June 13, 2024

Current Situation of Major Non-Fungible Tokens in the Market

3 min read

It goes without saying that compared to all other segments within the crypto-verse, the fastest growing is the NFT one. Starting from the year 2020, the NFT sector has come a long way where it is now adopted by all major cryptocurrency exchanges.

Over time, the NFT technology has grown so vast that many games and other entertainment platforms have launched their own NFTs. This is done with aims of generating as high profits and gains as possible.

Within a couple of years, the NFT sector’s valuation, transaction volume, and demand has skyrocketed and it continues growing higher. Although things look bright for NFTs in future, the current situation of NFTs is like the rest of the cryptocurrency industry.

An NFT Market Expert’s Opinion

Ido Fishman, an NFT expert is also among the market observers who are confident that the NFT industry is here to stay. The sector is constantly evolving and every day, it is being adopted by different sectors from around the world.

The NFT news are also filled with different kinds of updates and positive predictions about the particular sector. It is clear that the NFT industry will continue growing stronger and more lucrative, as it offers many opportunities.

Still, the general market dip and the constant economic downfall is taking its toll on the cryptocurrency industry. Being one of the highly adapted spaces within the crypto-verse, the NFT sector is also badly impacted by the downtrend.

The cryptocurrencies that were once performing really well within the space are now experiencing huge dips. Ido Fishman has listed the major cryptocurrencies within the NFT space alongside their performances. As per him, although these cryptocurrencies are demonstrating very negative performances, they will be the star performers when the crypto-sector comes back to normal.

Flow (FLOW)

Compared to the rest of the non-fungible tokens, Flow is currently the largest one. The market valuation for Flow is worth $2,523,940,384. The past 7-day price movement of Flow is in the negative zone, showing a 15.58% dip. At the time of publication, Flow’s trading price is worth $2.40.

You will see that Flow’s trading volume recorded in the past 7-days is worth $523,974,394. The high price Flow has hit in a 24-hour period is worth $2.58 and its low price is $2.33.

ApeCoin (APE)

ApeCoin’s price is currently at a low of $6.19. It has experienced a 21.14% in price in a 7-day period. ApeCoin’s current market ranking is 34 and the market valuation it is currently exhibiting is worth $1,847,048,215. The 7-day trading volume APE has recorded is worth $4,391,779,839.

It is currently among the trendiest NFTs in the cryptocurrency universe because of its usability. Using APE, you can buy the NFT artworks created and put up for sale by Yuga Labs. One of the major creations by Yuga Labs is BAYC.

Decentraland (MANA)

Decentraland is a highly demanded cryptocurrency within the NFT-verse. The native token for the metaverse offered through Decentraland is MANA. If you are bored and want to interact and socialize with people through virtual worlds, then you can use the Decentraland platform.

In the Decentraland platform, you can accumulate collectibles, lands, buildings, worlds, and so much more. If you wish to sell or buy anything within Decentraland, then it is done through MANA.

Surprisingly, millions of dollars’ worth of virtual lands are being sold in Decentraland. You can acquire a single coin of MANA at $0.955 because its price has dropped tremendously in the past few months. Even the past 7-day performance of MANA shows its value has dipped by 12.14%.

To your surprise, the peak price MANA had hit was back on November 25, 2021. This is when the trading price of MANA rose to $5.90.

If the overall market situation comes to stabilize, then the trading prices of all major NFTs may start elevating. If you buy and accumulate these NFTs, you will be able to generate huge profits when their prices go up.

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