NFTs have established a formidable sector in the cryptocurrency industry, forming a major aspect of the entire crypto market capitalization. According to the aggregation platform, Cryptorank, the NFT market is worth $2.9 billion by market capitalization.
Some NFT blockchains are distinguished to be among the leading solutions enabling the growth of the NFT industry. They include Ethereum, Solana, Polygon, and a few others, as described below.
Ethereum is arguably the largest altcoin in current existence and also the most versatile blockchain platform. It is the blockchain that supports NFTs the most, and to date, the most NFT trade volume resides on the Ethereum network. Ethereum’s market capitalization is over $215 billion, with a monthly trading volume of $319.5 billion. Ethereum is primarily known as the platform for other cryptocurrencies and also as a platform for executing smart contracts.
Polygon is a layer 2 scaling solution that enables the creation of decentralized applications, including smart contracts. It follows Ethereum in recent ranking among the top 10 blockchain NFTs by monthly volume. CoinmarketCap data shows that Polygon’s market capitalization is almost $9.79 billion, and the monthly trading volume is $8.6 billion.
Next to Polygon, in the group of NFT-supporting blockchains, is Solana. It is one of the most popularly used blockchains when it comes to NFTs. Solana’s capacity to deliver fast and relatively cheap transactions plays a role in the attraction of NFT projects. Solana’s current market capitalization is more than $7.9 billion, and its monthly trading volume is $7.9 billion, according to CoinMarketCap. Solana is a public open-source blockchain built to host decentralized applications.
Next in line is Magic, with the native token MAGIC. It is a utility token used in the Treasure Metaverse to connect gaming communities. Treasure Metaverse is an NFT ecosystem on Arbitrum, a layer 2 scaling solution on Ethereum. CoinMarketCap data shows that the market capitalization of MAGIC is $291.3 million, while its thirty-day trading volume is $4.1 billion.
ApeCoin is an Ethereum-based ERC-20 token designed to govern the APE ecosystem. It is the token behind the popular APE-themed NFTs that became popular in 2021. ApeCoin’s market capitalization, according to CoinMarketCap, is over $1.47 billion, while its thirty-day trading volume is more than $3.5 billion.
Blur is an NFT marketplace with the native governance token BLUR. It is also an aggregator platform that provides market data useful for analysis in the NFT market. The thirty-day trading volume of BLUR is $2.56 billion, while the market capitalization is $219.2 million per CoinMarketCap.
Flow is billed to be a blockchain designed as a foundation for new-generation decentralized applications, including NFTs. It is popular for its speed and developer-friendly nature. In the last thirty days, CoinMarketCap data shows that Flow ranks among the topmost NFT-supporting blockchain by volume. Flow has a market capitalization of $976 million and a thirty-day monthly trading volume of $857.9 million.
With a market capitalization of $40.5 million, according to CoinmarketCap, SuperRare joins the top 10 traded NFT-supporting blockchains in the last thirty days. The project holds the status of a premier NFT platform, with almost $250 million collected in digital arts and up to $3 million as royalty payments to artists. SuperRare’s native token is RARE, with a trading volume of $6.2 million for the day.
LooksRare is a community-inclined NFT project whose primary goal is to reward members of the community. LOOKS, the platform’s native token, has a market capitalization of $64 million, with a daily volume of $3.29 million. It joins other top NFT-supporting blockchains as one of the most active projects in the sector in the last thirty days.
Our final pick among the top NFT-supported blockchain protocols for the last thirty days is Radio Caca, with the native token RACA. It is simply described as a Web 3.0 infrastructure solution provider. The market capitalization of RACA based on CoinmarketCap data is $62.26 million, while its trading volume for the day is $2.38 million.
Source: Crypto News