NFTs and the cryptocurrencies associated with them have been a hot topic in the crypto world, especially during the bull run of 2021. While interest may have waned slightly, these coins still hold a significant share of the market, with a total capitalization exceeding $30 billion according to CoinGecko.
A recent report by Santiment ranked the top 10 NFT-related cryptocurrencies based on their notable development activity over the past month. Leading the pack is Decentraland (MANA) with a score of 145.77, followed closely by Flow (FLOW) and Metaplex (MPLX). Axie Infinity (AXS) and Enjin Coin (ENJ) round out the top five, showcasing strong development efforts within the NFT space.
Interestingly, some of the largest NFT-related cryptocurrencies by market capitalization, such as Internet Computer (ICP) and Artificial Superintelligence Alliance (FET), did not make the top 10 list. Despite strong performances in the market, these coins were overshadowed by others with more significant development activity in the past month.
Decentraland (MANA) experienced its peak at the end of 2021 with an all-time high price of over $5, but currently trades around $0.33. On the other hand, The Sandbox (SAND) saw a similar bull run in November 2021, reaching a value of over $7 before plummeting to $0.31. These fluctuations highlight the volatile nature of the NFT market.
It is worth noting that some notable NFT-related cryptocurrencies like Internet Computer (ICP) and Artificial Superintelligence Alliance (FET) did not make the list despite their strong market performances. ICP, for example, saw a price increase of over 130% in the past year, while FET hit an all-time high of $3.27 in March 2024.
The landscape of NFT-related cryptocurrencies is constantly evolving, with new contenders emerging based on their development activity. While market performance is essential, it is clear that ongoing development and innovation play a significant role in determining the success of these digital assets. Investors and enthusiasts alike should closely monitor these trends to stay ahead in the ever-changing world of NFTs and cryptocurrencies.