In the midst of the crypto bull run of 2021, non-fungible tokens (NFTs) and the cryptocurrencies associated with them took center stage. This trend brought about a surge of interest and investment in the space, leading to the creation of numerous NFT-related coins.
Despite the waning enthusiasm, the total market capitalization of NFT-related cryptocurrencies still stands at a hefty sum of over $30 billion according to CoinGecko’s data. Recently, the crypto market intelligence platform Santiment compiled a list of the top 10 NFT-related cryptocurrencies based on their “notable development activity” over the past month.
Decentraland (MANA) emerged as the leader in the ranking with a score of 145.77. This token is utilized for purchasing goods and services within the Decentraland ecosystem. On the other hand, Flow (FLOW) secured the second spot with a score of 140.7, followed by Metaplex (MPLX) at third place with a score of 20.03.
Interestingly, some of the sector leaders by market cap such as Internet Computer (ICP) and Artificial Superintelligence Alliance (FET) did not make it to the top 10 list of NFT-related cryptocurrencies despite their strong market performances. ICP witnessed a price increase of over 130% in the past year, while FET hit an all-time high of $3.27 in March 2024.
It is worth noting that not all NFT-related cryptocurrencies have maintained their ATH prices. Tokens like The Sandbox (SAND) and Render (RENDER) experienced significant declines from their peak valuations. For example, SAND plummeted by a massive 95% from its ATH, currently trading at $0.31.
The world of NFT-related cryptocurrencies is volatile and ever-changing. While some coins continue to show strong development activity and market performance, others struggle to maintain their value. It will be interesting to see how this sector evolves in the coming months and years as the crypto market landscape continues to shift.
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