The world of non-fungible tokens (NFTs) and the cryptocurrencies associated with them saw significant growth during the 2021 crypto bull run. However, as interest in the sector has waned, certain coins have shown resilience and continued development. Market intelligence platform Santiment recently compiled a list of the top 10 NFT-related cryptocurrencies based on “notable development activity” over the past month.
Decentraland (MANA) has emerged as the leader in development activity, scoring 145.77 on Santiment’s ranking. This token, used within the Decentraland ecosystem for purchasing goods and services, experienced its peak at the end of 2021 with an all-time high price of over $5. Currently trading at around $0.33, MANA remains a strong player in the market.
Flow (FLOW) secured the second position on the list with a score of 140.7, followed by Metaplex (MPLX) in third place with a score of 20.03. Gaming tokens like Axie Infinity (AXS) and Enjin Coin (ENJ) rounded out the top five, showcasing the diversity within the NFT sector.
Interestingly, some of the top NFT-related cryptocurrencies by market capitalization did not make it to Santiment’s list of development activity. Internet Computer (ICP), Artificial Superintelligence Alliance (FET), Render (RENDER), Immutable (IMX), and Floki Inu (FLOKI) were notably absent from the top 10 ranking.
ICP, for example, demonstrated strong performance over the past year with a price increase exceeding 130%. On the other hand, FET reached an all-time high of $3.27 in March 2024. Despite these achievements, these sector leaders failed to secure a spot among the most actively developed NFT-related cryptocurrencies.
Render (RENDER) attracted attention from the crypto community when Coinbase added it to its “roadmap” section in January. This endorsement led to a price surge and subsequent official listing on the platform, indicating potential for further growth in the future. Immutable (IMX) saw a yearly valuation increase of 110%, while Floki Inu (FLOKI) experienced an impressive surge of 715% during the same period.
The NFT sector continues to evolve, with certain cryptocurrencies leading the way in development activity while others face challenges in maintaining market relevance. As the crypto landscape remains volatile, investors and enthusiasts alike must stay informed about the latest trends and opportunities within the NFT space.
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