There’s a good chance you’ve come across a Gary Vee video or two on your social media feeds. He talks about the latest trends in technology among other topics. The serial entrepreneur has been associated with virtually every buzzword in the tech world and has not set his sights on NFTs. He believes in the ubiquitous potential of the technology, though he feels “an NFT winter” is coming.
Non-fungible tokens are a revolutionary way to own and trade digital goods. NFTs exist on the blockchain, which makes them unique pieces of property that can be bought or sold just like any other asset — with one exception: there’s only one original! You’ll get your hands on it when you buy an object from someone who has obtained ownership through some innovative use case involving this new technology.
Gary Vaynerchuk seems to be all-in on crypto these days, especially in the NFT realm. His “VeeFriends” project involves collecting NFTs and developing a robust community around them. Despite predicting an NFT market crash driven by a supply and demand imbalance, he believes that NFTs will be mundane in the coming years.
With that being said, let’s look at three of the most promising tokens in the NFT realm:
NFT Winter Tokens to Watch: Decentraland (MANA-USD)
Decentraland has been one of the most popular cryptocurrencies in the few months, delivering multi-bagger returns for its investors. The metaverse play has generated over 4,000% returns since the beginning of the year.
It is essentially a multiplayer online world where users can interact, carry out virtual conferences, trade NFTs and more. NFTs are omnipresent in MANA’s world, including an array of tokenized items. Moreover, there are also NFT marketplaces on the network where buyers and sellers can meet and transact using avatars. Additionally, brands are also setting up their virtual real estate shops on the metaverse.
The major appeal of Decentraland you don’t just trade NFTs; you can wear them, show them off and utilize them. Hence, MANA is arguably one of the best NFT plays in the market, which is likely to grow at an incredible pace in line with the revolution.
Enjin Coin (ENJ-USD)
Enjin is an online multiplayer blockchain-based game founded in 2009. Today it boasts a userbase of over 20 million users and has become one of the fastest-growing altcoins in the market. This metaverse project offers a robust ecosystem of integrated products that streamline development, monetization and trade within the blockchain.
The tools provided by the platform enable app and game developers to make use of digital assets as part of their monetization strategies. Moreover, Enjin allows its users to exchange NFTs created on its unique platform effectively.
Also, the platform makes it easy for people to trade and store their NFTs regardless of the metaverse or game they bought them in. Additionally, ENJ has returned over 2,000% returns to its investors in the past year. Hence, ENJ is one of the top NFT/metaverse plays out there.
NFT Winter Tokens to Watch: Ethereum (ETH-USD)
Ethereum is among the top two cryptos in terms of market capitalization and arguably the one with the most utility. It has outperformed Bitcoin (CCC:BTC-USD) in the past year and boasts the most extensive list of use-cases for any crypto. It is not only an incredible NFT play, but it’s a crypto that should be in your portfolio in general. ETH is a no-brainer in any crypto portfolio with the most potent blockchain network in the market. However, its NFT capabilities add a lot more value to the deal.
With a colossal user base and several applications, it’s not surprising that the Ethereum network is a juggernaut in the NFT realm. It accounts for over 95% of the industry’s market share. From the second to the third quarter this year, over seven million NFT transactions took place on the network. Moreover, the largest NFT marketplaces use Ethereum for all transactions on their platforms.
On the date of publication, Muslim Farooque held a LONG position in Ethereum, Enjin Coin and Decentraland. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Muslim Farooque is a keen investor and an optimist at heart. A life-long gamer and tech enthusiast, he has a particular affinity for analyzing technology stocks. Muslim holds a bachelor’s of science degree in applied accounting from Oxford Brookes University.