Cryptocurrency

Top Ethereum NFT Projects to Watch out for in 2022

Ethereum Projects

INTRODUCTION

Ethereum is basically the biggest smart contract platform out there, ever since its launch back in 2015. Everybody in the crypto world, be it a participant in the form of a trader/investors or as a developer building for the ecosystem – everybody knows why. Its immense popularity, easy interface and programming language – all of it make for an ideal combination for developers to build for this ecosystem. That is the reason why some of the most popular DeFi protocols and NFT gaming/metaverse tokens in the crypto world are built in the Ethereum network. In one of our earlier blogs, we looked at the top Ethereum projects by Total Value Locked (TVL).

Also read: Top Ethereum Projects by Total Value Locked (TVL) in 2022

But now, let’s  look at a different kind of projects based on the Ethereum blockchain. These are Ethereum NFT projects that were created for the purpose of decentralised gaming. Being in the crypto world, you might be acquainted with the names of a few of these NFT projects already.

Ethereum NFT Project PROJECT BRIEF NATIVE TOKEN MARKET CAP
APECOIN Serves a multitude of purposes in the Bored Ape Yacht Club ecosystem created by Yuga Labs – everything from buying and seeling on the metaverse called as Otherside. APE $2.08 BILLION
THE SANDBOX The Sandbox is a 3D blockchain based gaming platform that enables users to create, buy and sell in-game creations as NFTs. SAND $1.67 BILLION
DECENTRALAND This is a browser based platform that runs a 3D virtual world where users can purchase virtual plots of land in the platform in the form of NFTs using its native token, MANA built on Ethereum Blockchain. MANA $1.8 BILLION
AXIE INFINITY This is a popular Vietanmese Ethereum based crypto gaming project, which became incredibly popular during Covid-19 when people were confined to their homes with no income. AXS $1.47 BILLION
ENJIN COIN This is a crypto platform that enables users to buy and sell NFTs securely via a large number of metaverses that are linked to the Enjin Coin platform ENJ $555 MILLION

1. APECOIN (APE)

From the house of the famed BAYC

This Ethereum NFT Project was launched, or rather airdropped to BAYC holders on 17 March, 2022 making it one of the recent entrants in the gaming/metaverse space. But it has taken this industry completely by storm. Soon after it was launched, the creator of Bored Ape Match Club NFT collection – Yuga Labs announced that would be launching a metaverse crypto project running with the ApeCoin token. This news, which broke towards the end of April 2022 catapulted the value of the token and for a while it had become the largest metaverse coin by market cap.

However since then it has fallen over 83% and is now the largest metaverse coin by market cap, according to Coinmarketcap. Some of the good points going for this particular metaverse coin is that it is now governed by a DAO and anyone holding the coin is allowed to cast their vote on the relevant governance decisions.

In terms of utility, ApeCoin serves a multitude of purposes in the metaverse  created by Yuga Labs. Apart from participating in the DAO, it also gives holders access to exclusive games, events, merchandise and services. It can also be used for payments via the Ethereum blockchain thanks to it being a ERC-20 token.

Additional Read: Top Cryptos other than Bitcoin: By Market Cap

2. THE SANDBOX (SAND)

One of the most iconic games of 2012, now on the Ethereum Blockchain

The Sandbox has a slightly older history than most other blockchain based metaverse projects out there in the crypto market. It originally started as a 2D open-world sandbox game first released for iOS devices back in May 2012 and for Android the following year. It was later acquired by Animoca Brands in August 2018. Soon after the acquisition, they shifted their focus towards a 3D blockchain based version of the game. This new version allowed users to create, buy and sell in-game creations as NFTs.

A beta version of The Sandbox Marketplace was launched in April 2021, allowing users to purchase in-game NFTs from 46 artists. At the time, The Sandbox had partnerships with brands like The Smurfs, CryptoKitties, and Shaun the Sheep. Later in 2021, it announced partnerships with The Walking Dead and rapper Snoop Dogg.

Its native token, SAND has been a favourite amongst enthusiasts and traders alike. It had an incredible run all through 2021, especially between October and November when it rallied over 800% in the course of a month. And like other coins, this too fell victim to broader market bearish pressures and has been falling ever since.

Also Read: Top 10 Crypto to Invest

3. DECENTRALAND (MANA)

The wait for your first premium digital land ends here!

Decentraland Ethereum NFT Project is a 3D virtual world and is browser based metaverse platform. Decentraland users can purchase plots of virtual land in the platform in the form of NFTs using its native token, MANA which runs on the Ethereum blockchain. It was built by Ari Meilich and Esteban Ordano and has been in the works since 2015 and was finally launched in February 2020. Since then it is overseen by a non-profit organisation called the Decentraland Foundation.

