3 of the Best NFT Cryptos to Buy for 2022 as More Assets Get Digitized
InvestorPlace - Stock Market News, Stock Advice & Trading Tips NFT cryptos continue to spark significant interest among investors. Three of those -- SAND-USD, ENJ-USD and AXS-USD look poised to...
Wall Street has been paying close attention to non-fungible token (NFT) cryptos. Prices of many altcoins that are at the forefront of the NFT growth have skyrocketed so far in 2021.
NFT cryptos are created as “one-of-a-kind” digital assets of numerous tangible or intangible objects, including works of art, gaming items, real estate on virtual reality platforms, music, poems, collectible sports cards or concert tickets. They can be bought and sold like any other asset as they represent ownership certificates.
As NFT cryptos evolve along with creative impulses of a new generation of investors, it seems like future applications for NFTs are endless. As a result, NFT cryptos could easily grow exponentially over time as more assets get digitized in the coming years.
A new report from Chainalysis reveals that the NFT market is now worth $27 billion. Meanwhile, NFT marketplaces, such as OpenSea, offer users platforms where they can trade in these digital assets. At present, the lion’s share of NFT trading is retail investor-driven.
With that as background, here is our list of three NFT cryptos that look primed to gain traction in the coming months:
NFT Cryptos: Axie Infinity (AXS-USD)
- 52-week range: $0.4186 – $165.37
- Market cap: $5.83 billion
Founded by the Vietnam-based Sky Mavis in 2018, Axie Infinity is a “play-to-earn” game created on the Ethereum (CCC:ETH-USD) blockchain. The platform has its own economy, currencies, and land. The leading NFT-based crypto game allows players to collect, breed, and compete with digital pets, named ‘Axies,’ and build their land. While each Axie is developed as an NFT, the market price for an AXS-USD depends on the rarity of its features.
Players can redeem earnings in-game and exchange for assets outside this virtual world to generate real-life income. The ecosystem powered by two native cryptocurrencies, Axie Infinity and Small Love Potion (CCC:SLP-USD). Players can trade their Axies on the marketplace and sell AXS-USD on crypto exchanges.
With more than 2 million daily players to support the project, the Axie universe has seen significant growth. In fact, its NFT trade volume clocked in at $125.96 million during the first week of November, out of the total gaming NFT trade volume of $128.94 million.
Sky Mavis has recently raised $152 million in Series B round, pushing to a $3 billion valuation. This financing was led by the venture capital firm Andreessen Horowitz. The company aims to use the funds to primarily launch a distribution platform and encourage outside developers to create blockchain-enabled games.
AXS is currently among the leading 30 cryptos, with a market capitalization (cap) of $5.8 billion. It hit an all-time high (ATH) of $165.37 on Nov. 6. The NFT coin has surged more than 17,500% year-to-date (YTD). It currently hovers around $95, down around 40% from its peak value.
Enjin Coin (CCC:ENJ-USD)
- 52-week range: $0.1181 – $4.85
- Market cap: $2.03 billion
Founded by Witek Radomski and Maxim Blagov in 2009, Enjin is an Ethereum-based social gaming platform where users can form groups, chat, or even host virtual item stores. With over 250,000 gaming communities and 18.7 million registered players, it is a leading gaming platform.
Meanwhile, Enjin coin allows developers to tokenize in-game items. Players can create their virtual goods, and offer them on the platform.
Enjin continues to grow its NFT ecosystem that encourages individuals and businesses to create, trade, and distribute NFTs. On Nov. 4, Enjin also launched the Efinity Metaverse Fund. The fund is expected to raise $100 million to support metaverse projects on Efinity.
ENJ is among the leading 70 cryptos and supports a market cap of about $2 billion. ENJ-USD hit an all-time high of $4.85 on Nov. 25. The NFT coin has surged more than 1,700% YTD. It currently trades around $2.40, down roughly 50% from its peak value.
NFT Cryptos: The Sandbox (SAND-USD)
- 52-week range: $0.03451 – $8.44
- Market cap: $4.67 billion
Based in Hong Kong, The Sandbox is another virtual play-to-earn blockchain gaming ecosystem running on the Ethereum blockchain. Followers of the platform highlight that the online ecosystem merges blockchain technology, decentralized finance (DeFi), and NFTs in a 3D metaverse. Players can develop their avatars to access various games.
The Sandbox Marketplace is an NFT marketplace for players to trade in-game assets with SAND-USD. The virtual goods created on the platform can be monetized as NFTs and sold for SAND-USD tokens.
Venture capital group Softbank (OTCMKTS:SFTBY) recently invested $93 million in The Sandbox, contributing to bullish momentum around the cryptocurrency. SAND-USD hit an all-time high of $8.44 on Nov. 25. The metaverse coin has returned around 14,000% YTD. It currently hovers at $5.10, down about 40% from its peak value.
On the date of publication, Tezcan Gecgil did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Tezcan Gecgil, Ph.D., has worked in investment management for over two decades in the U.S. and U.K. In addition to formal higher education in the field, she has also completed all three levels of the Chartered Market Technician (CMT) examination. Her passion is for options trading based on technical analysis of fundamentally strong companies. She especially enjoys setting up weekly covered calls for income generation.
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