The native tokens of several non-fungible token (NFT) projects have shot up in price amidst a wave of popularity and excitement for the nascent industry.
According to a report by Decrypt, the native tokens of Chiliz (CHZ), Decentraland (MANA) and Flow blockchain (FLOW) have shot up between 30 to 70% over the past several days. The NFT market has been the latest benefactor of the exuberance of cryptocurrency, with investors pouring millions of dollars into the industry of digital collectibles.
The tokens represent unique, digital stamps that are tied to artwork and other collectibles. NBA Top Shot, which saw an explosion in volume of more than 1,000% last month, allows users to buy and sell “moments” which correspond to player highlights.
Chiliz is a similar platform geared towards sports tokenization and built on ethereum’s network. The company recently announced a $50 million investment to expand its U.S. operations and has partnered with powerhouse brands such as Juventus, FC Barcelona and the UFC.
Decentraland is another NFT platform that offers users access to a crypto-powered, virtual world built on ethereum’s network. The digital world is governed by a decentralized, autonomous organization, with the native token MANA used for trading in a marketplace.
Flow blockchain, which hosts NBA Top Shot, has also undergone massive growth over the past week, with the native FLOW token up close to 30%.
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