Top three NFT cryptos by market cap

Highlights

• From Beeple to CryptoPunk, there are a number of NFT projects popular among blockchain enthusiasts
• Many blockchain projects provide NFT services to developers, like Tezos helps build NFT marketplaces
• Any positive or negative sentiment in NFTs can have an impact on the tokens of these projects

Are non-fungible tokens (NFTs) better than cryptocurrencies? Many backers of blockchain and digital assets based on this tech are divided on this. Though both NFTs and cryptos are digital assets, and many exchanges like Coinbase allowing trade in both; differences do exist.

An NFT is a digital record that represents ownership over a particular item, say an artwork. NFTs are tradable, and if the underlying item is of value, the price of NFT may surge. Cryptos are usually the native medium of exchange in any project like Ethereum and Shiba Inu. The key difference is that any single NFT is unique in that it belongs to a single underlying item. Native tokens like Ether or SHIB do not have this exclusivity feature.

Bitcoin is the biggest crypto, Ether second and so on. But which is the biggest NFT project by market cap? Below are the top three projects, according to CoinMarketCap, that come with NFT elements and have their own native crypto tokens.

1. Flow (FLOW)

Flow is a blockchain service provider, primarily for decentralised games and digital assets. Some of the linked NFT projects include CryptoKitties and NBA Top Shot.

The Flow blockchain is also said to have partnered with other major developers of blockchain games like Animoca Brands. The Flow blockchain uses the FLOW token as its native medium of exchange. It can be used for validation purposes and the payment of network fee.

The price of FLOW, as of writing, stands at nearly US$2.3. The market cap of the token is over US$2.4 billion, which also makes it one of the top 50 cryptoassets in the list topped by Bitcoin.

Also read: What are Madonna NFTs and are they failing to invite high bids?

2. Tezos (XTZ)

Tezos is another blockchain provider which is into NFTs. Many marketplaces that enable NFT trading use the Tezos network. One of these is OBJKT.

Tezos also provides smart contract services to developers, besides competing with Ethereum in services like DApps. Tezos’ native token is XTZ, which ranks second in the NFT category, according to the list compiled by CoinMarketCap.

XTZ token is trading at nearly US$2, as of writing. The market cap is over US$1.8 billion, which ranks it among the top 50 cryptoassets in overall ranking.

3. Decentraland (MANA)

Decentraland is different in that it is not a blockchain network but a metaverse. The project has virtual lands that can be owned in the form of NFTs. The owners of these land parcels can build a virtual reality world.

Decentraland’s competitors include The Sandbox and Axie Infinity. The native token of Decentraland is MANA, which is trading at a price of nearly US$0.95 as of writing. The market cap is over US$1.7 billion, and MANA too ranks among the top 50 cryptoassets.

Data provided by CoinMarketCap.com

Bottom line

The above three are not unique NFTs like CryptoPunk or BAYC. These are all blockchain projects with NFTs as a part of their wider offerings. The price trajectory of NFTs like that of Beeple’s may impact the price movement of the native tokens of these projects.

Also read: Top 3 NFTs by market cap other than BAYC and CryptoPunks

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