NFT cryptocurrencies are beginning to dominate the blockchain world. With more and more organizations looking to integrate NFTs into their business models, it’s no surprise that many newcomers are eager to jump in at the ground level of what is sure to be a fast-growing industry.
We’ve assembled a list of 5 popular NFT cryptocurrencies you may want to invest in this year.
The first NFT on our list is CryptoKitties. While just a year old, the amount of attention that CryptoKitties has attracted over its short life is astonishing. The game is fairly simple: You can buy, sell or trade your crypto-collectibles for in-game coins with other players.
You can also breed crypto-collectibles together and create unique new ones. These new crypto collectibles have a unique immutable genetic code, which introduces an element of collectible scarcity.
As you might expect, the more successful the game grows, the more traffic it will receive and the higher its value will rise.
Decentraland has been hyped in the crypto community for quite some time. The game is a multiplayer virtual world where players can build and trade their own unique parcels of land.
These parcels are NFTs and cannot be duplicated or taken away once they’ve been purchased. Decentraland teams up with many other popular blockchain companies to use their virtual land and currency in future projects as well.
Chiliz is an NFT-based gaming platform launched by Malta-based Chiliz Limited. The company creates an ideal environment for gaming enthusiasts to get the latest games first and the ability to earn heavily in a rewards system.
At the moment, the Chiliz token (CHZ) is based on Ethereum, but in due course, it will also be released on its own blockchain.
4. Axie Infinity
Axie Infinity is a popular crypto-collectible crossover game that uses an NFT platform. The game focuses on in-game collectible toys that can be operated using Ethereum’s blockchain.
It was launched in the summer of 2017, and it has been quite popular. It is on track to become the top blockchain-based game based on the latest statistics from its crowdsale.
5. Enjin Coin
The Enjin Coin (ENJ) is a blockchain-based gaming platform that uses its own cryptocurrency to access premium items, 3D models, and digital assets in-game.
In addition to playing any game using the Enjin Coin, users can also purchase real-life goods using the same currency. Enjin Coin has been getting a lot of attention as it has released its mobile applications as of late.
But what are NFTs?
An NFT is an entirely new type of cryptocurrency. The cryptocurrency generally comes in the form of a token, and this token can be described as a digital representation of some kind of asset.
An NFT token is not like bitcoins, which are scarce and fixed in number, but instead, exist on the blockchain as entries that simultaneously exist in multiple blockchains.
Not all NFTs can be mined, and they usually require developers to develop some software using which they can create their own tokens. The most popular and widely used platform for the creation of NFTs is Ethereum.
With NFTs, you can describe a range of intangible, collectible assets in the form of data. These assets can be something like a song, an in-game item, an ownership share, or even a vote in something.
The technology behind it is that it would be possible to buy these digital items on “crypto collectible” games or apps that use this type of blockchain technology. NFT profit is the way to go if you want long-term investments.
Invest in NFT digital art
Buying art is another investment that has been around forever. Many people have done it and have made a good profit by buying art at bargain prices and then selling them at a higher price later on.
It’s worth remembering that the art market is worth billions of dollars, which means there’s plenty of money to be made in it. Buying digital art can be a lot more than just buying a picture or digital painting.
You can even buy the rights to it or the right to watch someone else play or watch the video of their gameplay. NFT technology has become an innovation in the blockchain world, and it seems like we’ve just begun to see its full potential.
Invest in NFTs for the future
NFTs are a new and unexplored area of cryptocurrency. There are many different ways that NFTs can be used, but it’s never been fully explored.
It’s likely that developers will begin using this technology for other types of applications, and we may see new industries develop as a result of it. If you’re looking to invest in the future and are interested in cutting-edge technology, NFTs might be an interesting option to look into.
Not yet fully explored
As mentioned earlier, NFTs are still a relatively new innovation. They are easy to create and have a wide range of uses that the developers have not yet begun to fully explore. If you’re looking for an investment that may become more valuable in the future, NFTs could be a good choice to look into.
As more people begin to use them in various ways, they could become as valuable as any other cryptocurrency on the market today.