Non-fungible tokens (NFTs) have been among the biggest stars of the Ethereum ecosystem this year.
That said, while these NFTs are totally different from fungible ERC-20 tokens (like Dai, LINK, etc.), the cryptoeconomy now has more than a few ERC-20 tokens that are associated with promising on-the-rise NFT ventures. In today’s post, we’ll look at some of the biggest of these tokens and explore how they play into their respective NFT projects.
Note: This isn’t investment advice but rather a survey of an interesting rising token scene. These tokens can be very volatile, like bitcoin (BTC) and ether (ETH), so in many cases they’re more like crypto-native participation instruments or IOUs for digital collectibles than they are traditional investable assets.
MANA is the native currency of Ethereum virtual world project Decentraland and the Decentraland Marketplace, where the project’s digital land, wearables, and beyond can be freely traded. Moreover, MANA holders have voting power in the Decentraland DAO, the decentralized organization through which the Decentraland community collectively manages the virtual world project.
Notably, U.S. crypto exchange giant Coinbase listed MANA for trading on its retail-minded Coinbase.com this week.
Publicly launched via the Binance Launchpad platform, the token will be awarded to users who participate (or have participated in the past) in the play-to-earn game’s ecosystem. To this end, Axie Infinity players themselves will be empowered to steer the future of the game through AXS. The token is one of the first high-profile governance experiments in the NFT arena, so folks around the cryptoeconomy are watching it with great interest accordingly.