Its native token which was launched during the great ICO boom of 2017 where it managed to raise $26 million. And soon after, during the 2021 bull run, major brands began to appear in Decentraland metaverse crypto projects or bought “properties” in it.

These include Samsung, Adidas, Atari, PricewaterhouseCoopers and Miller Lite, and Sotheby’s held its first metaverse auction, and in March 2022, Decentraland hosted Metaverse Fashion Week in which major fashion brands appeared, including Dolce & Gabbana, Tommy Hilfiger, Elie Saab, Nicholas Kirkwood, Perry Ellis, Imitation of Christ, and Estée Lauder. Music artists including Deadmau5 and Grimes held concerts in the platform.

It’s native token, MANA was one of the coins that demonstrated the most rapid hike in price when back on 28 October, 2021 Facebook announced that it is rebranding its parent company to Meta and its intentions to enter the metaverse space. But since then it has been on a downward journey and has lost over 86% since its all time highs.

Also Read: Top 6 NFT Tokens by Market Cap

4. AXIE INFIINTY (AXS)

The most popular game became a source for income for millions

Axie Infinity is a non-fungible token based online video game developed by Sky Mavis in March of 2018, a Vietnamese gaming studio. It is most popular and one of the best metaverse crypto project for its in-game economy which uses Ethereum-based (ERC-20) cryptos. Axie Infinity players can collect and mint NFTs which represent digital pets known as ‘Axis’. These so-called pets can be bred and battled with each other within the game.

One of the revenue models for Sky Mavis includes charging a 4.25% transaction fee to players when they trade Axies on its marketplace. The virtual world of Axie Infinity is built on the Ronin Network, an Ethereum-linked side chain developed by Sky Mavis. There are two main tokens associated with this world – Smooth Love Potion (SLP) and Axie Infinity Shards (AXS).

While SLP is a token that is created within the game and is awarded to players on winning PVP matches, AXS is primarily a governance token that is allotted to holders and top players which can be staked or used to implement new protocols in the network. This is one of the worst hit tokens of the crypto market amid the bear run and has lost over 92% from its all time highs and is currently trading around $15.3.

5. ENJIN COIN (ENJ)

The most popular cross-game NFT marketplace

Enjin Coin is an Ethereum-based token. This is a coin that is used to purchase assets in several metaverses linked to the Enjin ecosystem. Their website lists out a bunch of blockchain based games which are linked to the Enjin ecosystem. It enables you to purchase NFTs and other collectibles from those particular blockchain games making it one of the top metaverse crypto projects in 2022.

Whereas most top metaverse coins are linked to just their parent metaverse projects, Enjin Coin can prove great value due to its affiliations with many networks. You can store Enjin on any Ethereum crypto wallet, like Metamask. And it has its own Enjin wallet to store NFTs of affiliated projects.

Enjin coin Ethereum NFT Project, despite its various use-cases and developments, this coin too has been a victim of bearish cues from he broader market and has lost over 90% of its value since its ATH. However, if the broader market recovers, with the NFT and metaverse segment getting a boost, this coin is bound to recover on the charts too.

Additional Read: Top Crypto Games 2022

CONCLUSION

So with the immense popularity that these decentralised NFT games got, especially amidst the covid-19 pandemic that raged through the world, leading to many people losing their livelihoods – these games came to their rescue. And with the explosion of the crypto space, more and more such decentralised NFT gaming projects are bound to enter the space with unique offerings.

SO, HOW CAN YOU INVEST IN THESE PROJECTS?

Today investing in these Ethereum NFT project tokens is extremely simple with the CoinDCX App! Just download the CoinDCX App crypto investing app, enter the details required and wait for your profile to get verified. Once done, fund your wallet and buy any of the coin of your choice.

Prices as of 1 August July, 2022


Disclaimer: The above views, information represent the independent views of Primestack Pte. Ltd, Neblio Technologies Pvt. Ltd, and/or their affiliate entities and are for informational/ educational purposes only. The content, information or data provided above is not an offer, or solicitation of an offer, to invest in, or to buy or sell any interest or shares, digital assets/ cryptocurrencies or securities, or to participate in any investment or trading strategy. Any statement or communication made above shall not be treated as legal, financial, investment or tax advice by the reader. The calculations, data, risk-return formulations, performance or market capitalization indicators captured above are based on the independent data sourcing including collation of public information and/or analysis performed by analysts, advisors or employees of Primestack Pte. Ltd/ Neblio Technologies Pvt. Ltd and/or their affiliate companies and/or any third party. Past performance is not indicative of any future results. The reader(s) are hereby advised to consult their financial/ legal/ tax advisor(s) before making any investment.


 

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