In the midst of the crypto bull run of 2021, non-fungible tokens (NFTs) and the cryptocurrencies tied to them emerged as a dominant trend. While the hype has somewhat subsided, the market for these coins still remains active, boasting a total market capitalization exceeding $30 billion according to CoinGecko’s data.
A recent ranking by Santiment shed light on the top 10 NFT-related cryptocurrencies based on their “notable development activity” over the past month. Leading the pack is Decentraland (MANA) with a score of 145.77, known for its use in the Decentraland ecosystem for purchasing goods and services. Flow (FLOW) and Metaplex (MPLX) secured the second and third positions, respectively, in the ranking. Axie Infinity (AXS) and Enjin Coin (ENJ) also made it into the top five. Surprisingly, popular tokens like Internet Computer (ICP) and Artificial Superintelligence Alliance (FET) did not make the cut despite their high market capitalization.
One striking example is The Sandbox (SAND), which experienced a significant bull run in November 2021 with its value peaking at over $7. Today, the coin is only worth $0.31, marking a staggering 95% decline from its all-time high. In comparison, Internet Computer (ICP) saw a modest price increase of 130% in the past year, while FET reached an all-time high of $3.27 in 2024. RENDER also enjoyed a peak valuation earlier this year when it was added to Coinbase’s “roadmap” section, leading to a subsequent official listing and a price surge. Immutable (IMX) witnessed a 110% yearly increase, and Floki Inu (FLOKI) skyrocketed by an astonishing 715% within the same period.
The world of NFT-related cryptocurrencies is a volatile one, with coins experiencing both rapid ascents and steep declines in value. As the market continues to evolve, only time will tell which projects will stand the test of time and which will fade into obscurity. With ongoing developments and shifting investor sentiment, staying informed and cautious is paramount for those looking to navigate the ever-changing landscape of NFT-related investments.