In many ways, NFTs have been the driving force of the altcoin market. Celebrities such as pop singer Justin Bieber or football player Neymar were among the names that joined the trend by purchasing their Bored Apes. However, as in the whole market, the NFT sector remained under the devastating effect of 2022. Experts discuss how 3 talented altcoin projects will outperform this.
Neil Patel’s choice Ethereum ecosystem and NFT collections
It probably comes as no surprise to readers that Ethereum is at the top of this list. Launched in 2015, Ethereum is the second largest crypto after Bitcoin. As the first Blockchain to introduce smart contracts, Ethereum also hosts NFTs. Currently, global NFTs like CryptoPunks and Bored Ape Yacht Club are using the Ethereum network. In total, they have a collectible value of about $3 billion. They produce and sell on Ethereum. Thus, they support the demand for Ethereum.
Ethereum is the most preferred Blockchain since the early days of the NFT trend in 2021. The leading altcoin wants to increase its network activities with a merge in September. This will reopen the gap between its biggest rivals Solana and Avalanche.
Analyst RJ Fulton picks Solana for this altcoin category
Ethereum’s dominance over the NFT market may be changing. Despite still accounting for more than 80% of all NFT sales, other blockchainers like Solana are expanding their market share. Compared to Ethereum, Solana offers incredibly fast speeds and lower fees that NFT artists and collectors increasingly desire.
Thanks to integrations with some of the most popular NFT markets such as OpenSea and Rarible, Solana gained more visibility last year than all previous years combined. At some point this year, Solana did the unthinkable. Over a 24-hour period, NFT surpassed Ethereum in trading volume, thanks to the launch of the Trippin’ Ape Tribe collection in May.
Despite the brutal drop in NFT prices this year, Solana NFTs are definitely growing in popularity. But more is always possible thanks to some timely developments and news. A position with Solana is a must if you’re not interested in trying to figure out what profile picture NFT is going to pop, but still want exposure to the increasingly diverse field of NFT blockchains.
Michael Byrne’s choice: Polygon (MATIC)
What do Coca-Cola, Reddit, Walt Disney and Meta Platforms have in common? All four have recently announced that they have chosen to work with Polygon on various NFT projects. Additionally, Walt Disney has selected Polygon for its 2022 Disney Accelerator program, “a business development program designed to accelerate the growth of innovative companies from around the world.” Disney probably sees Polygon and his team as a good way for the company to explore turning its huge intellectual property catalog into NFTs. Reddit has also chosen to create the new Collection Avatar NFT marketplace on Polygon. Reddit emphasizes that it chose Polygon because of its commitment to sustainability and low transaction fees. The NFTs were designed by the artists on Reddit and the proceeds will support these Reddit users. Reddit NFT owners will be able to use NFTs as their profile picture. They will also be licensed to use NFTs on and off Reddit. In order not to be beaten, Meta Platforms’ Stream blockchains and enable users in over 100 countries to view NFTs on the platform.
It’s not just media empires and tech companies trying to make a splash in Web3 that benefit from Polygon. Coca-Cola used the prolific Polygon of Coca-Cola bottles to celebrate International Friendship Day. Polygon doesn’t have marquee collections like BoredApes or OkayBears that Ethereum and Solana have. But when it comes to corporate ties, it is beyond the reach and has a bright future ahead.
The NFT market had a turbulent period in 2022 as crypto prices plummeted. This is an exciting emerging asset class that is starting to make serious strides across multiple industries. These cryptos are three of the best ways to take a market step, according to analysts.
