Non-fungible tokens (NFTs) and the cryptocurrencies related to them managed to capture significant attention during the crypto bull run of 2021. While the hype may have died down, these coins are still very much relevant in the market, with a total market capitalization exceeding $30 billion according to CoinGecko’s data.
Santiment, a crypto market intelligence platform, recently released a list of the top 10 NFT-related cryptocurrencies based on “notable development activity” over the past month. Decentraland (MANA) emerged as the leader with a score of 145.77. This token, used within the Decentraland ecosystem, experienced its peak at the end of 2021 but has since seen a significant drop in value.
Flow (FLOW) secured the second position on the list with a score of 140.7, followed by Metaplex (MPLX) at third place with 20.03. Gaming tokens like Axie Infinity (AXS) and Enjin Coin (ENJ) also made it to the top five rankings. Interestingly, The Sandbox (SAND) witnessed a bull run in November 2021 but has experienced a substantial decline in value since then.
Despite their strong market performances, some of the biggest players in the NFT space such as Internet Computer (ICP), Artificial Superintelligence Alliance (FET), Render (RENDER), Immutable (IMX), and Floki Inu (FLOKI) did not make it to the top 10 list based on development activity. It is surprising to see these major coins missing from the list, considering their large market capitalization.
ICP has demonstrated a price increase of over 130% in the past year, while FET reached an all-time high of $3.27 in March 2024. RENDER caught the attention of Coinbase earlier this year, leading to a significant price spike following its listing on the exchange. IMX has shown a yearly increase of 110%, and FLOKI has witnessed a staggering 715% surge in value during the same period.
The NFT-related cryptocurrency market continues to evolve, with some tokens showing strong development activity while others lag behind. Despite the absence of major players like ICP and FET from the top 10 list, the overall market remains dynamic and full of opportunities for investors and enthusiasts alike. It will be interesting to see how these trends shape up in the coming months as the crypto landscape continues to evolve.
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