Nfts
Top 3 NFT-Related Cryptocurrencies to Watch in May
Cryptocurrencies that power NFT ecosystems are attracting notable attention. According to recent data from FeelingA leading crypto analytics platform, three NFT-related coins have emerged as top contenders to watch in May based on their notable development activity over the past 30 days: Decentralized country (MANA), To flow (FLOW), and Metaplex (MPLX).
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Decentralized country (MANA)
Decentraland is a decentralized virtual reality platform built on the Ethereum blockchain. Users can purchase, develop, and monetize virtual plots of land within the Decentraland metaverse using the platform’s native cryptocurrency, MANA.
Currently trading at $0.4021, MANA saw a decline of 1.83% over the past 24 hours. Despite this short-term decline, Decentraland’s market capitalization remains substantial at $767,297,221, securing the 95th position in the cryptocurrency rankings. With a 24-hour trading volume of $48,405,334, MANA demonstrated notable market activity.
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Flow (FLOW)
Flow, a fast, decentralized and developer-friendly blockchain platform, is gaining traction due to its goal of enabling the creation and exchange of unique digital assets. Developed by Dapper Labs, the team behind the popular CryptoKitties NFT project, Flow aims to provide scalable infrastructure for the next generation of NFTs and decentralized applications (dApps).
Currently trading at $0.8225, FLOW saw a decline of 3.38% over the past 24 hours. However, the cryptocurrency has a market capitalization of $1,230,790,795, giving it the 63rd position in the ranking. Flow has a 24-hour trading volume of $37,809.59.
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Metaplex, a decentralized protocol built on the Solana blockchain, has gained attention for its innovative approach to the creation and management of NFTs. By leveraging Solana’s high-speed, low-cost infrastructure, Metaplex aims to provide a transparent and accessible platform for artists, creators and collectors to engage in the NFT market.
Currently trading at $0.3262, MPLX saw a decline of 10.11% over the past 24 hours. Despite this short-term decline, Metaplex’s market capitalization stands at $80,755,658, securing the 480th position in the cryptocurrency rankings. With a 24-hour trading volume of $1,215,974, MPLX showed notable market activity.
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As the NFT market continues to gain momentum, the underlying cryptocurrencies that power these ecosystems have become increasingly important to investors and enthusiasts. Decentraland, Flow, and Metaplex became the top NFT-related coins to watch in May, demonstrating notable development activity and strong market presence.