The NFT industry continues to fire on all cylinders. With new listings and projects coming to market nearly every week, overall interest in Non-Fungible Tokens is likely to explode. Several NFT platform-native tokens have seen a value explosion over the past few weeks.
The Growth Of NFT Tokens
Whereas the media seems to focus on NFT artworks these days, it is pertinent to look at the platforms facilitating growth in this industry. Numerous projects have been established in this space over the years, yet they may not always receive the recognition they deserve. Slowly but surely, that narrative is changing for the better.
Even so, the native tokens of these NFT-oriented platforms note spectacular growth since February 1st. As Kaiko points out, returns vary between 209.8% and 682.3%, which is very impressive. It will not come as a surprise that Rarible notes the most significant growth across the board, as that platform is attracting a ton of attention right now. It is home to many intriguing creators and people looking to invest in NFT as a way to diversify their portfolio.
Second on the growth list is none other than Enjin. Renowned for its position as a blockchain ecosystem with monetization and marketplace solutions, it can help any company or artist grow their audience. Whether it is games, apps, or other NFT-oriented projects, there are many good reasons to check out Enjin. Enjin Coin’s value is up by 430.7%, confirming the platform is growing by leaps and bounds.
For Flow, Decentraland, and Wax Protocol, the growth is more than stellar as well. Native tokens saw their value appreciate by over 200% in six weeks. These projects provide something unique for users and artists to explore, ushering in a more modern era of art and creativity. Sustaining this growth level will always be challenging, as this hype may quiet down at any given moment.
An Ever-competitive Space
While all of the projects above have noted strong growth in the price department, the NFT space grows more competitive by the day. Not just for platforms supporting this new movement but also where tokens are concerned. With a combined market cap of $8.247 billion, NFT projects are coming out in force.
Some of these up-and-coming tokens even yield price gains of over 150% in the past seven days. Such growth is – most likely – unsustainable in the long run, yet it confirms a lot of FOMO in this industry today. Carefully researching and evaluating projects and tokens before making financial commitments remains the advisable course of action.
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