Best NFT Tokens - How to Invest in NFT in 2024

Best NFT to Buy in 2024

Cryptocurrencies experienced unprecedented growth in popularity during 2021. Several digital coins reached new all-time high prices thanks to a bullish market. Simultaneously, non-fungible tokens (NFT), another type of digital asset, also gained much popularity. Each NFT is the digital equivalent of a one-of-a-kind item like a collectible.

One can buy/sell NFTs in the crypto world as other digital assets. Sales of NFTs peaked in 2021, reaching $411 million on August 29. Total sales in that year amounted to $15.57 billion. This year, however, marked a decline. On January 31, 2022, sales were over $160 million. By the end of April, sales had dropped to slightly over $50 million.

Prices for NFTs vary greatly, from a few dollars to millions of dollars. Like most cryptocurrencies, NFT prices and sales have been severely affected by the recent flash crash in the market. Yet, if you would like to partake in the NFT frenzy, you could buy cryptocurrency coins and tokens used for popular NFT collections. Below, we present a list of the best NFT tokens to buy in 2022.

What Is a Non-Fungible Token?

A non-fungible token is a cryptographic asset on a blockchain with metadata that makes it unique. NFTs are not interchangeable, like cryptocurrencies, which are identical to each other and can serve as a medium to transact value. Instead, an NFT records digital content ownership and authenticity. Most common NFTs represent digital artwork, collectibles, and in-game assets. However, the possibilities are endless since even real-world items can be tokenized.

Are NFTs Safe?

Because of the use of blockchain technology, NFTs are generally secure. The distributed nature of a blockchain makes it difficult to alter the information recorded on an NFT. To securely store an NFT, you must get a digital wallet with top security features. Hardware wallets are considered the safest.

Best NFT Tokens in 2024

We selected the best NFT tokens to buy based on the current market capitalization of each one (as of June 26, 2022). Although these tokens have lost value in the current bearish market, they have high possibilities of successful recovery in the future.

1. Decentraland (MANA)

Decentraland is a virtual world where users can create, experience, and monetize content and applications. It runs on the Ethereum platform. In this metaverse, users can purchase plots of land they can build upon and eventually monetize. Decentraland uses two tokens: MANA and LAND. MANA is an ERC-20 token with which users can buy more virtual land or other metaverse assets such as avatars and wearables. MANA holders can also participate in the governance of this metaverse.

As of June 26, 2022, each MANA token traded at approximately $0.96. Its current market capitalization exceeds $1.79 billion. MANA reached its all-time high price on November 25, 2021, when it skyrocketed to $5.90 from less than $1. CoinMarketCap ranks MANA as the 32nd most valuable cryptocurrency by market capitalization.

2. The Sandbox (SAND)

The Sandbox is another virtual world where users can create, build, buy, and sell digital assets in the form of a game. In this platform, users purchase land, which they can then populate with games and NFTs. The Sandbox uses SAND, an ERC-20 utility token, which facilitates transactions in this virtual world. Players can also stake the tokens to earn rewards and participate in governance decisions.

The Sandbox aims at introducing blockchain technology into mainstream gaming. It has successfully implemented a play-to-earn (P2E) business model that allows users to monetize their gameplay. On June 26, 2022, the SAND token sold at around $1.23. It reached its all-time high price on November 25, 2021, at $8.44. There is a maximum supply of 3 billion SAND tokens. Its current market capitalization is over $1.53 billion, making it the 34th most valuable cryptocurrency.

3. ApeCoin (APE)

ApeCoin is an ERC-20 governance and utility token used within the APE Ecosystem, including the Bored Ape Yacht Club. The goal of APE is to incentivize its decentralized community building in web3. There is a maximum supply of 1 billion APE tokens. As of June 26, 2022, each APE token traded at around $4.96. It reached its all-time high price on March 17, 2022, at $39.40. Currently, its market cap exceeds $1.47 billion. CoinMarketCap ranks APE as the 36th most valuable cryptocurrency by market capitalization.

4. Theta Network (THETA)

Theta Network is a blockchain-powered network for video streaming. In January 2021, Theta launched NFTs as part of its strategy to reach a leading position in the media and entertainment industry. Besides NFTs, Theta offers other collectibles and has incorporated NFT drops as part of live experiences and fan rewards. Theta Network uses the THETA token for governance.

As of June 26, 2022, each THETA token traded at around $1.36. This token reached its all-time high price on April 16, 2021, when it traded at $15.90. There is a maximum supply of 1 billion THETA tokens. With a current market cap of over $1.36 billion, THETA is the 38th most valuable cryptocurrency.

5. Axie Infinity (AXS)

Axie Infinity is a blockchain-based trading and battling P2E game. It took inspiration from Pokémon and Tamagotchi. In Axie Infinity, players can collect, raise, and breed creatures known as Axies. They can also pit Axies against each other. Axies are NFTs and can take different forms. More than 500 body parts are available such as birds, bugs, and more. Axies can have different combinations of body parts, making them highly variable and unique.

Axie Infinity Shards (AXS), a governance token, gives holders the right to vote on how funds in the Axie Community Treasure are spent. As of June 26, 2022, AXS traded at approximately $16.40. This token reached its all-time high price on November 6, 2021, when it traded at $165.37. There is a maximum supply of 270 million AXS tokens. With a market cap exceeding $1.34 billion, AXS is the 40th most valuable cryptocurrency, according to CoinMarketCap.

Conclusion

Non-fungible tokens became a big hit in 2021. Many collectibles were made available using this technology. Despite the current bearish crypto market, NFTs can remain one of the major trends in the blockchain industry. Some NFTs have accrued enormous value, prompting investors to invest in the most popular NFTs to profit from future sales. Some NFTs collections have sold for several million dollars. But even if you do not have considerable sums to buy the most expensive NFTs, you can partake by investing in the best NFT tokens.

There is a lot of hype around NFTs at the moment. However, the future of this technology is still uncertain. There is a risk that the popularity of these digital assets wanes over time. If it happens, most NFTs could significantly lose value. So, before investing in NFTs or associated tokens, you should thoroughly research the assets you intend to buy.

FAQ

What Is the Most Expensive NFT Ever Sold?

The highest-priced NFT collection to date is Merge by artist Pak, which sold more than 300,000 units for $91.8 million in December 2021.

Where Can I Buy NFT to Sell?

You can buy/sell NFTs on specialized marketplaces like OpenSea and Rarible. In most cases, you will need an Ethereum wallet and Ether (ETH) coins to buy NFTs. If you plan on purchasing the NFT tokens of the previous list, you can use LetsExchange.io. Our platform lists more than 4,000 digital coins and tokens for trading.

Why Are NFTs so Expensive?

Not all NFTs are expensive. An NFT by itself has no value. The value accrued from NFTs is from the content or item attached to it. Tokenized hard-to-find items and collectibles command the highest prices.

Disclaimer

Please keep in mind that the above information is based exclusively on our observations and is provided for informational purposes only. It doesn’t constitute any kind of financial advice nor represents an official forecast. Cryptocurrency is a highly volatile asset, and you are investing in it at your own risk.


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