My Top Two Picks For NFT Tokens And Why
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Also, If you want to understand the basics of NFT’s better before reading this article, check out my earlier post titled Non-Fungible Tokens! (NFT’s)... Is it a bubble?
Number two on the list is Axie Infinity. Axie Infinity is a fantastic “play to earn” video game where players can obtain tokens transferable for hard cash. According to DeCrypt, the game has topped over 1 million daily users this August. It has also done over 900 million in trading volume over the past month. The game was launched in 2018 and has become the most prominent play-to-earn game in crypto to date. Players buy and sell Axies, AKA avatars, and breed new Axies that they can then sell or collect. The game has proven so profitable for some, especially those in third world countries, that it has driven them to quit their jobs as the average player can earn roughly 1,500 dollars a month, as stated by Cryptoday newsletter on Subtrack. The platform has a massive following and a significant amount of money in the ecosystem. The Axie Infinity token is trading at 72 dollars per coin and has a market cap of 4.3 billion, the second-largest of all the NFT tokens.
Flow by Dapper Labs
Coming in at number one, we have Flow. Flow is a blockchain run by Dapper Labs that helps facilitate digital collectibles and gaming applications. One of their most notable projects was Crypto Kitties which became one of the first attempts to use blockchain technology for entertainment and pleasure. However, one of their now more popular projects, which you may have heard of, is NBA Top Shot! As an NBA fan myself, I collect moments on NBA top shot, and although the website’s team had some early growing pains, fundamentally, the site runs well. According to FadeAway World, with over 2 Billion fans worldwide, basketball is the 3rd most popular sport. In addition, in an article by USA today, it was stated that “The NBA has been going overseas to play either preseason or regular-season games for 40 years, and the global footprint of the league — not to mention its business interests — continues to expand. The league has opened up 12 international offices, establishing seven academies on four continents and started broadcasting games to more than 200 countries and territories.” It's no wonder the NBA has a massive worldwide following.
What I have said before, and I'll reiterate here that NFT’s come down to mainly one thing: Intellectual Property, AKA, how large the fan base is behind the collectible. So many NFT’s do and will fail because they have no fan base behind them. That isn't to say there isn't a place for independent digital artists. Still, it’s fair to say their NFT’s will have a more challenging time retaining value next to collectibles from organizations like the NBA or Disney, for example. Flow is currently trading at 25 dollars per coin and has a market capitalization of 1.4 Billion, making it the sixth-largest NFT token to date. Although it is very close, I have Flow as my number one over Axie because I think Flow has more upside given the NBA’s continued growth and already massive following worldwide.
Those are my top 2 NFT tokens to hodl long term. If you guys enjoyed this short article, be sure to subscribe to receive more content like this weekly!