Everybody seems to be talking about NFTs and a virtual world is known as the metaverse. If you have been wondering what these are, we are here to inform you. These tokens grew more popular during the epidemic, which saw several people join the crypto world and appreciate digitalized assets even more.
This article will review some of the most popular coins to buy at the moment in case you intend to enter the NFT world. Remember, this is an industry that knows no limits. You can make as much as you want securely and remotely and within a short period.
These are some of the tokens worth watching out for in 2022:
1. MANA
MANA is a popular token known by the widely used and known game, Decentraland. This platform allows users to acquire plots on the metaverse, which they can customize using various in-game tools. It gives you digital proof of ownership for every purchase, empowering you to build, host concerts, or sell access rights to users. It is one of the first Metaverse’s to be created.
MANA, Decentraland’s primary token, is Ethereum based. This is an ERC-20 token that allows Decentraland players or users to acquire assets in this particular metaverse and participate in the platform’s governance through voting rights. MANA would be a great place to start if you are crazy about the metaverse and would love to own assets as we await the anticipated shift to the digital world.
Note that the mother platform, Decentraland, has shown an impressive record in the past few months, which is promising for investors. We recently witnessed an entry by the government of Barbados, which opened a virtual embassy on the platform. Other players have also invested millions of dollars in digital lands, and therefore, you don’t have to worry about the value of your tokens after acquisition.
Like several metaverse coins, MANA greatly increased in price in the last quarter of 2021, gaining over five times its value in October value by 25 November. By the end of 2021, the coin had increased in value by over 4000%, which is mindblowing.
MANA is a good token to get in 2022 if you intend to acquire virtual property and own voting rights in the digital space. Please take advantage of it as soon as possible by visiting Decentraland’s website.
Strengths
- It is owned by Decentraland, one of the most popular Metaverses
- It has significantly increased in value in the recent past.
- It guarantees buyers voting rights in Decentraland.
Weaknesses
- Its value may decrease as more platforms keep coming up.
- It is Ethereum based and therefore attracts gas fees.
2. AXS
Without including AXS, a popular platform token owned by the widely played Axie Infinity, we cannot have a complete list. Like Decentraland, this is another promising platform offering users an immersive experience in the virtual world. Remember, Axie is also a play-to-earn game that furnishes players with tokens as they play. These can then be exchanged for different currencies on exchange platforms.
To make a killing on this platform, be ready to fight with in-game NFT characters, christened Axis. Note that Axie Infinity has two tokens. Apart from AXS, or the Axie Infinity Shards, we have LSP, fully known as Smooth Love Potion. You shouldn’t care much about LPS unless you intend to breed a new Axis. Our main token, AXS, guarantees traders’ participation in the platform’s governance through voting rights.
You can also stake the coins(AXS) to earn rewards or increase ownership by mastering your gaming. Unlike MANA, these tokens are pretty expensive. Their value had increased to $165.37 by 6 November 2021, when MANA valued slightly less than $5. This would be a good time to obtain some of these coins as their value has greatly reduced.
Strengths
- Gives buyers voting rights on the development of the supporting platform.
- It can be earned and exchanged for currency while playing the game.
- It is more valuable
Weaknesses
- It can be expensive to source owing to the high value.
- It has witnessed a sharp increase recently.
3. THETA
Theta is a new token, which came up in January 2021 when Theta Networks entered the NFT market. It was created to allow the platform to cement its place in blockchain infrastructure networks for entertainment and media purposes. This followed the company’s conscious decision to join the computing, video, and data delivery industries.
These tokens peaked in April 2022, three months after launch, obtaining a value of around $16, up from slightly below $2. However, the market retreat that followed afterward saw a price decrease, forcing the coin to close at $4.71, which still signifies a 153% gain. Fortunately, the NFT and crypto world can go in any direction, meaning we can partly anticipate a price increase soon.
Keep in mind that the platform is pretty popular, having merged with several partners. Most players have started receiving NFT drops as rewards and live experiences. One of the most iconic events was Katy Perry launching her NFT collection on the network a few months after obtaining a stake in Theta Labs, the network’s developer.
