Key Takeaways:
- Learn why NFTs exist and how NFT tokens are used.
- Explore the top NFT tokens to watch in 2023, including MANA, AXS, and LAND.
- Learn how to trade NFT tokens on the Crypto.com App and Exchange.
Introduction
With their unique blend of digital art, virtual assets, and blockchain technology, non-fungible tokens (NFTs) have taken the world by storm since the NFT boom of 2021, and collections keep dropping and selling out here in 2023.
In this guide, we explore the top tokens behind NFTs and discuss their key features and potential growth. Additionally, we walk through the process of trading these tokens on the Crypto.com App.
What Are NFTs?
NFTs are unique digital assets that represent ownership of non-fungible assets, both digital and physical. These tokens exist on blockchain networks and cannot be exchanged on a one-to-one basis like traditional cryptocurrencies. NFTs have gained immense popularity in recent years due to the rise of digital art, collectibles, and the Metaverse.
Many blockchain games and metaverses incorporate NFTs in their gameplay and ecosystems. These NFT-related protocols also often have their own native utility and governance tokens. Some examples of popular NFT-related assets include AXS (Axie Infinity), MANA (Decentraland), and SAND (The Sandbox) — which we introduce in more detail below.
Learn all about NFTs in our University article What Are NFTs?
Top NFT Tokens to Watch in 2023
1. Decentraland (MANA)
Decentraland is a blockchain-based virtual world that combines virtual reality, augmented reality, and the internet to create an immersive digital experience. The platform allows users to create, buy, and sell virtual land, items, and experiences using its native token, MANA.
Key Features
- Users can acquire, develop, and monetise non-fungible land in the virtual world.
- Decentraland hosts major events and concerts, attracting mainstream attention.
- Strong community support and involvement in the platform’s governance.
2. Axie Infinity (AXS)
Axie Infinity is a popular blockchain-based game centred around collectible creatures called Axies. Players can breed, battle, and trade their Axies while participating in the game’s play-to-earn (P2E) economy. AXS serves as the platform’s native currency and governance token.
Key Features
- Players can earn in-game rewards and trade NFT assets within the platform.
- Axie Infinity has a large, dedicated community and a strong P2E model.
- The game is constantly evolving, with new features and partnerships regularly announced.
3. The Sandbox (SAND)
The Sandbox is a virtual Metaverse built on the Ethereum blockchain that allows users to create, own, and monetise their gaming experiences. The platform offers a suite of tools for building and trading digital assets, and its native token, SAND, is used for value transfers, staking, and governance.
Key Features
- The Sandbox offers a user-friendly game-creation platform with a strong focus on user-generated content.
- Players can create and sell digital assets as NFTs, unlocking new revenue streams.
- The platform has partnerships with major brands and celebrities, increasing its mainstream appeal.
4. Rarible (RARI)
Rarible is a decentralised NFT marketplace built on the Ethereum blockchain that allows users to create, buy, and sell digital art and collectibles. The platform’s native token, RARI, is used for governance and incentivises user participation through its unique token distribution model.
Key Features
- Decentralised NFT marketplace with a wide range of digital art and collectibles.
- RARI token used for governance and incentivising user activity on the platform.
- Regularly updates, with new features added, keeping the marketplace fresh and engaging.
5. Efinity Token (EFI)
Efinity is a next-generation blockchain platform designed specifically for creating and trading NFTs. The platform aims to offer a fast, scalable, and user-friendly experience for both creators and collectors. Efinity’s native token, EFI, is used for various utility purposes, including transaction fees, staking, and governance.
Key Features
- Next-generation NFT-focused blockchain platform.
- Fast and scalable, with a user-friendly experience for creators and collectors.
- EFI token used for transaction fees, staking, and governance.
How to Trade NFT Tokens on Crypto.com
To trade NFT tokens on the Crypto.com App, follow these simple steps:
- Download the Crypto.com App and sign up for a free account.
- Complete the verification process by providing the necessary identification and performing a facial recognition check.
- Deposit at least $10 via credit or debit card, bank transfer, or by connecting another crypto wallet.
- Once the deposit has been confirmed, search for the preferred NFT token by name or ticker symbol.
- Enter the desired amount to spend, then click the ‘Buy’ button.
- The token will instantly appear in the account wallet.
Conclusion
NFT tokens allow users to participate in Web3 gameplay and actively participate in NFT platforms. In addition, they offer a unique opportunity for traders to diversify their portfolios and potentially capitalise on the growing popularity of digital art, collectibles, and the Metaverse.
The Crypto.com App gives users access to over 250-plus of the most sought-after tokens in the market, including NFTs, while leading the crypto industry on security standards. Download the Crypto.com App for free here.
Due Diligence and Do Your Own Research
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Past performance is not a guarantee or predictor of future performance. The value of crypto assets can increase or decrease, and you could lose all or a substantial amount of your purchase price. When assessing a crypto asset, it’s essential for you to do your research and due diligence to make the best possible judgement, as any purchases shall be your sole responsibility.
