoin was released, Yuga Labs closed a round of seed funding at $450 million, valuing the Web3 company at $4 billion. Some notable investors include Samsung, Adidas, Google Ventures, Animoca Brands, Sound Ventures, FTX and MoonPay. The Sandbox (SAND)
The Sandbox is a virtual world built around in-game assets like decorations, plots of land and games. Originally, the developers wanted to make a game similar to Roblox and Minecraft that gave users full ownership of their creations by using NFTs. SAND is the cryptocurrency players use to trade NFTs on the Sandbox marketplace. Decentraland (MANA)
Decentraland is a virtual reality game that combines crypto, real estate and video games. Players can create virtual worlds and use NFTs to verify their ownership. The MANA token is native to Decentraland, and it powers the Decentraland open-world gaming platform. You can use it to pay for in-game goods and services. Origin Protocol (OGN)
Origin Protocol is an established platform for DeFi and NFT infrastructure on Ethereum’s blockchain. Origin’s OGN token represents Origin Story, its NFT platform for branded marketplaces and creator launchpads. Origin Protocol has worked with creators among the likes of 3LAU, Paris Hilton and BT, as well as NFT collections Pudgy Penguins, Karafuru, and Moonrunners.
Its branded marketplaces aggregate listing from Opensea, Looksrare, X2Y2 and other leading marketplaces. The platform offers advanced analytics not offered on other marketplaces, making it a go-to choice for seasoned NFT collectors. Unlike most NFT marketplaces, investors can stake OGN tokens to earn the trading […]
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