Native Tokens of NFT Projects Are Shooting Up in Value

The latest NFT boom is rubbing off on several blockchain projects, giving a huge boost to their native tokens.

3 min read

Mar 4, 2021

Native tokens of several platforms focused on the NFT industry are booming today, with prices up between 30-70%, according to crypto metrics platform CoinGecko. These tokens are Chiliz (CHZ), Decentraland (MANA), and the Flow blockchain (FLOW).

Non-fungible tokens (NFTs) are the latest “crypto craze,” with users spending thousands or even millions of dollars on them. Each token is unique and corresponds to an artwork or digital item. And it appears the increased focus on NFTs has done wonders for the price of tokens associated with major NFT platforms.

Chiliz is an Ethereum-based sports tokenization platform that has recently invested $50 million in its US expansion. Over the past year, Chiliz has partnered with such household names as Juventus, FC Barcelona, Paris Saint-Germain, UFC, and many others. At press time, CHZ is trading at around $0.127, up roughly 67% on the day.

Decentraland is a crypto-powered virtual world built on Ethereum and governed by a decentralized autonomous organization. It is split up into 90,000 NFTs called LAND that can be traded on a marketplace. Each LAND token corresponds to one piece of land in the game, which you can build buildings (or even dragon racing tracks) on.

Decentraland's main token is called MANA and it can be used to buy various in-game items. Today, the price of one MANA has rocketed by more than 40%, reaching over $0.43. This signals that there is indeed a strong demand for Decentraland’s virtual curiosities.

The Flow blockchain, which hosts record-breaking NFT project NBA Top Shot, is also seeing its native token grow. FLOW’s price has exceeded $40 today, up by roughly 28%.

NBA Top Shot. Image: Dapper Labs

NBA Top Shot is a collection of NFT collectibles that contain various highlights of basketball matches. They saw a record trading volume of over $248 million over the past 30 days. During this period, sales of Top Shots have increased by more than 434%, with over 87,000 users making 1.26 million transactions—all on the Flow blockchain.

The NFT sector as a whole is booming lately as several tokens are being auctioned off for millions of dollars. Just yesterday, Tennessee rock band Kings of Leon announced that it is releasing its new album in the form of an NFT. NBA All-Star Weekend is similarly capitalizing on the ongoing NFT craze. And frankly, that’s just the tip of the iceberg.

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