7 of the best NFT coins include BLUR, IMX, ORDI, SAND, AXS, CHZ, and FLOW.
During the last three months, NFT trading volumes have surged to the highest levels since May 2022, adding to hopes that 2024 will be a good year for NFTs.
Written by: Anatol Antonovici | Updated February 12, 2024
Reviewed by: Mike Martin
Fact checked by: Ryan Grace
Investing in NFT coins allows you to participate in the non-fungible token (NFT) sector without buying individual NFT tokens.
In 2024, the NFT market, which is diversifying and shifting its focus towards functionality, could see a resurgence. In this article, we discuss the 7 top NFT coins to benefit from an NFT market recovery.
Table of Contents
🍒 tasty takeaways
NFT coins are crypto coins related to NFT projects, including marketplaces, games, and infrastructure.
NFT coins represent a $30+ billion market, according to Coinmarketcap data, which tracks over 700 such projects.
Over 73,000 NFT collections were analyzed, revealing nearly 70,000 with a market cap of zero ETH.
NFT Coins Highlights
| Coin | Blockchain | Type | Market Cap |
|---|---|---|---|
| BLUR | Ethereum | Marketplace | $680M |
| IMX | Ethereum | Infrastructure | $3B |
| ORDI | Bitcoin | Ordinals | $1B+ |
| SAND | Ethereum | Gaming | ~$1B |
| AXS | Ethereum | Gaming | $1B+ |
| CHZ | Ethereum | Entertainment | $900M+ |
| FLOW | Flow | Infrastructure | $1.1B |
What Are NFT Coins?
NFT coins are cryptocurrencies related to non-fungible token (NFT) projects, such as marketplaces, games, and infrastructure. Though referred to as ‘coins’, these cryptocurrencies are actually tokens. Read how coins and tokens differ here.
These crypto ‘coins’ help you get exposure to the NFT sector without directly investing in collectibles, art, and other intangible or tangible assets represented by NFTs.
A September 2023 report by dappGambl revealed that out of over 73,000 NFT collections, nearly 70,000 had a market cap of zero ether (ETH). Of the 8,850 top NFT collections, over 1,600 are dead.
Source: dappgambl
Although this report emerged during the NFT market’s lowest point since its 2021 peak, it highlights the risks of purchasing individual NFT collections. You never know which particular NFT brand can maintain value over the long term. Even when the NFT market revives, a particular collection can remain dormant.
Alternatively, investors can get exposure to the NFT sector through NFT coins, some of which are agnostic to individual collections.
Let’s now explore the top NFT coins for 2024!
1. Blur (BLUR)
- Name: Blur
- Token: BLUR
- Blockchain: Ethereum
- Type: Marketplace
Blur is a decentralized, community-driven NFT marketplace supporting Ethereum-based NFTs. It is focused on pro-NFT traders, with an average NFT price of $3,000 versus OpenSea’s average price of $130.
Blur has been the largest NFT marketplace by trading volume, surpassing OpenSea shortly after its launch at the end of 2022. In January 2024, it facilitated the sale of $680 million worth of NFTs versus OpenSea’s $100 million, which puts the latter in third place.
Source: Dune
Despite its success, the BLUR coin had a difficult year in 2023 but recovered a great part of losses in the last quarter of 2023 amid the second airdrop season and the Binance listing.
Blur holds airdrops at the end of each season, so expect higher volatility at the end of the year.
2. ImmutableX (IMX)
- Name: ImmutableX
- Token: IMX
- Blockchain: Ethereum
- Type: Infrastructure
ImmutableX is an infrastructure project offering scaling solutions for the Ethereum blockchain. It acts as a layer 2 with a focus on NFTs and Web3 gaming. Creators prefer this network for its almost zero gas fees and instant confirmation for NFT minting and trading.
The blockchain uses StarkEx ZK rollups to settle Ethereum transactions outside the mainnet and is capable of handling up to 9,000 transactions per second.
Source: Immutable
The ecosystem also introduced another chain – ImmutableX zkEVM, which is powered by Polygon and is compatible with the EVM.
ImmutableX is the sixth-largest chain by NFT trading volume, surpassing BNB Chain, Arbitrum, and Flow. You can stake the native coin of ImmutableX to earn extra yield on your investment.
🍒 Arbitrum (ARB) vs Optimism (OP) vs Polygon (MATIC)
At the time of writing, the IMX token has a market cap of $3 billion. It has surged 10 spots in its ranking in a matter of days, reaching the 31st position on Coinmarketcap.
3. Ordi (ORDI)
- Name: Ordi
- Token: ORDI
- Blockchain: Bitcoin
- Type: Bitcoin ordinals
Ordi is a new player in the NFT scene, and it’s probably the most exciting one. It is the first token that uses the so-called BRC-20 token standard, which leverages the Ordinal Protocol and uses Bitcoin as the underlying blockchain.
You can learn about Bitcoin ordinals in our dedicated post.
While ORDI is not directly related to any NFT collection, it is the flagship coin of the Ordinals Protocol, which enables the creation of so-called Bitcoin NFTs.
Within just nine months of its launch, this meme token surpassed the $1 billion valuation mark.
4. The Sandbox (SAND)
- Name: The Sandbox
- Token: SAND
- Blockchain: Ethereum
- Type: Gaming
SAND is the utility token of the Sandbox ecosystem, which revolves around a blockchain game in which players can buy virtual plots of land, available as LAND NFTs, and create metaverse experiences on them.
Source: The Sandbox
The Sandbox ecosystem also comprises a native marketplace where players can trade LAND and other NFTs, including in-game items like avatars, equipment, objects, animals, etc.
SAND is used for transactions and interactions within the ecosystem. It is expected to offer governance rights in the future, which may support its price.
The ERC-20 token ‘SAND” has a valuation of almost $1 billion.
Sandbox’s gameplay shares many similarities with Decentraland, whose MANA token is used to buy virtual real estate and other NFT assets.
Both SAND and MANA move almost in tandem, reflecting the state of the wider NFT space.