Remember, this token is only used for governance and staking validator at the moment. The network plans on launching a decentralized token soon to facilitate other functions. All in all, this would be a worthy investment.
Strengths
- The supporting network plans to advance even further, positively affecting the token.
- It is used for governance and can be staked.
- It is not as expensive
Weaknesses
- It performed poorer than other tokens in 2021.
- It does not support the acquisition of assets
4. SAND
You must have heard of the virtual currency SAND if you are a metaverse lover. This token is owned by The Sandbox, a virtual game, and immersive world, usually regarded as a metaverse. The Sandbox allows users to gain from the games as it qualifies under paly to earn games. This platform also has a game maker, enabling users to create game-related digital assets and trade them in the marketplace.
You can use these tokens (SAND) to buy land and acquire many assets in this virtual world. It has attracted many investors in the recent past, including rappers and fans who have secured virtual land, spending thousands of dollars. Note that SAND is an ERC-20 Ethereum based token earned from playing games. Apart from acquiring assets, it also allows you to customize your avatar, buy game-enhancing equipment and play additional games.
Another avenue for making money off your tokens is staking, a procedure supported by several platforms. Lastly, SAND also guarantees governance rights, including all the reviewed tokens. The more coins you have, the higher your rights. It is worth noting that this Sandbox utility performed impressively, managing to record a 16000% increase in 2021 only.
Ensure that you learn more about The Sandbox and find an approved crypto exchange platform for your first purchase.
Strengths
- It has a growth potential owing to the increased metaverse investments.
- Offers governance rights.
- SAND can be staked for profit.
Weaknesses
- You cannot purchase it on popular platforms such as Coinbase
- It faces stiff competition from clubs such as MANA.
5. XTZ
XTZ is the native coin for Tezos users. This self-amending platform revolutionized Blockchain technology. It can upgrade itself through a functional module, eliminating the need for a split in the blockchain for new functionalities. This open-source platform supports a range of NFTs.
XTZ has gained value in the recent past following the platform’s decision to partner with several industry players and creators. A network upgrade in October 2021 saw the price rise to slightly above $9, which was the coin’s all-time high. Subsequent price hikes have been achieved through partnerships such as the platform’s partnership with Ubisoft.
Rarible, one of the greatest NFT Marketplaces at the moment, integrated with the Tezos Blockchain, ranked third after Ethereum and Flow. You can easily find Tezos tokens on Rarible if you are a buyer. By the end of 2021, the value of these tokens had risen by 115%, which is quite commendable. We hope to see more partnerships by brands and software companies aiming to join the NFT world that will push the prices of this coin even further. Now would therefore be a good time to consider buying XTZ.
Strengths
- It has been experiencing regular spikes in value.
- The supporting company, Tezos, has partnered with several industry players.
- It has higher growth potential.
Weaknesses
- Unlike the other coins we’ve reviewed, it has not significantly increased in value.
6. FLOW
This is the native token of the FLOW network, which has been lauded for its speed and functionality. It is owned by Dapper Labs, best known for the popular metaverse game, CryptoKitties, which allows players to breed digital cats. The company believes that FLOW will power the next generation games by offering a fast, secure, developer-friendly platform.
It would be best to have FLOW tokens for transactions happening in the FLOW blockchain. It has several functions, targeting programmers, validators, and users, who generally earn rewards by being part of the FLOW network. You use your club to cover virtual expenses and, if possible, facilitate protocol administration. The tokens serve as a payment method and a long-term asset for Flow users.
It was valued at $34.80 in April 2021, which significantly fell to roughly 11 dollars by the end of the year. However, we can hope for a better value as we advance, given the popularity and consideration the supporting Blockchain has enjoyed recently. Flow(the platform) makes it easy for users to create and trade non-fungible tokens and make money from them. The fact that FLOW is a native coin created by some of the most creative developers in the crypto world known for projects such as NBA Topshot and Dapper Wallet should give you some home.
Note that, like other coins, this option vests voting and overall governance rights on owners, giving them a sense of ownership.
