While 2020 might have been a big comeback for cryptocurrencies and the beginning of DeFi’s ascent, 2021 is all about non-fungible tokens (NFTs). NFTs are by no means new. However, it wasn’t until the launch of Cryptokitties, an Ethereum-based game, that the overarching idea behind NFTs came to fruition.
In the time since, NFT-mania has ensued, resulting in blistering valuations for unique collectibles. The vocalization from global artists, entertainers, celebrities, and other high-profile individuals has driven greater awareness and even encouraged participation from legacy institutions like Sotheby’s and Christie’s.
One of the key drivers of this trend is the platforms and accompanying tokens that support these novel creations. For Luis Aureliano, a financial analyst and macroeconomics expert commanding more than 15-years of experience, the dynamic approach of NFTs represents another significant step towards making blockchain more relatable for broader populations.
“Cryptocurrencies, while increasingly functional, have experienced sluggish adoption momentum because of their limited appeal. NFTs have successfully widened interest, thanks in part to no shortage of celebrity endorsements bringing mainstream attention to the budding space.”
From Luis’ perspective, the platforms responsible for underpinning NFTs’ growing popularity are the bastions of its very innovation, and rising native token valuations reflect this notion.
“When some of these platforms first arose, their offerings were deemed irrelevant. Now, these very organizations are having the last laugh as pop culture, art, and collecting move into their ecosystems, improving blockchain engagement. Corresponding token valuations echo this reality and foreshadow NFTs’ future potential.
For Luis, these following nine native NFT platform tokens are worth watching as their progress and stewardship beckon a new era for blockchain’s usability and reach.
- Ethernity
Ethernity Chain is one of the top NFT platforms at the moment. Its utility token, ERN, recorded a massive increase in value in March. After being launched on March 8, 2021, it was listed for $0.275, but this number soon jumped to $3.50 soon after its IDO on Polkastarter ended. Within five days, it was trading at $33, and it reached an all-time high of close to $74 on March 27, 2021. Although the price has since dropped to $38.7, the way its price trajectory in less than a month points to its significant potential.
Ethernity Chain as a platform is a digital art marketplace for selling sports cards, collectibles, and digital artwork through NFTs. Its goal is to use part of its proceeds to help charities and promote social good. It also helps artists and other creatives auction their works with part of the proceeds donated to a charity of the artist’s choosing. The platform continues to develop, and it recently announced a partnership with Kinetic Firm in which the crypto investment firm will support it in expanding its ecosystem.
Most recently, Ethernity made a huge step towards revolutionizing the licensing world by partnering with Jason Hauser, creator of famous digital artwork. This goes in line with Ethernity’s theme of working closely with top artists to properly bring them forward.
- Theta
Theta blockchain is a network for streaming videos with its cryptocurrency. It was developed to solve the streaming sector’s problems by incentivizing users to share their bandwidth on the network. Users get rewarded with Theta tokens in exchange. As the only end-to-end platform for decentralized video streaming and delivery, Theta has massive potential.
THETA is currently worth $11.79, and there is more room for improvement as the Theta blockchain continues to develop. Interestingly, the asset at some point found itself among the top 10 crypto assets by market cap, an indication of its enormous potential. Founded in 2018, it already has support from the venture arm of Samsung Electronics and Innovation fund of Sony Corps, all of which points to the support it receives from major industry players.
- Superfarm
Another NFT platform to keep an eye on is SuperFarm. Its creators described it as a cross-chain DeFi protocol that can turn any token into any NFT farm without any coding. This will solve the problem that many crypto projects have in terms of creating tangible utility for their underlying assets and tokens. The platform includes a collection of tools that projects can use to add utility to tokens and incentivize behaviors.
SuperFarm token is currently trading at $2.77, more than double its value a month earlier as more people begin to recognize its usefulness and the value it offers. The ease of using SuperFarm for crypto-to-crypto farming as well as NFT farming makes it an incredible platform. Its user experience is exceptional, and its NFT infrastructure comprehensive, with the platform having an NFT marketplace, NFT generation, ERC20 generation, NFT multiverse video game, NFT farming, and Crypto farming capabilities.
- Decentraland
If you are someone who likes gaming and is interested in blockchain technology, this is a platform that should excite you. Decentraland is a decentralized online virtual reality gaming platform introduced in 2018 but only launched in 2020. The platform is hosted on Ethereum with the main goal of supporting the creation, development, sales, and hosting of virtual properties.
