The world of non-fungible tokens (NFTs) and the cryptocurrencies associated with them have been a major focus within the crypto space. Even though the hype surrounding NFTs has somewhat waned, these coins continue to hold a significant market share, with a total market capitalization exceeding $30 billion according to CoinGecko.
A recent ranking by crypto market intelligence platform Santiment has highlighted the top 10 NFT-related cryptocurrencies based on their “notable development activity” over the past month. Decentraland (MANA) emerged as the leader in this ranking, boasting a score of 145.77. MANA, utilized for transactions within the Decentraland ecosystem, experienced its peak towards the end of 2021, reaching an all-time high price of over $5 before currently trading at around $0.33.
Flow (FLOW) secured the second position in the ranking with a score of 140.7, followed by Metaplex (MPLX) in third place with 20.03. Axie Infinity (AXS) and Enjin Coin (ENJ) rounded out the top five. However, despite their market dominance, notable cryptocurrencies like Internet Computer (ICP), Artificial Superintelligence Alliance (FET), Render (RENDER), Immutable (IMX), and Floki Inu (FLOKI) did not make it to the top 10 list based on development activity.
Internet Computer (ICP) and Artificial Superintelligence Alliance (FET), despite their strong market performances, were absent from the top ranking. ICP witnessed a price surge of over 130% in the past year, while FET reached an all-time high of $3.27 in March 2024. RENDER’s valuation peaked earlier this year, gaining attention from the crypto exchange Coinbase. This positive exposure caused an increase in price following an official listing by the exchange. Additionally, IMX saw a 110% increase in its valuation over the year, while FLOKI experienced an explosive growth of 715%.
The world of NFT-related cryptocurrencies continues to evolve, with certain coins showing significant development activity and market growth. While some of the sector leaders may not have made it to the top 10 list based on development activity, their overall performance and potential for future growth cannot be discounted. Investors and enthusiasts alike should keep a close eye on these evolving trends within the NFT space.
