Which are top NFT games’ tokens by market cap?

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Which are top NFT games’ tokens by market cap?

Which are top NFT games’ tokens by market cap?
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Highlights

  • Gamers are looking for the best NFT games, but their linked tokens may manifest price volatility
  • ApeCoin token was recently in the news as some believe it may find use in Yuga Lab’s metaverse
  • Top brands like Forever 21 have, in some capacity, harnessed the popularity of metaverse

Blockchain-powered gaming falls under the metaverse umbrella. CoinMarketCap had over 200 assets under this category as of writing, with some that even had a multi-billion-dollar market cap.

Metaverse projects often have non-fungible tokens (NFTs) as a way to pique the interest of gamers.

Let’s know which are the top NFT games by market cap.

1. ApeCoin (APE)

ApeCoin is one of the new cryptoassets launched in 2022. By that means, ApeCoin topping the list of metaverse tokens on CoinMarketCap is no mean feat. At the time of launch in mid-March, APE token’s price was nearly US$8. It rose sharply immediately after launch but could not sustain the momentum.

That said, the price of ApeCoin has managed to stay above US$10 during much of its run. A sharp rally was seen in the price nearly a week back, which some reports attributed to the proposed launch of Yuga Lab’s metaverse. Yuga Labs is behind the popular BAYC and MAYC NFTs, and ApeCoin falls under the same ecosystem.

It is being speculated that ApeCoin (APE) might find use within the ‘Otherside’ metaverse as a medium of exchange.

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

2. Decentraland (MANA)

The asset that APE token toppled to become the biggest metaverse token was Decentraland. The project uses Ethereum’s network to let users create their desired virtual reality world on ‘plots’.

These lands are sold as NFTs. A metaverse fashion week was reportedly hosted on Decentraland, where brands like Dolce & Gabbana, and Forever 21 participated. It may be possible that the high sale prices of virtual plots are attracting brands to promote using metaverse.

MANA, the native token of this metaverse with gaming features, has lost value in 2022. As of writing, it was down almost 40 per cent on a year-to-date (YTD) basis. The market cap of nearly US$3.5 billion however made MANA the second-largest metaverse token. Overall, it ranked among the top 50 on the list that is topped by Bitcoin (BTC).

Also read: 3 popular NFTs to look at as Coinbase launches social NFT marketplace

3. The Sandbox (SAND)

Another play-to-earn metaverse project, The Sandbox is said to have partnered with brands like Adidas.

The Sandbox also has a pretty similar metaverse setting like Decentraland. Users can create their digital verse, which can be shared with others. 

The project’s SAND token can be used for voting on governance aspects. SAND too has lost value this year, but its market cap of nearly US$3.1 billion makes it one of the top metaverse cryptoassets.

Market cap of top metaverse tokens

Data provided by CoinMarketCap.com

Bottom line

While gamers look for the best NFT games to experience a blockchain-powered world, crypto enthusiasts look at metaverse tokens’ price performance. The massive decline in the prices of MANA and SAND comes as a caution for enthusiasts. Other NFT games include Axie Infinity (AXS), which had a recent setback when its linked platform, Ronin Network, suffered a hack almost a month back.

Also read: Why are NFTs valuable?

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