Strengths
- It has several functions and facilitates all transactions in the FLOW network.
- It helps in planned protocol administration.
- It serves both as a reserve asset and a payment method.
Weaknesses
- Its value is unpredictable.
7. ENJ
ENJ is one of the best coins in terms of performance and market cap, which makes it worth your consideration. It is an ERC-20 token founded in the Ethereum blockchain. It is the main utility coin for the Enjin network, on which several ecosystems and games are based. Its main purpose is to guarantee speed and seamlessness on the Blockchain sides of games.
Any game or application that the Enjin platform supports impacts this coin’s price since they increase the sales volume of items. It is also quite popular as it offers a refuge for gamers wishing to integrate into Ethereum but worry about exorbitant fees. Holders of Enjin tokens have three options-they can either list it for sale, burn or retrieve the locked ones. Like many other tokens, this option recorded an impressive performance in 2021, managing a value of $4.50 in November, up from $0.13 in January. It has a circulating supply of over 850 million coins.
The price will most definitely swell again, given that the mother network benefits from all the games built on it. Some of its noteworthy competitors are AXS and MANA, offered by Axie Infinity and Decentraland. This would be an excellent option for anyone wishing to invest more in NFT coins. Also, remember to take some time and track the performance of ENJ against other coins to make more informed decisions. However, it is one of the best performing coins at the moment.
Strengths
- It is relatively cheap.
- It may witness a significant increase in price owing to the supporting platform.
- It recorded impressive value improvement in 2021.
Weaknesses
- It has managed to perform well compared to other coins despite its potential.
8. WAXP
WAXP is one of the most popular NFT tokens in 2022. It is supported by WAX, a decentralized platform that facilitates gamers’ trading of virtual assets, including skins. It is in its final stages of development, after several years. However, it still allows gamers to enjoy several functionalities.
WAXP lets users buy videos games, online assets, and non-fungible assets from the WAX platform. The popularization of NFTs saw an overnight increase in price, which saw NFT investors monitoring it. This also followed its listing on Binance, one of the best crypto wallets and platforms globally, which saw an increase in its market cap to roughly $800m.uo from $314 million.
Like most tokens, this price fell after some time. Fortunately, we can expect an increase in price owing to the high gaming levels we have been experiencing recently, even though it is not as popular as MANA and SAND, offered by renowned metaverse platforms, thus enjoying several users.
WAXP is worth looking out for, and with the right investment decisions, you are likely to gain from your conscious decision to gain these tokens.
Our Pick
Both tokens have the potential to bring on profits or allow you to acquire virtual assets as an investor. However, some tower over the others for different reasons. Here is a breakdown of our top picks:
1. MANA
MANA tops our list based on its popularity and functionalities. It is offered by Decentraland, a platform that has recorded an impressive performance since the advent of the metaverse. It facilitates the acquisition of land and other digital assets. You also get voting rights with every purchase, which allows you to control development decisions.
We love MANA because it presents a higher growth potential given the number of high-profile investments Decentraland has witnessed. It is a good choice, especially for a first-time investor.
2. SAND
SAND, offered by The Sandbox, is an equally effective token. This platform’s users can acquire land and populate it with games and non-fungible tokens. They can also customize their avatars, making the gaming experience better and enhancing their overall gameplay. Therefore, SAND would be an equally worthy token if you cannot get MANA.
This coin also recorded an impressive performance in 2021. We can expect more with the ever-increasing popularity of these tokens. Make sure that you are always on the lookout.
3. XTZ
Our last pick is XTZ, a native token for the commonly used crypto ledger, TEZOS. This open-source blockchain created several partnerships after their token increased in value in 2021. Occasionally network upgrades have also impacted its value, meaning that it is a relatively safe option for any small-scale investor.
The token is widely used for governance and staking validation, which you can enjoy after deciding to join the growing bandwagon. You can also take some time to monitor its performance.
Conclusion
This marks the end of our articles. We are committed to helping you make the best decisions in NFT through our articles. Make sure that you research more on these tokens before making up your mind. Remember, several options are coming up as NFTs increase in popularity.