On Decentraland, users can buy virtual properties to develop as an online and virtual business. The virtual lands on the platform can be used for building different structures which can be monetized or sold for profits. LAND, an ERC-721 token, is a non-fungible asset on the platform that represents the land. There are 90,000 LAND, all of equal size of 33 by 33 feet. However, there is no limit to a LAND height, which theoretically means an owner can keep building higher.
Like in real cities, a collection of LAND forms a district, a group of structures with a similar theme. MANA, an ERC-20 token, is the native cryptocurrency and it grants users the right to vote on matters related to their districts. Beyond this, it can also be used for buying LAND and other virtual services and assets on the platform. It is currently worth $0.9858.
LAND on Decentrland is for any purpose. We have seen blockchain companies like Rarible, SuperRare, MakerDAO, etc., use their LAND parcels for virtual offices and galleries. Some users use theirs for virtual conferences and live events.
- Enjin
Here is another blockchain technology platform for gamers. Enjin essentially serves as a place for users to store and manage the virtual assets used in games. Thus, everything from tokens representing unique in-game items like accessories or weapons and in-game currencies can be stored, managed, and sold on Enjin.
It is powered by the Ethereum blockchain and has its native cryptocurrency, ENJ. Users can create digital assets to integrate into apps and games where they need them, with the assets capable of being customized to work on the platform where it is needed. The assets are valued in ENJ, which has a current price of $2.39. The ability to mint digital assets for multiple gaming environments is what makes Enjin valuable. Already, the platform has worked with major giants like Microsoft who recognizes the enormous potential and value the platform could add to its ecosystem.
- KIWIE
This platform is a digital art marketplace where street artworks are sold through NFT. For every street artwork that is painted, a matching digital artwork is also created and minted and NFT, containing the coordinates of the physical is added. Anyone who buys the digital artwork on this platform will also own the street artwork. Once the street artwork is repainted or destroyed, the digital artwork transforms permanently into a ghost version.
All artworks on this platform are KIWIE fat monster artwork with the mission of the platform being to have the artwork in 195 countries.
- Unicly
Beyond all these, another Non-fungible token that is worth looking at is Unicly. Although it is yet to launch, the potential that this platform represents for the NFTs market, in general, makes its future success. The selling point of Unicly is its ability to fractionalize NFTs. NFTs are generally understood to be unique tokens representing unique digital assets. While this has been their major selling point, it has also been a challenge, especially when selling highly-priced NFTs. With Unicly, it will become possible for users to own a fraction of an NFT, thereby allowing more liquidity. The platform will have uTokens which will give the holders of these NFTs the power to vote on whether to sell or hold.
- Terra Virtua
At first glance, Terra Virtua may seem a lot like Decentraland. However, Terra Virtua does not offer the same experience; Terra Virtua is an Augmented Virtual reality platform allowing the sale, collection, and creation of NFTs.
Terra Virtua will allow users to purchase or create NFT environments like race tracks and virtual lounges and populate them with collectible NFTs built, earned, or purchased.
Offering collectible items from entertainment franchises like Pacific Rim and Lost in Space, Terra Virtua is built for the collector to show off and explore their collections, all within a safe environment secured by Blockchain’s decentralized system.
- Hoard Platform
Hoard platform has announced an NFT marketplace launch in which users can loan, rent and trade NFTS. Lenders can issue stablecoin loans with premia while using NFTs as collateral.
Hoard also supports staking on its HRD coin by becoming liquidity providers on decentralized exchanges like Uniswap and get UNIv2 tokens, percentages on the trading pair and bonuses on the Hoard marketplace itself.
Hoard also aims to link its NFT marketplace and software development. This unique value proposition will take place through the provision of infrastructures that integrates in-game items to the Ethereum blockchain.
The Hoard SDK, will be an easy-to-use Open-Source tool for the integration of any game with its blockchain, is the software development kit for the service offered by Hoard.
The development kit, known for its simplicity and proper documentation, will ensure game developers can continue dealing with NFTs without getting stuck while trying to become experts in the world of blockchain coding. In-game assets between players, like virtual real estate or collectibles, can now be easily tokenized and players can now trade items with more ease.
Final Words
Crypto experts and analysts believe that 2021 is the year of NFTs. So far, developments within this space point to the fact that this may be true. From the millions of NFT artworks already sold, the biggest being the $69 million art piece by Beeple, to the development of several platforms, it is crystal clear that it has come to stay. Since it is still in its early stages, there are many developments to watch out for.
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